Richmond, Virginia, July 27, 2022 – The sharing economy industry shifted dramatically in 2020 when the COVID-19 pandemic hit, impacting ride-share services and non-traditional lodging businesses. Now that travel has returned with a vengeance in the Summer of 2022, Americans have jumped back into the sharing economy with both feet.
According to Allianz Partners’ 14th Annual Vacation Confidence Index, 46% of Americans are likely to use sharing economy services during their summer vacations this year, four points higher than last year and a five-point increase compared to pre-pandemic 2019. The survey found that overall trust in the sharing economy continues to trend upward as well, with 60% of Americans deeming the services trustworthy, a six-point increase from 2021 and four-point increase from 2019.
Younger age groups are more likely to use shared services during their summer vacations, with 70% of 18–34-year-olds and 52% of 34–54-year-olds noting they are likely to take advantage, a seven-point increase from last year and notable 12-point jump from three years ago. The age groups also are more likely to trust the services, with 76% of 18–34-year-olds and 65% of 34–54-year-olds deeming them trustworthy, up five points from 2021 and up 10 points from 2019.
Unsurprisingly, travelers age 55+ who have been more vulnerable to health risks and may not rely as frequently on technology are ranking the services lower now than they did before the pandemic, with a slight one-point decrease in both trust (43%) and likelihood to use (23%) compared to 2019.
“Americans have grown accustomed to the conveniences afforded by the sharing economy during their summer vacations – from booking vacation rentals to requesting rideshares to explore their destination or simply go out to dinner – and our findings support that young travelers will continue to play a large role in keeping the trend alive,” said Daniel Durazo, director of external communications at Allianz Partners USA. “While the increased pricing for these services can be a deterrent, even among sharing economy fans, one thing travelers likely won’t regret this summer is purchasing a travel insurance policy to protect their perfectly-planned summers.”
The travel and assistance company found that yearly earnings significantly affect the likelihood of using shared economy as well. Americans who make more than $100K annually are more likely to use sharing economy compared to those who make less than $50K (55% vs. 40% respectively). Despite rising costs of services, both income level earners are more likely to use sharing economy this summer than the year prior, with likelihood increasing six points for Americans making more than $100K and a seven-point increase for those who make less than $50K.
