UK sharing economy to grow by a factor of 20 in the next decade
By 2025, the UK’s sharing economy will be worth by £140bn, with PwC predicting that the technology will boom in the next decade.
The UK sharing economy is set for explosive growth
Finance, accommodation, transportation, and on-demand sharing services are collaboratively worth £7bn to the UK, with the UK’s growth in this sector outpacing Europe’s, growing by 92 per cent compared to 77 per cent.
PwC predicts that the sharing economy will grow by 30 per cent a year. Rob Vaughan, economist at PwC, said: “The sharing economy has matured into an established socio-economic trend that is fundamentally changing the way we lead our lives. From freelancing platforms altering the way we work to food-sharing platforms creating ways to connect in local communities, sharing economy businesses are enabling new economic and social interactions within the UK and across Europe.”
He concluded: “A strong start-up scene and proactive support from policy-makers and regulators has empowered the UK’s position so far, but other European countries are hungry for a slice of the action. As more policy frameworks are updated and the reach of sharing economy players expands outside their most mature markets, we expect other countries to gradually catch up with the UK.”
On-demand household sharing services are predicted to be the fastest growing sector in both the UK and EU.