Sharing economy services less popular

Sharing economy services less popular

According to Allianz Global Assistance's Annual Sharing Economy Index, half of Americans are unlikely to use sharing economy services for 2018 summer travel. More than half (53 per cent) of Americans said that they are either ‘not very likely’ or ‘not at all likely’ to use these services during their summer travels.

However, Americans do consistently believe that sharing economy services offer a more authentic local experience and better value for money, with 62 per cent of Americans finding providers of these services to be ‘very’ or ‘somewhat’ trustworthy. Millennials were found to be the age demographic most familiar with sharing economy services (93 per cent). Despite this, 33 per cent of millennials said that they believe traditional services provide the best overall experience; up from 22 per cent in 2017.

“This is the first time we've seen intent to use sharing economy services decline, particularly among millennials, which is surprising as they led its early adoption,” said Daniel Durazo, Director of Communications at Allianz Global Assistance. “Millennials appreciate the value and authentic local experiences that are offered by sharing economy services, while they also like the product and overall experience offered by traditional services. Travel suppliers vying for the millennial market this year should capitalise on their strengths and try to shore up their weaknesses.”