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The Pennsylvania State University Schreyer Honors College THE PENNSYLVANIA STATE UNIVERSITY SCHREYER HONORS COLLEGE DEPARTMENT OF MARKETING A QUALITATIVE ANALYSIS OF GENERATIONAL RECEPTIVENESS TO THE SHARING ECONOMY SOPHIA KONTRA SPRING 2020 A thesis submitted in partial fulfillment of the requirements for a baccalaureate degree in Marketing with honors in Marketing Reviewed and approved* by the following: Lisa Bolton Associate Professor of Marketing Thesis Supervisor Jennifer Chang Coupland Clinical Associate Professor of Marketing Honors Advisor * Electronic approvals are on file. i ABSTRACT The sharing economy is an umbrella term used to define the peer-to-peer based activities of sharing access to goods, assets, or services. Millennials, individuals born 1981-1996, seem to show more preference for participating in the sharing economy than baby boomers, individuals born 1946-1964. This thesis provides three frameworks to analyze why millennials have been more receptive to the sharing economy than older generations: 1) to define the sharing economy, split into four characteristics (temporary access, reliance on a platform, expanded consumer roles, and a crowd-sourced supply); 2) to define generational differences, split into six categories (technology usage, work values, personal values, lifestyle preferences, consumption patterns, and change), and 3) a generational analysis of the sharing economy to show which aspects of the sharing economy lead generations to act more positively or negatively. Brand positioning and marketing strategies used within the sharing economy may naturally favor millennials over baby boomers, as exemplified in a case study of Uber. ii TABLE OF CONTENTS LIST OF FIGURES ..................................................................................................... iii LIST OF TABLES ....................................................................................................... iv ACKNOWLEDGEMENTS ......................................................................................... v Chapter 1 Introduction ................................................................................................. 1 Chapter 2 The Sharing Economy ................................................................................. 4 Sharing versus Traditional Market Economy .................................................................. 4 Key Characteristics of the Sharing Economy .................................................................. 6 1. Temporary Access ................................................................................................ 6 2. Reliance on a Platform ......................................................................................... 7 3. Expanded Consumer Roles .................................................................................. 7 4. Crowd-sourced Supply ......................................................................................... 8 Chapter 3 Generations .................................................................................................. 10 Baby Boomers .......................................................................................................... 10 Millennials ................................................................................................................ 11 Technology Usage ............................................................................................................ 11 Work Values .................................................................................................................... 12 Personal Values ................................................................................................................ 13 Lifestyle Preferences ........................................................................................................ 14 Consumption Patterns ...................................................................................................... 15 Type of Consumption ................................................................................................ 15 Attitudes Towards Price and Brand ......................................................................... 16 Channels ................................................................................................................... 16 Attitude Towards Change ................................................................................................ 17 Chapter 4 Generational Analysis of the Sharing Economy ......................................... 19 Expanded Consumer Roles .............................................................................................. 20 Temporary Access ............................................................................................................ 21 Transaction Facilitation: Reliance on Intermediary ......................................................... 23 Crowd-sourced Supply ..................................................................................................... 24 Chapter 5 Uber Case Study .......................................................................................... 27 Uber’s Brand Positioning ................................................................................................. 27 Uber’s Marketing Strategies ............................................................................................ 29 Inducing Trial ........................................................................................................... 29 Referrals ................................................................................................................... 30 Social Media ............................................................................................................. 32 iii Traditional Marketing .............................................................................................. 35 Future Appeal to Older Generations ................................................................................ 37 Brand Positioning .................................................................................................... 37 Product Offering ...................................................................................................... 39 Increase Traditional Marketing Tactics ................................................................... 40 Increase Partnerships .............................................................................................. 41 Case Summary ................................................................................................................. 42 Chapter 6 Conclusion ................................................................................................... 43 Future of the Sharing Economy ....................................................................................... 43 Marketing Implications .................................................................................................... 44 BIBLIOGRAPHY ........................................................................................................ 46 iv LIST OF FIGURES Figure 1. Worldwide 'Google' Mentions of the Term "Sharing Economy" ............................. 2 Figure 2. Example of Uber's Conquest Marketing .................................................................. 30 Figure 3. Uber's Referral Program ........................................................................................... 31 Figure 4. Examples of Uber's Facebook Advertisements ........................................................ 32 Figure 5. Examples of Uber's Influencer Marketing ................................................................ 34 Figure 6. Examples of Uber's Traditional Marketing .............................................................. 36 Figure 7. Example of Uber's Drip Marketing .......................................................................... 37 v LIST OF TABLES Table 1. Comparison of Characteristics of Sharing Economy and Traditional Market Economy 9 Table 2. Characteristics by Generation .................................................................................... 18 Table 3. How Generational Differences Affect Consumer Reactions to Key Characteristics of the Sharing Economy ............................................................................................................. 19 Table 4. Uber's Product Offerings ........................................................................................... 28 Table 5. Price Differences Between Uber Vehicles ................................................................. 29 Table 6. Uber's Safety Features ............................................................................................... 39 vi ACKNOWLEDGEMENTS I have the utmost appreciation for the overwhelming support I have received over the past 2 years (and beyond) that has made the production of this thesis possible. First and foremost, to Dr. Lisa Bolton, for serving as my thesis supervisor. By investing in every aspect of my thesis, you consistently challenged me to dig deeper and pushed me beyond my limits. I cannot thank you enough for your continual guidance and patience with me during the entire process. To Dr. Jennifer Chang Coupland, for serving as my honors advisor over the years and faculty reader. Your encouragement in my abilities to overcome every obstacle I faced during the process did not go unnoticed. And to Dr. Jadrian Wooten, whose wholehearted passion for teaching has inspired so many of my curiosities for learning.
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