Allianz Partners 15th Annual Vacation Index in 2023 found that younger Americans are most likely to use sharing services in their summer travels.
While airlines, hotels and cruises lines have rebounded, the index revealed that almost half of American travelers are likely to use sharing economy services during their summer travels. This includes both ridesharing and vacation rental properties.
Age plays a primary factor as 68 percent of younger Americans (ages 18-34) are most likely to use these summer sharing services. Likely tied to the return of business travel, 56 percent of 35–54-year-olds are expected to use sharing economy services this summer while only 22% of 55 and older travelers plan to take advantage.
Regarding the trust factor, the demographic breakout is similar with 73% of 18–34-year-olds and 63% of 35–54-year-olds believing the services reliable. Among senior travelers aged 55 and older, less than half (42%) are comfortable using shared travel services like ridesharing or private vacation rentals.
Income levels also tie into the trust of sharing economy services, rising with increased income levels. 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), (59%) expressed their trust.
Finally, respondents who say that an annual vacation is important to them also confirmed their trust (67%) and likelihood to use (56%) sharing economy services this summer. In comparison, those 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.”
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