“Businesses based on the new austerity which involve renting or sharing are gaining a lot of attention. Straitened economic times are persuading more Koreans that it is a good idea not to buy everything brand-new. Businesses based on sharing are not solely profit-driven but spread an ethic of ‘collaborative consumption,’ where people opt to share space or products that they do not need all the time.” – Chosun Ilbo
Though a relatively young market for collaborative consumption, South Korea has taken an extremely proactive approach to promoting new entrepreneurial ventures of the sharing economy, with the Seoul Metropolitan Government also declaring Seoul a ‘Sharing City’ of the future.
Read more about Korea’s approach to the sharing economy on Chosun Ilbo.