Richmond, Virginia, August 7, 2024 – A new survey from travel insurance and assistance provider Allianz Partners USA, reveals that an all-time high of 53% (up seven points from 2023) of Americans are likely to use sharing economy services while they’re away from home this summer. Trust in the sharing economy has also rebounded to pre-pandemic levels, with 65% of Americans now considering those services as trustworthy. Both levels are the highest reported in the history of the survey.
For the first time since the pandemic, sharing economy services – like ridesharing and renting vacation properties – have either met or exceeded survey performance of years past, according to Allianz Partners’ 16th Annual Vacation Confidence Index*. New peak figures across both trust in and willingness to use these services align with record numbers reported for traveler confidence and vacation spending.
Results from a new question Allianz Partners posed this year show that four in 10 Americans (40%) are prioritizing sustainable travel options and suppliers, a benchmark statistic for the survey and a notable marker when examining the use of sharing economy services, which may contribute to a smaller environmental footprint compared to other modes of transportation and accommodation types.
Across demographics, the likelihood of using and trust in sharing economy services varies to notable degrees. Age is a primary factor with younger Americans (18-34 years of age) continuing to be most likely to use shared services during their summer vacations (73%, up five points from 2023). Six in 10 (61%, also up five points from 2023) 35–54-year-olds are expected to use sharing economy services this summer, while 32% – up a notable 10 points from last year – of 55+ travelers plan to take advantage themselves. This shift complements other trends, from solo to pet travel, experiencing a “silver surge” in 2024.
When it comes to trust, the age breakdown follows suit, with 78% of 18–34-year-olds and 70% of 35–54-year-olds deeming them reliable services. Among senior travelers aged 55 and older, exactly half (50%) feel comfortable using shared travel services like ridesharing or private vacation rentals. Consistent with this year’s findings on willingness to use sharing economy services, all demographics have expressed an increase in trust, up five, seven, and eight points from 2023, respectively.
The likelihood to trust sharing economy services also can be examined against traveler income levels – the 16th Annual Vacation Confidence Index found, once again, that trust and annual income have a direct relationship. Just over half (56%) of those making less than $50K per year feel confident in using sharing economy services, compared to almost three-fourths (73%) of high-income earners ($100K+). In the middle-income range ($50K-$100K), 64% expressed their trust.
Finally, those who believe an annual vacation is important also confirmed their trust (72%, up five points over 2023) and likelihood to use (62%, up six points over 2023) sharing economy services this summer. Similarly, respondents who do not value an annual vacation are less likely to use (27%) or trust (43%) the industry, though both statistics have seen an impressive increase over the past year of nine and 10 points, respectively.
“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.”
