Allianz Travel Insurance Vacation Confidence Index Reveals Value-Seeking Millennials Drive “Sharing Economy”
60 Percent of 18 to 34-Year-Old Travelers Trust Non-Traditional Travel Services Airbnb, Uber, Lyft, GetAround and Feastly
Millennials planning to spend less on summer vacations are more trusting of, and likely to use, the “sharing economy” for travel in 2015, according to the sixth annual Allianz Travel Insurance Vacation Confidence Index released today by Allianz Global Assistance USA.
Americans will spend $85.5 billion on summer vacations in 2015, down 13.5% from $98.8 billion in 2014. The decline is being led by young Americans aged between 18 and 34, the most confident of any age group in taking a summer vacation (50.5%). Almost 40% of millennials plan to spend less than $400 on summer travel; double all other age groups combined.
The survey shows that these value-seeking millennial travelers are more trusting of sharing economy services like Airbnb, Home Away, Uber, Lyft, GetAround and Feastly to book travel experiences. A majority (60%) of millennials trust the sharing economy, compared to only 37% of all other travelers.
While only 47% of Americans are aware of at least one of these sharing economy services, more than 58% of millennials aged 18-34 are aware of the non-traditional forms of booking accommodation, transportation, and experiences. And while only 17% of Americans say they’re likely to use a sharing economy service during their summer vacation this year, 28% of young adults under the age of 35 are planning to book their travel in these non-traditional ways.
This is despite all age groups of travelers agreeing that better experiences and services are provided by established methods to organize travel such as online services Orbitz.com, Hotels.com, and Expedia.com, using a travel agent, or booking directly with a hotel, restaurant or hire car service.
| Sharing Economy | Both the same | Established Methods | Don’t Know | |
| Better quality product | 8% | 37% | 41% | 15% |
| More authentic local experience | 12% | 37% | 35% | 16% |
| Better value for money | 17% | 36% | 32% | 16% |
| Better booking experience | 9% | 36% | 39% | 16% |
| Better customer support when things go wrong | 6% | 30% | 48% | 16% |
| Best overall experience | 9% | 34% | 44% | 13% |
"While sharing economy services can potentially save time, money, and offer unique experiences, many require payment in advance,” said Joe Mason, chief marketing officer at Allianz Global Assistance USA. "Travelers opting for shared economy services should protect their travel investment with travel insurance. The right policy will protect a consumer's investment regardless of whether it’s made with the new sharing economy or with more established methods.”
The Vacation Confidence Index has been conducted each summer since 2010 by national polling firm Ipsos Public Affairs on behalf of Allianz Global Assistance USA. A vacation is defined as a trip of at least a week to a spot that is more than 100 miles from home.
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Methodology: These are some of the findings of an Ipsos poll conducted June 5th to 9th, 2015. For the survey, a nationally representative sample of 1,000 randomly-selected adults residing in the U.S. interviewed by telephone via Ipsos’ U.S. Telephone Express omnibus. With a sample of this size, the results are considered accurate within ±3.1 percentage points, 19 times out of 20, of what they would have been had the entire population of adults in the U.S. been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were weighted to ensure the sample's regional and age/gender composition reflects that of the actual U.S. population according to data from the U.S. Census Bureau.
Allianz Global Assistance USA
Allianz Global Assistance USA (AGA Service Company) is a leading consumer specialty insurance and assistance company. We insure 16 million customers annually and are best known for our Allianz Travel Insurance plans. In addition to travel insurance, Allianz Global Assistance USA offers 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, limitations, and exclusions apply to all plans. All plans not available in all states. For a complete description of the coverage offered under your plan, carefully review your letter of confirmation and certificate of insurance. Insurance coverage is underwritten by BCS Insurance Company (OH, Administrative Office: Oakbrook Terrace, Ill), 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 the insured's state. Allianz Global Assistance and Allianz Travel Insurance are brands of AGA Service Company. AGA Service Company is the licensed producer and administrator of this plan and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage because of the affiliation between AGA Service Company and Jefferson Insurance Company.
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Media Contact: Daniel Durazo
804.673.7175
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