Shared Consumption, Korea's Sharing Economy

Shared Consumption, Korea's Sharing Economy
Modern society is changing from a form of ownership into sharing. "Sharing economy" has become a key word in today's economically unstable world. The market size of the world's sharing economy has been increasing by 80% every year, and Seoul also declared its determination to establish a sharing culture in Korea.Kozaza offers accomodations sharing service to foreign visitors. Home owners with extra rooms can register their rooms online and visitors can choose their place of stay through the website. The Open Closet rents out donated suits at cheap prices. A complete set of suit including shoes, shirts, and belt only cost about $17 to rent for three days. For people who can't afford to spend hundreds of dollars on suits, The Open Closet offers a reasonable alternative. In addition to such services, sharing economy has diversified into various categories such as car sharing, book sharing, and even knowledge sharing. We review the various types of sharing economy in Korea.