No sharing, please: Singaporeans refuse to share assets for profit

While everyone else is going gaga about it.

The rest of the world may be busy collecting rents from letting others use personal items such as pieces of furniture, sports equipment, and even cars, but Singapore is in its own bubble, refusing to make personal assets communal properties. This concept, known as ‘’share economy,” is becoming Southeast Asians’ new and quirky source of income.

A recent study by Nielsen revealed that Singaporeans are the most unwilling to share personal assets for profit, with 32% of respondents claiming that they are unwilling to engage in such a practice.

This is significantly bigger compared to only 12 percent of unwilling consumers in Thailand, 13 percent in the Philippines, 14 percent in Indonesia, 18 percent in Vietnam and 28 percent in Malaysia.

Singaporeans are also more unlikely to rent or borrow items from their neighbors. Only 67% of Singaporeans are willing to do so, compared to 85% in the Philippines, 84% in Thailand, 76% in Vietnam and 74% Malaysia.

The share economy is expected to surpass $3.5 billion in profit this year, with growth exceeding 25 percent.