Canadians, particularly millennials, are changing how and why they spend, finds a survey by Capital One.
They’re favouring experiences over ownership, so much so that 85% would rather have two years of fulfilling experiences (including travel, concerts and dining out) than upgrade from an affordable car to a luxury vehicle.
Technology has enabled the sharing economy to reinvent market behaviour, facilitate closer human connections to create a “we-based” culture, and ease the sharing of goods and services between consumers.
It has also fostered a new minimalist mindset, finds Capital One, which surveyed 1,500 Canadians. That mindset extends not just to sharing cars or using AirBnB, but to bigger purchases. In fact, 46% of millennials would be open to buying a house with friends, and living in it together, to share the cost.
Technology is also changing how Canadians interact with money: 54% of people agree that using digital payments makes it easier to transact and budget monthly expenses. Further, 63% of millennials are more likely to make a purchase from a brand that enables a rating system by customers, as ratings can help bring transparency to the transaction.
Advisor’s Jessica Bruno has written about the tax impact of participating in the sharing economy.
Income from your client’s online businesses must be included in her income.
For more on how to report a client’s income from car or apartment sharing, or from an online business, read here.