What is a defining feature of the sharing economy?

The defining feature of the sharing economy is peer-to-peer resource sharing and collaboration. This concept emphasizes individuals and communities sharing access to goods and services, often facilitated through digital platforms. The sharing economy allows people to utilize underused assets, such as cars or accommodation, which promotes efficiency and sustainability.

This approach contrasts with traditional economic models that rely on centralized ownership and large-scale manufacturing. In the sharing economy, the emphasis is on collaboration and mutual benefit rather than individual ownership or profit maximization, which fosters a sense of community and reduces waste by optimizing resource use. Such practices can lead to lower costs for consumers, increased income opportunities for providers, and a reduced environmental footprint.