Sharing Services Have Really Arrived

Half of Americans plan to use sharing economy services like Airbnb, Uber and Lyft for summer travel in 2017, a new report from consumer specialty insurance and assistance company Allianz Global Assistance USA finds.

According to the third annual Allianz Travel Insurance Sharing Economy Index, the popularity of the sharing economy for summer travel booking has tripled within two years,

The survey found that 50 percent of travelers likely (26 percent very/ 25 percent somewhat) to use services like Uber, Lyft and Airbnb this year compared to 36 percent in 2016 and 17 percent in 2015.

This first year-on-year survey to track consumer confidence in the sharing economy market for travel planning showed that this growth correlates with the uptick in familiarity with these services.

Other services are also doing well with familiarity including Uber (73 percent/ up 38 percent from 2015), HomeAway (30 percent/ up 20 percent from 2015), Feastly (16 percent/ up 12 percent from 2015) and GetAround (18 percent/ up 11 percent from 2015).

While familiarity and likelihood of using sharing economy services have risen significantly since 2015, fewer than two in ten (17 percent) Americans are willing to say they are “very trusting” of services, leaving the majority (83 percent) at least somewhat skeptical (48 percent somewhat trustworthy/ 13 percent not very trustworthy/ 5 percent not at all trustworthy/17 percent not sure).

“In the years that we’ve conducted the Sharing Economy Index, it has been incredible to see the significant growth in familiarity and use of sharing economy services for summer travel,” said Daniel Durazo, director of communications at Allianz Global Assistance USA.

“We’re seeing more and more travelers, especially millennials, utilizing services like Airbnb because they are seeking value and a locally authentic experience.”

When pitted head-to-head with traditional travel services, the sharing economy is seen by Americans as the better value (35 percent; up nine percent from 2016) and provides a more authentic local experience (33 percent; up 11 percent).

While traditional services still outperform the sharing economy when it comes to customer service, for many Americans, the experience is the same, regardless of which service is being used.

Find out more at Allianz Travel Insurance.

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