The sharing economy is here to stay
Twice as many Americans will use sharing economy services for their summer travel in 2016 compared to 2015, according to Allianz Worldwide Partners’ second annual Allianz Travel Insurance Sharing Economy Index. The US company’s survey is reportedly the first to track consumer confidence in the sharing economy market for travel planning year on year. It found that 36 per cent of Americans are likely to use sharing economy services such as AirBnB, HomeAway, Uber or Lyft during their summer vacation this year. This represents an increase compared to last year, when just 17 per cent of respondents said they were likely to use these services.
The Index also found that millennials lead the sharing economy trend, with 65 per cent of respondents aged 18 to 34 saying they are likely to use these services, up 37 percentage points from 2015. According to the survey, this growth is down to increased familiarity and trust in the services.
The survey results indicate increased awareness of the variety of sharing economy services available to Americans, with 62 per cent claiming they are familiar with Uber, 35 per cent saying they are familiar with AirBnB, and 34 per cent with Lyft.
Trust in these services is also growing, found the survey. Forty-eight per cent of Americans find sharing economy services such as AirBnB, HomeAway, Uber or Lyft to be trustworthy, which is an increase of four points compared to 2015.
“We’re currently at an interesting intersection right between the development of the sharing economy and the evolution of the travel market,” said Vincent Luna, head of travel within global market management at Allianz Worldwide Partners. “The playing field is reorganising and many Americans are now only focusing their thinking on those who provide the best experience. This opens many opportunities for the sharing economy, especially in the travel business. Customer experience of this economy is certainly different and some aspects are still improving, particularly on the guarantee of services provided to consumers. It is clear that this kind of service is not a fad but a new player which is here to stay."