Companies operating in the so-called sharing economy are seeing a resurgence of interest in their services as inflation hits steadily. People are showing increased interest in working for Uber Technologies and listing their homes on Airbnb to earn extra money. This is a welcome change for markets based on the logic of sharing space or staff, as long as demand for these services continues at least. Uber CEO Dara Khosrowshahi said last week that more than 70 percent of drivers at his company, which connects drivers and customers, said inflation played a role in their decision to go to work. Lyft has had more active drivers than since the start of the pandemic. Meanwhile, vacation rental company Airbnb also reported “strong growth” in new hosts in quarterly revenue. The company’s chief executive, Brian Chesky, said people are particularly interested in generating additional income through hospitality, reflecting a trend seen during the 2008 Great Recession where people were also looking for second jobs. Moreover, this entire context is part of a broader rise in self-employment. A survey by business consulting firm McKinsey shows that 36% of employed respondents, or more precisely 58 million Americans, are classified as having no dependent work (freelancers), up from 27% in 2016. People need to consider ways to supplement their income. US consumer prices rose by 7.7% in the 12 months from November 2021 to October this year, with prices rising more recently than in four decades.

People are looking for ways to increase their income.

In theory, having more workers gives companies a free hand. US President Joe Biden proposed a new worker rule last month that could fundamentally change how companies classify their workers. But for now, the competition between ridesharing groups could be positive.

Drivers or hosts end up getting a share of the bookings made on the platforms. The more providers consumers can choose from, the less they may be willing to pay to get the job done. However, there is another side of inflation – a reduction in demand. But the sharing economy seems to be holding up well, even if the economy as a whole is not in the best shape. Uber notes that there are no signs of a slowdown in its work at all. Airbnb had the biggest and most profitable quarter ever. Food delivery company DoorDash said its total orders rose 27% year on year to $439 million in the third quarter. Each of the companies warned of signs of consumer weakness or that they expect to see them. However, for now, workers with extra income can work in their favor.