RICHMOND, VA, JULY 28, 2017 — The popularity of the sharing economy for summer travel booking has tripled within two years, with 50 percent of travelers likely (26 percent very/ 25 percent somewhat) to use services like Uber, Lyft and Airbnb this year compared to 36 percent in 2016 and 17 percent in 2015, according to the third annual Allianz Travel Insurance Sharing Economy Index released today by Allianz Global Assistance USA.
The first year-on-year survey to track consumer confidence in the sharing economy market for travel planning showed that this growth correlates with the uptick in familiarity with these services. As the years have progressed, familiarity has significantly increased across all sharing economy services with Airbnb showing 51 percent (up 32 percent from 2015) familiarity among Americans and Lyft (56 percent; up 41 points from 2015) having seen the largest increase in familiarity. Other services are also doing well with familiarity including Uber (73 percent/ up 38 percent from 2015), HomeAway (30 percent/ up 20 percent from 2015), Feastly (16 percent/ up 12 percent from 2015) and GetAround (18 percent/ up 11 percent from 2015).
|Comparison of Americans’ Likely To Use and Familiarity of Sharing Economy Services|
|2015 Likely to Use||2016 Likely to Use||2017 Likely to Use||2015 Familiarity||2016 Familiarity||2017Familiarity|
|17 percent||36 percent||50 percent||47 percent||66 percent||78 percent|
While familiarity and likelihood of using sharing economy services have risen significantly since 2015, fewer than two in ten (17 percent) Americans are willing to say they are “very trusting” of services, leaving the majority (83 percent) at least somewhat skeptical (48 percent somewhat trustworthy/ 13 percent not very trustworthy/ 5 percent not at all trustworthy/17 percent not sure).
The hesitation for some Americans to trust the evolving gig economy may be the result of recent negative stories in the news. On learning of the latest reports of safety and regulation concerns relating to ride-sharing services, one in three (35 percent) Americans say they are now less likely to use these services in the future. Conversely, half (50 percent) reported that this news has no impact on their decision to use ride-sharing services.
“In the years that we’ve conducted the Sharing Economy Index, it has been incredible to see the significant growth in familiarity and use of sharing economy services for summer travel,” said Daniel Durazo, director of communications at Allianz Global Assistance USA. “We’re seeing more and more travelers, especially millennials, utilizing services like Airbnb because they are seeking value and a locally authentic experience.”
When pitted head-to-head with traditional travel services, the sharing economy is seen by Americans as the better value (35 percent; up nine percent from 2016) and provides a more authentic local experience (33 percent; up 11 percent). While traditional services still outperform the sharing economy when it comes to customer service, for many Americans, the experience is the same, regardless of which service is being used.
The Sharing Economy Index has been conducted each summer since 2015 by national polling firm Ipsos Public Affairs on behalf of Allianz Global Assistance USA.
Allianz Global Assistance offers travel insurance* through most major U.S. airlines, leading travel agents, online travel agencies, other travel suppliers and directly to consumers. For more information on Allianz Global Assistance and the policies offered for travelers, please visit: http://www.allianztravelinsurance.com.
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Methodology: These are findings of an Ipsos poll conducted on behalf of Allianz Global Assistance. For this survey, a sample of 1,009 Americans from the Ipsos I-Say panel was interviewed from May 3rd to May 5th, 2017. The precision of online polls is measured using a credibility interval. In this case, the results are accurate to within +/- 3.5 percentage points, 19 times out of 20, of what the results would have been had all American adults been polled. Quota sampling and weighting were employed in order to balance demographics and ensure that the sample’s composition reflects that of the actual U.S. population, according to data from the U.S. Census Bureau. Credibility intervals are wider among subsets of the population.
Allianz Global Assistance USA
Allianz Global Assistance USA (AGA Service Company) is a leading consumer specialty insurance and assistance company. We provide insurance to over 25 million customers annually and are best known for our Allianz Travel Insurance plans. In addition to travel insurance, Allianz Global Assistance USA offers tuition insurance, event ticket protection, registration protection for endurance events and unique travel assistance services such as international medical assistance and concierge services. The company also serves as an outsource provider for in-bound call center services and claims administration for property and casualty insurers and credit card companies.
* - Terms, conditions, and exclusions apply to all plans. Plans are available only to U.S. residents. Not all plans are available in all jurisdictions. For a complete description of the coverage and benefit limits offered under your plan, carefully review your plan’s Letter of Confirmation/Declarations and Certificate of Insurance/Policy. Insurance coverage is underwritten by BCS Insurance Company (OH, Administrative Office: Oakbrook Terrace, IL), rated "A-" (Excellent) by A.M. Best Co., under BCS Form No. 52.201 series or 52.401 series, or Jefferson Insurance Company (NY, Administrative Office: Richmond, VA), rated "A+" (Superior) by A.M. Best Co., under Jefferson Form No. 101-C series or 101-P series, depending on state of residence. Allianz Global Assistance and Allianz Travel Insurance are brands of AGA Service Company. AGA Service Company is the licensed producer and administrator of these plans and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage due to the affiliation between AGA Service Company and Jefferson Insurance Company. Non-insurance benefits/products are provided and serviced by AGA Service Company. Allianz Global Assistance does not endorse or sponsor any of the above non-affiliated companies.