The results of the latest National Technology Readiness Survey (NTRS), which shows the on-demand economy continuing to flourish, were featured in the April 14, 2016 Harvard Business Review. The on-demand economy is driven by companies with technology platforms that allow them to cater to consumer needs by immediately providing goods and services. Examples include established companies, such as eBay and Etsy, and recent startups, such as Uber and Airbnb. More than 22.4 million U.S. consumers patronize the on-demand economy, spending $57.2 billion annually. Most expenditures occur in online marketplaces, such as eBay, followed by transportation services, and food/grocery delivery. Millennials make up nearly half (49%) of on-demand consumers, followed by GenXers (29%) and Baby boomers (22%). On-demand shopping is not limited to the wealthy. Forty-six percent of on-demand consumers have incomes below $50,000. The NTRS is co-authored by Charles Colby, Principal, Chief Methodologist and Founder of Rockbridge Associates, and A. Parasuraman, James W. MacLamore Chair in Marketing at the University of Miami. Both authors are Fellows of the Center for Excellence in Service at the University of Maryland’s Robert H. Smith School of Business.
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About the University of Maryland's Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and part-time MBA, executive MBA, online MBA, specialty master's, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.