The Allianz Partners 15th Annual Vacation Index in 2023 found that young Americans are most likely to use sharing services for their summer trips.
As airlines, hotels and cruise lines rebound, the index revealed that nearly half of American travelers are likely to use shared economy services on their summer trips. This includes ridesharing and vacation rental properties.
Age plays a major role as 68 percent of young Americans (ages 18-34) are 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 in reliable services. Among senior travelers age 55 and older, less than half (42%) are comfortable using shared travel services such as ridesharing or private vacation rentals.
Income level is also tied to the reliance on sharing services in the economy, which increases with increasing income levels. Only half (50%) of those making less than $50K per year feel confident using sharing economy services, compared to nearly two-thirds (64%) of high-income earners ($100K+) . In the middle-income range ($50K-$100K), (59%) expressed their confidence.
Finally, respondents who say that an annual vacation is important to them also confirm their confidence (67%) and possibility to use (56%) sharing economy services this summer. In comparison, those who do not value annual leave are less likely to use (19%) or trust (33%) the industry.
“This year’s results prove that the loyalty and trust of young Americans in sharing economy services is not in doubt at any time,” 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 in case something happens. A travel insurance policy can help reimburse expenses incurred due to in covered events such as lost bags, travel delays, illness or other unforeseen events that may occur while they are away.
