ALLIANZ TRAVEL INSURANCE SHARING ECONOMY INDEX REVEALS TWICE AS MANY AMERICANS TO USE HYBRID MARKET FOR SUMMER TRAVEL IN 2016
Familiarity and Trust Boosts Non-Traditional and On-Demand Travel Services Airbnb, Uber, and Lyft for Value and Local Experience
More than double the amount of Americans plan to use sharing economy services for their travel plans this summer compared to 2015 due to an increase in familiarity and trust, according to the second 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, the analysis found that one in three Americans (36 percent) say they are likely to use sharing economy services such as Airbnb, HomeAway, Uber or Lyft during their summer vacation this year. This is up from last year when just 17 percent of Americans said they were likely to use these services.
Millennials continue to lead the sharing economy trend with 65 percent aged 18-34 saying they are likely to use these services (up 37 percentage points from 2015), compared to the 33 percent aged 35-54 (up 16 points) and the 14 percent aged 55 or over (up eight percent) who are likely to use sharing economy services. Americans with an annual income of $50,000 or more (38 percent) are more likely to use sharing economy services than those with an income less than $50,000 (32 percent).
The survey found that this growth is the result of expanded familiarity and trust in the services. American millennials continue to increase in familiarity with 86 percent saying they are familiar with the sharing economy services offered (up 28 percentage points from 2015), compared to the 67 percent aged 35-54 (up 14 points) and the 49 percent aged 55 or over (up 20 points).
America is also becoming more aware of the variety of sharing economy services available with Uber topping the list with 62 percent of Americans saying they are familiar with the service (up 27 points from 2015). Airbnb is up 16 points with 35 percent familiarity and Lyft rose 19 points to 34 percent familiarity. Additionally, HomeAway (18 percent; up eight points), GetAround (11 percent; up four points) and Feastly (10 percent; up six points) all experienced growth in familiarity.
With greater familiarity also comes increased trust. The survey showed that 48 percent of Americans find sharing economy services such as Airbnb, HomeAway, Uber or Lyft to be trustworthy, up four points from 2015.
When asked about which services provide the better experience, the survey found that more Americans feel the sharing economy provides better value (26 percent; up nine percent) and a more authentic local experience (22 percent; up 10 percent), however they still prefer traditional services such as online services like Expedia.com, using a travel agent, or booking directly with a hotel, restaurant or car service for providing the better overall experience (25 percent), quality product (31 percent), booking (31 percent) and customer support when things go wrong (40 percent).
“We’re at an interesting intersection right now between sharing economy and traditional services,” said Daniel Durazo, director of communications at Allianz Global Assistance USA. “The playing field is quite level with many Americans having an uncertainty about which services provide the better experience, which opens an opportunity for the lesser known sharing economy to take a bigger stake as awareness continues to increase. There was already significant growth in use, familiarity and trust of the sharing economy over the last year showing that these services are not a fad and have great potential for longevity.”
The Sharing Economy Index was established in 2015 by Allianz Global Assistance USA and is conducted each summer by national polling firm Ipsos Public Affairs.
Methodology: These are some of the findings of an Ipsos poll conducted on behalf of Allianz from May 3 to 10, 2016. For the survey, a sample of n=2,007 Americans was interviewed online via Ipsos’s American online panel. The precision of Ipsos online surveys is measured using a Bayesian credibility interval. In this case, with a sample of this size, the results are considered accurate to within ± 2.5 percentage points, 19 times out of 20, of what they would have been had all Americans been polled. The margin of error will be larger within sub-groupings of the survey population.
Allianz Global Assistance USA
Allianz Global Assistance USA (AGA Service Company) is a leading consumer specialty insurance and assistance company. We insure 21 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 health insurers, 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. “Lyft” is a registered trademark of Lyft, Inc.; “AirBnB” is a registered trademark of Airbnb, Inc.; “GetAround” is a registered trademark of GetAround, Inc.; “Uber” is a registered trademark of Uber Technologies, Inc.; “Expedia.com” is a registered trademark of Expedia, Inc.; “Feastly” is a mark of Featly, Inc.; “HomeAway” is a registered trademark of HomeAway.com, Inc.; “Facebook” is a registered trademark of Facebook, Inc. (collectively, “Non-sponsors”). “Allianz Travel Insurance” and “Allianz Global Assistance” are marks of AGA Service Company. Marks not owned by AGA Service Company are used without permission. The Non-sponsors do not sponsor or endorse AGA Service Company or this advertisement, and AGA Service Company does not sponsor or endorse any of the Non-sponsors.
Media Contact: Daniel Durazo