Be dressed for success with sharing economy
SAVVY savers can turn a tidy profit during the summer holidays by tapping into the sharing economy – and they barely need to lift a finger.
Demand heats up for peerto-peer services such as car and campervan leasing, party clothes, accommodation and pet sitting during the summer season, paving the way for people to turn their break into a lucrative money-spinner.
The Sharing Hub – a sharing economy accelerator that hosts sites including The Volte, Mad Paws, Spacer, Airtasker and Camplify – says users can earn up to 60 per cent more between December and February. A new survey of the hub’s users found nearly one in 10 had earned more than $2500 in a single month in 2018, with most using the different platforms as a way to supplement their income.
It found 30 per cent had earned $100-$500 in a month, 19 per cent under $100, 18 per cent between $500 and $1000, and 20 per cent between $1000 and $20,000.
Kym Atkins, the CEO of designer dress-leasing business The Volte, said some people had even turned their peer-topeer hiring service into a fulltime career. The Volte has about 1500 lenders, with one finding it so successful she set up her own business, and another earning $250 each time she hired out a Zimmerman dress.
“I think, culturally, there has been a big shift in how people think now … they want convenience, flexibility, services on demand,” Ms Atkins said.
“With the sharing economy you can do more with less, and make some pretty handy extra money, especially over summer.
“One of my friends makes up to $600 a week on Mad Paws just by minding people’s animals, but one of the biggest dollar earners is campervans.”
Ms Atkins said users should seek independent tax advice when earning extra income through sharing sites.
Odd jobs website Airtasker, which boasts more than 1.8 million members, said its highest-earning Airtasker made $171,000 during 2017, while another member raked in $34,500 in a single month. The most popular tasks include cleaning, gardening, and removal services.
Airbnb’s country manager for Australia and New Zealand, Sam McDonagh, said the typical Airbnb host in Australia earned $110 a week or $5700 a year in extra income.
“With the cost of living high and wages growth flat, more working families are turning to home sharing to earn extra income,” he said.