Are Multicultural Consumers Buying Into The Sharing Economy? Back in March, we started a conversation about the sharing economy. Industry disruptors like Uber and Airbnb have used technology and a non-traditional business model to redefine how consumers purchase goods and services. The heartbeat of the sharing economy is the consumers themselves, now empowered by a model that allows them to rent services from one another. And while the regulatory uncertainties persist for brands like Uber and Airbnb, “collaborative consumption,” is still booming and shows no sign of slowing down. As these companies continue to forge new roads for the average consumer, we wanted to better understand what degree of this growing movement impacts multicultural consumers, hopefully shedding light on growth opportunities for these peer to peer brands. We took a representative sample of U.S. Hispanics, African-Americans Market Research, Asians, and non-Hispanic whites, and asked several questions regarding the sharing economy, its major players, and its use among these cohorts. A few quick insights: Uber has two Spanish options, one for Spain and one for Latin America. Key terminology such as coche replaces auto in the LatAm version, for example. Airbnb, on the other hand, has only one Spanish option (Spain), which shows a clear disconnect between Spanish speakers from LatAm that comprise the majority of U.S. Hispanics. While this is a relatively minor error on Airbnb’s end, it does highlight Uber’s better understanding of the Multicultural Consumers market, reflecting its high awareness across all cohorts. Get more in this month’s Sharing Economy market research report.
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About the Author: Mario X. Carrasco
Mario is ThinkNow Research's Managing Partner. He entered the Hispanic arena as Marketing Director at Hispanic Business Magazine, the leading Hispanic business publication. There, he quickly became a leader in Hispanic online marketing. Microsoft took notice in 2006 and he joined the MSN Latino product group where he developed targeted microsites and partner portals. Mario was hired by Garcia Research in 2008 to develop the first representative Hispanic Online Panel with an emphasis on the Spanish-dominant community, CadaCabeza. Mario became Vice President of Online Research at in 2009 and then went on to co-found ThinkNow Research.