Half Of Americans Are Unlikely To Use Sharing Economy Services For 2018 Summer Travel, Despite Reporting High Familiarity And Better Value For Money

RICHMOND, Va., June 25, 2018 /PRNewswire/ -- While Americans are growing more familiar with sharing economy services, the intention to use these services is declining in favor of more traditional services. According to the fourth annual Allianz Travel Insurance Sharing Economy Index* released by Allianz Global Assistance, 53 percent of Americans declared they are either "not very likely" or "not at all likely" to use sharing economy services during their 2018 summer travels.

That's despite Americans' consistent belief that sharing economy services offer a more authentic local experience and better value for their money. Sixty two percent of Americans find sharing economy service providers to be "very" or "somewhat trustworthy," down three percent from last year. Today eight in 10 Americans are familiar with at least one sharing economy service, with familiarity of services strongest among younger generations.

Leading the sharing economy trend, an overwhelming 93 percent of Millennials (ages 18-34) are familiar with sharing economy services. Boomers (ages 55+) have experienced the largest increase in familiarity over the past few years, with 70 percent of the group familiar with at least one of these services in 2018, up from 57 percent in 2017 and 49 percent in 2016. Of Gen X'ers (ages 35-54), 88 percent are familiar in 2018.

Analyzing specific sharing economy services across age demographics, recognition of Uber, Airbnb and HomeAway has remained steady over the past year, while familiarity with Lyft has increased significantly by 10 percent since 2017.

Looking at trust, three out of four (76 percent) Millennials and those earning over $50,000 (67 percent) are most likely to trust sharing economy services, compared to seven in ten (68 percent) of Gen X'ers, almost half (46 percent) of Baby Boomers and less than six in ten (54 percent) of Americans making less than $50,000.

This year, Americans are likely to rate traditional services as superior to sharing economy services, with traditional services seen as offering the better product, booking experience, customer support when things go wrong and overall experience.

Despite the propensity of Millennials to use sharing economy services, one-third (33 percent) believe traditional services provide the best overall experience, up from 22 percent in 2017.  It was also revealed they believe traditional services offer better customer support when things go wrong (38 percent). A quarter (26 percent) of Millennials say traditional services offer a better-quality product.

"This is the first time we've seen intent to use sharing economy services decline, particularly among millennials, which is surprising as they led its early adoption," said Daniel Durazo, director of communications at Allianz Global Assistance. "Millennials appreciate the value and authentic local experiences that are offered by sharing economy services, while they also like the product and overall experience offered by traditional services. Travel suppliers vying for the millennial market this year should capitalize on their strengths and try to shore up their weaknesses."

The Allianz Travel Insurance Sharing Economy Index also gauged Americans' awareness of co-living and co-working spaces, a new addition to the survey this year. Men lead the curve in knowledge of this latest type of service, with 22 percent of men familiar with co-working spaces, versus 12 percent of women. The same percentage of men (22 percent) are familiar with co-living spaces, compared to 10 percent of women.  

The Sharing Economy Index has been conducted each summer since 2015 by national polling firm Ipsos Public Affairs on behalf of Allianz Global Assistance.

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.

*Methodology: These are findings of an Ipsos poll conducted on behalf of Allianz Global Assistance. For this survey, a sample of 1,005 Americans from the Ipsos I-Say panel was interviewed from May 2 – 5, 2018. 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 35 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.

To learn more about Allianz Travel Insurance, please visit allianztravelinsurance.com or Like us on Facebook at Facebook.com/AllianzTravelInsuranceUS.

**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, or Nationwide Mutual Insurance Company and Affiliated Companies (One Nationwide Plaza, Columbus, OH 43215-2200), under Form Nos. SRTC 2000 and NSHTC 2500, each rated "A+" (Superior) by A.M. Best Co., depending on state of residence. Allianz Global Assistance and Allianz Travel Insurance are marks of AGA Service Company or its affiliates. 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.

SOURCE Allianz Global Assistance USA

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