by Lacey Pfalz
Last updated: 10:55 AM ET, Thu August 8, 2024
Allianz Partners’ 16th Annual Vacation Confidence Index found that Americans are trusting in vacation rentals and rideshares, called sharing economy, more than ever before.
The survey found that 53 percent of Americans are likely to use sharing economy services during their trips this summer, which is a year-over-year increase of seven percent. The majority of Americans also trust in these services more than ever before, with 65 percent reporting their trustworthiness.
Part of this could be a desire to save money, as inflation continues impacting travel decisions.
The younger generations report a stronger desire to use shared services, with 73 percent of Gen Z travelers and 61 percent of Millennials reporting they’d use them this summer. Yet travelers aged 55+ have reported a ten percent increase in using shared services from last year, which is 32 percent of their age group.
According to the report, those who trust more in shared services are making more money: 73 percent of travelers making over $100,000 a year trust in shared services, compared to 56 percent of those travelers making less than $50,000 a year. Sixty-four percent of travelers in the middle category, making a range between $50,000 and $100,000 a year, trust shared services.
“Whether Gen Z or a baby boomer, this year’s results spotlight how Americans’ loyalty to and trust in sharing economy services are reaching unprecedented heights,” said Daniel Durazo, director of external communications at Allianz Partners USA. “During this summer’s jam-packed travel season, it's important for travelers to consider how their financial investments and peace of mind may be best protected. A travel insurance policy can even help reimburse losses from covered unforeseen mishaps – like significant travel delays, lost baggage, and even medical emergencies.”
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