AUGUST 20198ndia's automobile industry continued to lan-guish, with passenger vehicle (PV) sales fall-ing the most in nearly two decades in the June quarter" screamed the headline of a news daily. In the meanwhile, Uber and Lyft, both tech-nology enabled mobility companies, were the two most anticipated IPOs this year.Welcome to the shared economy, where everything from two-wheelers to furniture; consumer durables to gaming consoles; even mobile phones and water purifiers can be rented. Asset Sharing is not new ­ cooperatives are a key example of how communities have traditionally come together to pool resources and work collaboratively. But as an increasingly important element of new business models, asset sharing connects spare capacity and demand, allowing consumers access, rather than forcing ownership, of a product or asset. Clubbed with the evolution of plug and play mindset among people, access over ownership has taken deep roots into our society today leading to the mushrooming of platforms where you can share almost any tangible asset you can think of.There are four key drivers leading to this shift from asset ownership to an experience driven lifestyle.· Economic: At a very base level, sharing platforms provide an opportunity to save or earn some extra money, besides trying out different peer-to-peer service experience. But there are several more underlying forces at play here.· The 2009 crisis is still fresh in the minds of people. Along with stagnated income, rise in student debt and mortgage as well as reduction in welfare services, the crisis has brought to the fore the importance of savings instead of a credit fueled lifestyle.· Cities, the engines of economic growth, have become costlier to live in. The average annual household income in Mumbai falls well below what is needed to qualify for a bank loan for a 1,000-square foot apartment. According to a report by ArthaYantra, even someone with an annual income of INR 25 lakhs cannot afford to buy a residential property. Unsurprisingly, homeownership fell to a seven-year low in 2018 in India.IN MY OPINIONIWith shared services becoming a norm despite its shortcomings, regulators have started leaning in and companies have become more conscious about their need to collaborate at a local level to keep their growth juggernaut on trackSHARED ECONOMY VERSUS OWNERSHIP: A NEW ERA EMERGES'By Nikhil Sikri, CEO & Founder, Zolo StaysA sharp ideator, Nikhil is committed to making Zolo one of the most advanced tech-based co-living platforms, ensuring it is contemporary and geared towards the needs of the millennials ­ their core target group. ``
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