Survey Result Announcement - .hk€¦ · · 2015-08-27in Hong Kong Survey findings of “Sharing...

Copyright 2012 HKIRC. All rights reserved.

2015 Digital Marketplace Seminar

“Sharing Economy- Is Hong Kong Ready?”

Survey Result Announcement

Jonathan Shea, CEO of HKIRC

13 Aug 2015


Overview of the Sharing Economy opportunity

in Hong Kong

Survey findings of “Sharing Economy- Is Hong

Kong Ready?”

Agenda


Overview of Sharing Economy

(SE) Opportunity in Hong Kong


4

SE Opportunity in Hong Kong

DMP Seminar today themed “Sharing Economy –

Opportunities and Threats” covers the latest trends and

development in Sharing Economy as well as the

opportunities it brings to the marketplace

Cases sharing on SE at DMP

Is Hong Kong ready for Sharing Economy?


5

SE Opportunity in Hong Kong

Market Overview The advent of the Internet and social media

has made the concept of sharing becomes a

profitable peer-to-peer (P2P) business model,

making it easier for individuals and

organizations to find each other and earn from

underutilized resources.

This new business model not only sweeps

across the globe but starts to become an

uptrend in Hong Kong.

What impact will this have on

Hong Kong’s business in the

near future?


Survey findings of

Sharing Economy, Is Hong Kong

Ready?


7

Survey Background

Objectives

Gauge an understanding of how the city’s internet

users perceive the sharing economy, how frequent

they engage in sharing activities and the impact and

trend of Sharing Economy brought to the society.

HKIRC hopes business can take insights away from

the survey results and to explore market potential amid

the rising trend of the sharing economy.

• How is Sharing Economy in Hong Kong?

• Why Hong Kong People Take Part in Sharing Economy?

• What Are the Impact On Sharing Economy of Hong Kong?

Methodology

• Online survey from 120,000 Internet users in

Hong Kong

• Random sample from both .hk and non.hk

users

• Identified users of sharing economy (i.e.,

those with collaborative consumption

experience) to complete the survey

• Response

• Total Response: 1,447

• Completed survey: 406


Survey Background

How is Sharing Economy in Hong Kong?


020406080

100120140

1 time only 2-3 times 4-5 times 6-7 times 8 times oraboveN

um

ber

of

resp

on

den

t Participation in last 12 months

Hong Kong Internet Users Get to Know the Sharing Economy About 30% of the Internet users have engaged in the sharing economy

The Sharing Economy Starts to Take Off in Hong Kong Of those Internet users who have engaged in the sharing economy, nearly

30% (n=116) have taken part in sharing activities more than 8 times last

year

Nearly 50% (n=204) have engaged 1 to 3 times in sharing activities

Changes Hong Kong Online Shoppers’

Consumption Behaviour

80% of the Internet Users surveyed are

consumers in the sharing economy, indicating

that sharing activities become a new consumption

behaviour

This subtle change in the buying behaviour of

Hong Kong online shoppers brings an impactful

effect on traditional business model



Utilize Unused Resources through Sharing Activities

The three most popular sharing activities of Hong Kong are: private car

sharing, crowdfunding and room/flat rental



Top 3 Sharing Economy Activities

Why Hong Kong People Take Part in

Sharing Economy?

Experiences Gained From Sharing Activities

Aside from tangible experience like cost saving, a majority of the

Internet users also find that sharing activities are actually interesting

and enjoyable

Both Extrinsic and Intrinsic Motivators Encourage Sharing

Activities

Extrinsic values such as economic reward from reallocation of

unused resources as well as intrinsic values such as enjoyment

and altruism gained from sharing are the key motivators

Top 3 reasons to Sharing Economy are: 1) Save money 2) Easy-

to-use platform 3) Fun


Why Hong Kong People Take Part in

Sharing Economy?

An Informative and Quality Platform Encourage Sharing

Economy Participation

Well designed user interface, trustworthiness and ease of

navigation facilitate smooth co-creating, online sharing and P2P

activities, thus encourage user participation

Stable platform, useful information and user experience also

attract Internet users’ decision on staying or taking part in the

sharing economy

Security is Always Our Concern

Security is always the key concern to Internet users on engaging

sharing activities

Novel users may be reluctant to sharing activities because of

concerns over online security. In this case, a user-friendly

interface and education about security in sharing activities are

highly recommended for online users who are seeking an

opportunity in sharing economy


What are the Impact of Sharing

Economy on Hong Kong?

Dynamic change in traditional business

model

Instead of taking business away from

traditional businesses, sharing

economic activities actually help reduce

wastage of resources

Sharing economy is about making profit

from sharing resources whereas

traditional economy is owning resources

and reselling for profit.


What are the Impact of Sharing

Economy on Hong Kong?

Education is a key in changing people

perception

The survey reveals positive and

significant relationship between past

experience, education and sharing

activities

Internet users with experience in past

sharing activities are likely to continue

participating in the sharing economy

Internet users with higher education level

are likely to continue participating in the

sharing activities

Internet users with more knowledge on

sharing economy will understand the

benefits/threats brought by the sharing

activities, easily tap into the new digital

market and leverage on market potential


Conclusions

Sharing economy is an uprising trend and a new business model in Hong

Kong

It may still be too early to determine whether Hong Kong is ready for sharing

economy despite the survey reveals that a fair amount of Internet users have

already been engaged in sharing activities

Sharing economy has its potential as there is a group of experienced Internet

users who are actively taking part in sharing activities. As for those novel or

new Internet users, education about the sharing economy and good user

experience are necessary to increase their participation

Sharing economy is a reciprocal concept to traditional business model. It is

expected that this new consumption model will bring challenges and threats

to the current economy and society


Key finding on .hk Brand Perception


.hk represents the identity of Hong Kong citizen and endorsed by Hongkongers.

Perception of .hk f %

.hk/.香港 represents “ I am a Hongkonger.” 253 62.30%

.hk/.香港 shares my values and beliefs 108 26.60%

I think .hk/.香港 is used and endorsed by Hongkongers 192 47.30%

All of the above 19 4.70%

Thank You!


Survey Result Announcement - .hk€¦ · · 2015-08-27in Hong Kong Survey findings of “Sharing...

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