The Sharing Economy: Redefining Ownership and Consumption Patterns

Abstract

The sharing economy has emerged as a disruptive force in the global marketplace, redefining traditional notions of ownership and consumption patterns. This article explores the concept of the sharing economy, its key characteristics, and its impact on various industries. By enabling individuals to share their underutilized assets such as cars, homes, and skills, the sharing economy has facilitated peer-to-peer transactions that promote sustainability and efficiency. Moreover, it has transformed consumer behavior, shifting towards access rather than ownership. The article also discusses the challenges and controversies associated with the sharing economy, including regulatory issues and concerns about labor rights. As this phenomenon continues to reshape the economic landscape, understanding its implications is crucial for businesses, policymakers, and consumers alike.