Amazing success of Uber and Sharing economy for Millennials

According to a survey by YouGov BrandIndex, Uber is the brand the greatest value for millennials.

The Uber brand seems to be in good health. Although the have been costant accusations of exploitation of workers and espionage against Google and recent sexual harassment investigation, the Uber brand continues to grow.

YouGov Brandindex conducted a survey into the degree to which Millennials perceived 1500 different brands. The data from the first half of 2017 compared with the first half of 2016, shows an interesting growth brand ranking.

Indeed, the best-growing brands are Uber, Instagram and Lyft. Off the podium are Snapchat, TLC and Twitter.

However the best perception ranking brand is different in absolute terms. On the podium there are: Youtube, Facebook and Google. Uber in this case does not even appear among the first 20.

The positive growth trend of the sharing economy, already analyzed in previous articles, was also confirmed by the brand point of view.

 

Trust

 

The data are not only positive from the economic point of view, but also from a second aspect. Trust. Trust is a determining factor in the sharing economy. To rent your own items to strangers requires confidence. Not only that, the customer also must trust the service. If the service is deceiteful it fails in practice.

If the sharing economy’s platforms work well, it becomes a virtouus circle. Growing users who choose the service because it is practical, allows to save moneys and attracs more people. More people start offering items for rental because they are attracted to the increase in earnings that the platforms facilitate.

 

In this sense, the survey shows us that consumer perception has a positive growth in sharing economy brands. In other words, the consumer’s trust in the platforms grows.

Indeed, there is not only Uber with 8,20% growth but there is also its direct rival Lyft, with 6,00%. Lyft, like Uber, is a ride sharing platform. Now it is only operate in the Usa but it is experiencing a very rapid growth with 1 million rides per day.

In twelfth position,there is Airbnb wich has improved by 3,40% and Wikipedia by 2,60%, Wikipedia has been an offshot of the sharing economy platforms, enabling knowledge sharing.

 

Traditional trademarks unknown among millennials

 

The car brands and hotel chains are totally absent in this ranking. This factor illustrate a radical change in the way the younger generations consume. The trend seems to confirm that millennials prefer the experience aspect rather than the possession of objects. So, how important are cars brand when my objective is simply to move from A to B as convenient as possible?
We are sure that this factor will influence the future policies of many multinationals. Considering, however, the recent $ 25 million investment of Jaguar Land Rover in Lyft we can also say that a change in direction has already begun.