On-Demand Economy is here to stay

21, July

22% of the adult population have worked in the on-demand economy, while 42% have used at least one on-demand ...

22% of the adult population have worked in the on-demand economy, while 42% have used at least one on-demand economy service.

 

A survey developed by Burson-Marsteller, The Aspen Institute’s Future of Work Initiative, and Time magazine—found that the majority of consumers and workers see more upside than downside to the On-Demand Economy.

Nonetheless, experts warn that could change if companies don’t pay attention to stakeholder relationships and reputation.

As it continues to grow, the sharing economy has also generated criticism from both left and right-wing perspectives, as well as warnings about the risks it poses for consumers, which have led on-demand companies (such as Uber), to face regulatory challenges.

Even so, optimism prevails over these concerns. Around 71% of the survey respondents who provide services in the On-Demand Economy regard working in industry as a positive experience. In addition, over half of them claim their financial situation has improved over the past year, compared to 34% of the general population. Expectations of financial improvement during the next year are also higher for those involved in the sharing economy (64%) than for the general population (47%).

As regards consumers and users, 75% report having a positive experience and around 80% claim the industry helps them save money and grants better access to a wider range of things and experiences.

Whether it is attracting consumers, or dealing with public affairs issues in the regulatory environment, it is critical to understand what draws people to, as well as what concerns them about, the On-Demand Economy.

Millions of people are turning to the On-Demand Economy for greater flexibility and income. However, financial security is an issue of concern that must be addressed and analysed.

Source: Holmes Report