Rocky road ahead for ‘sharing economy’ platforms amid pandemic

Washington (AFP) – “Sharing economy” firms like Uber and Airbnb were seeing surging growth and predictions they would reshape several economic sectors. Then the pandemic hit. These companies are now bleeding more cash than ever, shedding workers and scaling back expectations for profitability amid heightened uncertainty about consumer trends and the economic outlook.The sharing platforms had “tremendous momentum” in industries like transport and tourism and even apparel-sharing prior to the pandemic, said consumer markets analyst Steve Barr of PwC, which had previously predicted the sharing ec…

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