Richmond, Virginia, July 17, 2023 - Travel is back in full swing with Americans declaring an annual summer vacation one of their top priorities this year. While airlines, hotels and cruises have rebounded, the use of sharing economy services like ridesharing and vacation property rentals remain an integral part of the travel equation. Allianz Partners’ 15th Annual Vacation Confidence Index reveals that almost half (46%, unchanged from 2022) of Americans are likely to use sharing economy services while they’re away from home this summer season. The survey also found that for two years in a row, trust in the sharing economy has remained high with three in five (58%) deeming them trustworthy.
It is notable that several factors contribute toward the likelihood of using and trust in sharing economy services. Age is a primary factor with younger Americans (18-34 years of age) continuing to be most likely (68%) to use shared services during their summer vacations. Fifty-six percent of 35–54-year-olds are expected to use sharing economy services this summer, likely keyed to the return of business travel, and just 22% of 55+ travelers plan to take advantage.
When it comes to trust, the demographic breakout is similar with 73% of 18–34-year-olds and 63% of 35–54-year-olds deeming them reliable services. Among senior travelers aged 55 and older, less than half (42%) feel comfortable using shared travel services like ridesharing or private vacation rentals. Traveler income levels also reflect the likelihood to trust sharing economy services, rising as annual income goes up. Only half (50%) of those making less than $50K per year feel confident in using sharing economy services, compared to almost two-thirds (64%) of high-income earners ($100K+). In the middle-income range ($50K-$100K), six in ten (59%) expressed their trust.
Finally, those who believe an annual vacation is important to them also confirmed their trust (67%) and likelihood to use (56%) sharing economy services this summer. Similarly, respondents who do not value an annual vacation are less likely to use (19%) or trust (33%) the industry.
“This year’s results prove that young Americans’ loyalty to and trust in sharing economy services aren’t wavering anytime soon,” said Daniel Durazo, director of external communications at Allianz Partners USA. “During this busy summer travel season, it’s important for travelers to have a company they trust to protect them if something goes awry. A travel insurance policy can help reimburse expenses incurred as the result of covered events like lost bags, travel delays, illness or other unexpected occurrences that may happen while they’re away.”
