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Sharing Economy Expands

14:41 July 19, 2016 replay time01:34

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As the recession continues, the sharing economy, where people borrow instead of own things, is becoming a new means of rational consumption.

Products borrowed and shared have diversified from cars and housing to baby products and clothes, and department stores have started rental programs as well.

Noh Eun-ji has more.


This is a fashion rental shop that a department store launched recently.

You can rent high-end clothing that is expensive but not worn frequently, such as dresses and suits, for three days by paying 10 percent of the ticket price.

<Lee Ae-na / Chief Buyer at Lotte Department Store> "The demand to rent fashion products for a short period of time is also on the rise. So, we have prepared clothes that are both of high quality and reasonable prices."

The platform of the sharing economy, where products are rented instead of purchased, were limited to smartphone applications in the past.

However, as demand expanded, even department stores are entering the sharing economy market.

The size of the sharing economy worldwide is growing rapidly, and Korea, which is in a nascent stage, is no exception.

Some are concerned that the expansion of the sharing economy may lead to a reduction in consumption and economic slowdown, but experts say nothing is for sure.

<Han Sang-rin / Professor of Business Administration at Hanyang University> "Through sharing, remaining consumption can be expended elsewhere, so I think the positive impact of vitalizing the entire economy is rather bigger."

The rate at which this sharing economy, expanding globally, permeates in our daily lives is expected to accelerate.

Noh Eun-ji reporting for Yonhap News TV.

Yonhap News TV: 02-398-4409 (Report) 4441 (Inquiry on article), KakaoTalk/LINE jebo23

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