Thai, Filipino and Indonesian consumers show strong propensity to share or rent out their personal assets. In fact, as many as 85% of Southeast Asian consumers are likely to rent items from others, flocking to join the ‘share economy’ juggernaut, with Thais, Filipinos and Indonesians especially partial to earning dollars to rent out their personal items, according to a new study by Nielsen.
In a share economy, also known as collaborative consumption and peer‐to‐peer rental arrangements, consumers rent or share items they own, such as furniture, sports equipment, cars and homes, or services they have, for a profit. Revenue gained by consumers turning personal assets into income via a share economy is expected to surpass $3.5 billion this year, with growth exceeding 25%.
According to the Nielsen survey, Southeast Asia is among the most‐receptive to the share economy proposition, with four of the top five markets prepared to share or rent their personal assets for financial gain hailing from the Southeast Asia. Just 12% in Thailand are unwilling to share or rent their personal assets, 13% in the Philippines, 14% in Indonesia, 18% in Vietnam and 28% in Malaysia. Singaporean consumers were the least open to the notion among Southeast Asian consumers (32% unwilling to participate) which was on par with the globally average.