Have you ever wanted to enjoy the thrill of a MINI Cooper for a day, but were not willing to make the commitment of purchasing a new vehicle? Perhaps you’d like to feature a vintage Austin MINI in a photo shoot for a wedding or special occasion? Consumers in the Philippines now have that option, thanks to a new rental services started by 31 year old Cho Estrella.
Mr. Estrella has capitalized on the burgeoning “share economy” now present in Southeast Asia, where private citizens provide services or products which can be shared or rented at cost. After renting his vintage MINI Cooper to friends for weddings, Mr. Estrella was inundated with calls and requests to rent his vehicle for other such events. As with many great projects the idea to create a MINI rental service started organically, but this concept is not new, especially in Southeast Asia. A report from Nielsen indicates that the global revenue generated through the share economy (also known as “collaborative consumption” and “peer-to-peer rental arrangements”) is expected to exceed $3.5 billion dollars this year - a 25% increase from 2013.
“Awareness of the share economy as a collective economy remains fairly low both here in Southeast Asia and around the world, however, we are certainly noticing an upswing in the volume of activity taking place, particularly here in the Southeast Asian region,” noted Vishal Bali, Nielsen’s managing director for consumer insights in Southeast Asia, North Asia and Pacific.
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