More People Comfortable with Sharing Economy

According to the Allianz Travel Insurance Sharing Economy Index released by Allianz Global Assistance USA, more than a third of Americans say they likely plan to use sharing economy services during their summer vacations. Such services include AirBnB, HomeAway, Uber and Lyft.

“We’re at an interesting intersection right now between sharing economy and traditional services,” said Daniel Durazo, director of communications at Allianz Global Assistance USA. “The playing field is quite level with many Americans having an uncertainty about which services provide the better experience, which opens an opportunity for the lesser known sharing economy to take a bigger stake as awareness continues to increase. There was already significant growth in use, familiarity and trust of the sharing economy over the last year showing that these services are not a fad and have great potential for longevity.”

Sharing Economy Trends

The survey concludes that 36 percent of Americans likely plan to use a sharing economy service this summer. That number saw a significant increase from Allianz’s 2015 report when just 17 percent of Americans said they were likely to use such services.

How Americans Feel About Sharing Economy Services:

2015 2016
Familiarity 47% 62%
Trust 44% 48%
Likely to Use 17% 36%

Millennials lead the way regarding reliance on the sharing economy, with 65 percent of 18-34 surveyed saying they are likely to use these services. This number also saw a significant jump, up 37 percent from the 2015 report.

In a sign that travelers in general are more comfortable with sharing economy services, those in the 35-54 age group report that 33 percent are likely to use a service. That figure dips to 14 percent for those 55-and-over.

Familiarity and trust are big reasons sharing economy services are more popular than ever. Eighty-six percent of millennials say they are familiar with the sharing economy services compared to 58 percent who said the same last year. Familiarity and trust are keys among other age groups as well: 35-54 (67 percent) and 55-and-over (49 percent).

One somewhat surprising trend is that those with higher annual incomes have increased use of sharing economy services. The study reveals that Americans with an annual income of $50,000 or more (38 percent) are more likely to use sharing economy services than those with an income less than $50,000 (32 percent).

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