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Attitudes towards Sharing Economy - China - December 2018

“Chinese consumers have not built up the habit of using sharing products and services and show great concern. As the market still stands in an emerging to growth stage, rules and regulations need to be further improved. Yet it also provides substantial space for companies to grow and innovate. Although cheap prices are the top driver for consumers to use, attention is also paid to environments and society’s total wellbeing.”

- Scarlett Zhao, Associate Analyst

This report will look at the following areas:

  • Key to accommodation sharing business: standardisation and uniqueness go hand in hand
  • Key to clothes sharing: O2O is not a fad but a must
  • Key to book sharing: sustainability comes from a value-based community

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Table of contents

  1. Overview

    • What you need to know
      • Covered in this Report
      • Executive Summary

          • The consumer
            • Sharing economy now limited to transportation but extending to knowledge
              • Figure 1: Consumers who have rented or bought second-hand products (net), October 2018
              • Figure 2: Penetration of sharing services, October 2018
            • Low tier city consumers present more passion to learn
              • Price vs planet, which leads to more participation in sharing economy?
                • Figure 3: Reasons to participate in sharing economy, October 2018
              • Sharing economy business model has not yet built trust in China
                • Figure 4: Concerns over sharing products and services, October 2018
              • Trust depends on good reviews, close bond and specialisation
                • Figure 5: Measures to increase consumer trust, October 2018
              • More rationality embedded in consumption
                • Figure 6: Attitudes towards property ownership, October 2018
              • What we think
              • Issues and Insights

                • Key to accommodation sharing business: standardisation and uniqueness go hand in hand
                  • The facts
                    • The implications
                      • Key to clothes sharing: O2O is not a fad but a must
                        • The facts
                          • The implications
                            • Key to book sharing: sustainability comes from a value-based community
                              • The facts
                                • The implications
                                  • Figure 7: ‘Creatures’ in the books
                              • The Consumer – What You Need to Know

                                • Sharing economy is topical but not yet the norm
                                  • Environment – a deciding factor for consumers to participate in sharing economy
                                    • Trust is demanded
                                    • Popularity of Sharing Economy Products

                                      • Which industry attracts more rental and second-hand business?
                                        • Figure 8: Agreement with the statement ‘I only want to use brand-new products’, October 2018
                                        • Figure 9: Consumers who have rented or bought second-hand products (net), October 2018
                                      • Could the combination of rental and second-hand businesses generate more profits?
                                        • Figure 10: Products that are rented compared with sold second-hand, October 2018
                                      • Who are the targets for the sharing economy?
                                        • Figure 11: Consumers who have rented or bought second-hand products (net), by selected demographics, October 2018
                                    • Popularity of Sharing Economy Services

                                      • Service satisfaction plays an important role in driving the sharing economy
                                        • Figure 12: Penetration of sharing economy services, October 2018
                                      • Preferences of different age groups
                                        • Figure 13: Penetration of sharing services (have used), by selected demographics, October 2018
                                      • A trendy social label for high-income consumers
                                        • Figure 14: Penetration of sharing services (have used), by selected demographics, October 2018
                                    • Drivers to Use Sharing Products

                                      • Consumers hold confidence in sharing economy and greater emphasis is placed on the environment
                                        • Figure 15: Agreement with the statement ‘Sharing products/services makes my life more convenient’, October 2018
                                        • Figure 16: Reasons to participate in sharing economy, October 2018
                                      • Economic benefits attract the 20-24s, while the 30-39s chase a quality life
                                        • Figure 17: Reasons to participate in sharing economy, by selected demographics, October 2018
                                      • Consumers with middle income more likely to chase trends
                                        • Figure 18: Reasons to participate in sharing economy, by selected demographics, October 2018
                                    • Concerns over Sharing Economy

                                      • Great concerns shown in sharing products and services
                                        • Figure 19: Concerns over sharing products and services – repertoire analysis, October 2018
                                        • Figure 20: Concerns over sharing products and services, October 2018
                                      • Differences are mainly shown by age
                                        • Figure 21: Concerns over sharing products and services, by selected demographics, October 2018
                                    • Trust Improvement

                                      • Good reviews, close relations and specialisation help to build trust
                                        • Figure 22: Measures to increase consumer trust, October 2018
                                      • What are the differences by age?
                                        • Figure 23: Measures to increase consumer confidence, by selected demographics, October 2018
                                      • Three keys to reach consumers
                                        • Figure 24: Measures to increase consumer trust – TURF analysis, October 2018
                                    • Attitudes towards Property Ownership

                                      • Young consumers are more supportive of a minimal life
                                        • Figure 25: Attitudes towards property ownership, October 2018
                                      • Consumers prefer products sharing values with them
                                        • Figure 26: Attitudes towards property ownership, October 2018
                                      • Post-80s seem more ‘showy’
                                        • Figure 27: Attitudes towards property ownership, any agree, by selected demographics, October 2018
                                    • Meet the Mintropolitans

                                      • More motivated by being good for public and a trendy lifestyle
                                        • Figure 28: Gap of reasons to participate in sharing economy between Mints and non-Mints (as benchmark), October 2018
                                      • Greater concern over transaction process
                                        • Figure 29: Concerns over sharing products and services, by consumer classification, October 2018
                                      • What features can win MinTs’ favour?
                                        • Figure 30: Gap of ways to increase consumer trust between Mints and non-Mints (as benchmark), October 2018
                                    • Appendix – Methodology and Abbreviations

                                      • Methodology
                                        • Abbreviations

                                        Attitudes towards Sharing Economy - China - December 2018

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