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Allianz Travel Insurance Vacation Confidence Index Reveals Value-Seeking Millennials Drive “Sharing Economy”

June 26, 2015 Insurance No Comments Print Print Email Email

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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