Goldman Sachs has put together a tremendous infographic showing how millennials–those born between 1980 and 2000–are going to impact and shape the economy in a profound way as the move into their “prime spending years.” We highly recommend heading over to Goldman’s homepage and playing around with the infographic. It’s super interactive. We’ve also included the key data points from the research in the slides that follow.
In cities around the world, wireless connectivity is powering a massive shift in social attitudes. In a sharing economy, people don’t want to own “things” any more. Instead, they simply rent what they need when they need and return it when they are done. Ford is paying attention and it is clearly worried about the future of the automobile business.
Starwood Hotels and Resorts wants to take you for a ride. The global hotel chain has partnered with ride-hailing app Uber to make it easier for hotel guests to get around—and get rewarded for it. Starting today, Starwood Preferred Guest members will be able to earn loyalty program points by riding with Uber. But first, they have to link their SPG and Uber accounts at spg.com/uber and complete one qualifying stay in the calendar year at any Starwood property worldwide.
Ride-sharing services Uber and Lyft continue to operate successfully across Florida despite the fact they’re technically doing so illegally in many counties. An attempt last year to legalize the services statewide fizzled out in Tallahassee, but two new bills filed in the state senate and house signal that the legislature is ready to give it another go.
By now, you’ve probably realized that there can be a big difference between the fares from driving for Uber, say $62,000, and what’s left over after paying Uber’s commission, your gas, car maintenance, health and car insurance expenses, and your federal income and self-employment taxes, or about $27,600. And you may still have to pay state and local income taxes, which might add up to another thousand dollars or so.
For generations, young people all around the world have focused on acquiring two key pieces of property: a home and a car. These purchases are partly status-driven, partly practical. And they’re not identical, of course: Cars tend to depreciate, while homes are seen as an investment. But both purchases require large amounts of capital or credit—money that could be used elsewhere. With the advent of technologies like Uber and Airbnb, these long-accepted financial decisions may start to change.
2014 was a decent year for RelayRides, the San Francisco-based car sharing platform. The firm raised $35 million to help further grow its presence in the peer-to-peer car-sharing/rental space and will look to spend that capital to up its exposure and tweak its customer experience in 2015. RelayRides essentially turns anyone with a set of Read the full article…
Does the gig economy exploit workers? Uber and Lyft drivers, HomeJoy cleaners, TaskRabbit handypeople, Amazon’s Mechanical Turk odd-jobbers, and others who provide on-demand services through new online marketplaces work as independent contractors, without the protections afforded to employees. They lack benefits such as minimum wage, overtime pay, workers’ compensation, Social Security contributions and the right to collective bargaining.
Gone are the days of calling your reliable (if somewhat-bland) hotel chain of choice to book a room and boarding a crowded, underserved airplane. Now, you can explore a city in the exact car of your choosing and even journey to an exotic destination without relying on a travel agent to coordinate your excursions and reservations. Travel is tipping toward the do-it-yourself: favoring unique, peer-to-peer services rather than the brand-made itinerary. A handful of new apps and websites are culling local insight and pioneering collaborative services to reclaim the travel industry from major corporations.
In January, in two separate cases, O’Connor v. Uber Technologies Inc. and Cotter v. Lyft Inc., two federal judges in California stated in court that they have concluded that Uber and Lyft drivers are company employees and not independent contractors. The courts have not released formal opinions. It is difficult to judge how broad the final court opinions will be. In addition, the cases are at the start of the class-action litigation process that is long and uncertain, and usually ends in settlements. However, the message is grim for Uber and Lyft, and it may be replayed in several states.