The shift from owning to renting is ushering in a new era of consumerism

• Rather than outright owning goods and services, people prefer to simply have access to them.
• Instead of owning physical copies of DVDs or CDs, for example, people subscribe to streaming services.
• This indicates that the way we consume goods and services has — and continues to — evolve significantly.

A response to global challenges

• The access-based and sharing economy has emerged as a powerful response to these global challenges, offering a flexible, cost-effective and more sustainable alternative to the long-standing paradigm of ownership.
• Rather, it appears to be an enduring form of consumption that is emerging in various industries, including transportation, fashion and toys.

What is driving the shift

• First, access-based consumption is predicated on the affordability, value and convenience it offers to consumers.
• Participation in car-sharing services, such as Zipcar and Turo, are primarily driven by these factors.
• Secondly, access-based consumption provides environmental and social benefits by encouraging consumers to share and increasing the usage of a particular good.

What does this mean for businesses?

• Rethink profit: In an access-based economy, businesses need to shift their profit strategies from selling products to facilitating access.
• This calls for innovative approaches to monetizing services, such as tiered subscriptions, dynamic pricing or pay-per-use approaches, creating multiple revenue streams while fulfilling diverse consumer needs.
• Maximizing technological resources: The role of technology is central in orchestrating transactions, maintaining inventory and ensuring a seamless user experience.

The future of consumerism

• While ownership does offer consumers unique benefits, including enhanced autonomy and a stronger sense of consumer identity, it’s clear we are shifting away from this model.
• This dynamic shift towards an access-based model, fuelled by intrinsic and extrinsic motivations, is driven by the idea of a shared future built on access to goods and services, improved efficiency and collective value.