Friday, May 22, 2015Friday, May 22, 2015

'Sharing economy' gaining traction in Singapore

Published on Feb 3, 2014 8:14 AM
Mr Lyndon Yeo with some of the things he rents out. He has made more than $1,000 by renting out items that would otherwise be gathering dust. -- ST PHOTO: JASON QUAH

Instead of leaving the stuff in his storeroom to gather dust, media and events company owner Lyndon Yeo has found a way to make money from it.

Using the online platform, the 46-year-old rented out items from tentages to air pumps, which he used only occasionally, and earned more than $1,000.

For Mr David Thomson, renting Mr Yeo's tents for an event last September saved him the hassle of storing and maintaining an item which he needed to use only once. "It is more convenient that way," said the banker, who is in his late 40s.

This is the sharing economy - a marketplace where ordinary people rent and share anything from plastic stools to homes and cars. And going by the figures, Singaporeans are taking a healthy interest in this new form of consumption.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!