TrendSights Analysis 2019: Sharing - Mapping consumers' motivations for shared products, services, and experiences

TrendSights Analysis 2019: Sharing - Mapping consumers' motivations for shared products, services, and experiences

Summary

Sharing falls under the Comfort & Uncertainty mega-trend, and is closely aligned to the Personal Inter-Connections, Trust & Transparency, and Anchoring trends. According to psychology experts, sharing is classified as a pro-social behavior in humans and motivated by different need states including emotional wellbeing, reflected in a desire to engage in altruistic acts towards others.

The desire to share experiences, products, and services with others reflects the "feel-good" factor associated with communal interactions. Sharing can also help to alleviate the financial burdens of "big-ticket" products and services.

The onset of social networking sites such as Facebook and Twitter has led to an age of oversharing, whereby users express their likes, interests, and opinions about products, services, news stories and experiences online. This stems from an increasingly "always on" mindset that is apparent in today's hyper-connected society. Peer approval and a desire to "self-brand" and showcase a curated image to enhance one's social status are key drivers for virtual sharing.

As the internet becomes ingrained in everyday life, the Sharing Economy, whereby individuals share under-utilized assets for free, or for a fee, with each other is becoming more prevalent. Access over ownership is becoming more important especially for value-seeking consumers and disrupting traditional consumer behavior in many mature industries today.

Scope

• Personal inter-connections are key, fostering relationships and promoting wellbeing by sharing products and services.


• Distributing costs and engaging in collaborative consumption helps consumers to access products and services in a more cost-efficient manner.


• Hyper-connected consumers are participating in others' lives through social media and accessing products and services through digital tools.

Reasons to Buy

• Understand the role of the Sharing trend in shaping consumers' consumption priorities, attitudes, and behaviors.


• Compare the relevance of the trend in each industry across the FMCG space, and learn what the key opportunities are.