What is sharing economy? How to use in English

Discover the meaning of sharing economy in English, its pronunciation, and how to use it correctly in real-life situations. See examples and easy memorization tips.

Definition & pronunciation of sharing economy

sharing economynoun
nền kinh tế chia sẻ
/ˈʃeərɪŋ ɪkɒnəmi//ˈʃerɪŋ ɪkɑːnəmi/

Where does the word sharing economy come from?

The term "sharing economy" gained widespread popularity in the late 2000s as a way to describe a new business model that emerged in the wake of the financial crisis. Essentially, it refers to the concept of sharing underutilized resources, such as homes, cars, and skills, among a community of users, in order to reduce costs and maximize efficiency. The term itself was coined by Rachel Botsman and Roo Rogers in a 2008 Harvard Business Review article titled "What's Mine Is Yours: The Rise of Collaborative Consumption." There, they defined it as "peer-based access to underutilized assets and skills" and argued that it represented a fundamental shift in the way goods and services are provided and shared in the digital age. The success of companies like Airbnb, Uber, and TaskRabbit has further popularized the term and helped solidify the sharing economy as a distinct and rapidly-growing segment of the economy.

Example of vocabulary sharing economynamespace

Participating in the sharing economy allows me to share my extra bedroom with travelers through platforms like Airbnb, earning additional income while providing a place to stay for others.
With the recent rise of ride-sharing services like Uber and Lyft, instead of owning a car, I decided to share rides with other passengers, reducing my transportation expenses.
As someone who loves baking, I'm part of a sharing economy initiative where I can sell my homemade bread and pastries to my neighbors via an online platform, helping me turn my hobby into a small business.
When I need to move heavy furniture across town, I opt for shared cargo spaces from shipment apps, which allows others to share the cost of transporting goods.
On weekends, my friends and I use bike-sharing services that pop up all over the city, providing us affordable and eco-friendly transportation for short distances.