Americans’ Trust In, Willingness to Use Sharing Economy Services Reach Highest Recorded Levels in Summer Survey

2024 Findings also Reflect Prioritization of Sustainable Travel Options

 

Richmond, Virginia, August 7, 2024 – A new survey from travel insurance and assistance provider Allianz Partners USA, reveals that an all-time high of 53% (up seven points from 2023) of Americans are likely to use sharing economy services while they’re away from home this summer. Trust in the sharing economy has also rebounded to pre-pandemic levels, with 65% of Americans now considering those services as trustworthy. Both levels are the highest reported in the history of the survey.

 

For the first time since the pandemic, sharing economy services – like ridesharing and renting vacation properties – have either met or exceeded survey performance of years past, according to Allianz Partners’ 16th Annual Vacation Confidence Index*. New peak figures across both trust in and willingness to use these services align with record numbers reported for traveler confidence and vacation spending.

 

Results from a new question Allianz Partners posed this year show that four in 10 Americans (40%) are prioritizing sustainable travel options and suppliers, a benchmark statistic for the survey and a notable marker when examining the use of sharing economy services, which may contribute to a smaller environmental footprint compared to other modes of transportation and accommodation types.

 

Across demographics, the likelihood of using and trust in sharing economy services varies to notable degrees. Age is a primary factor with younger Americans (18-34 years of age) continuing to be most likely to use shared services during their summer vacations (73%, up five points from 2023). Six in 10 (61%, also up five points from 2023) 35–54-year-olds are expected to use sharing economy services this summer, while 32% – up a notable 10 points from last year – of 55+ travelers plan to take advantage themselves. This shift complements other trends, from solo to pet travel, experiencing a “silver surge” in 2024.

 

When it comes to trust, the age breakdown follows suit, with 78% of 18–34-year-olds and 70% of 35–54-year-olds deeming them reliable services. Among senior travelers aged 55 and older, exactly half (50%) feel comfortable using shared travel services like ridesharing or private vacation rentals. Consistent with this year’s findings on willingness to use sharing economy services, all demographics have expressed an increase in trust, up five, seven, and eight points from 2023, respectively.

 

The likelihood to trust sharing economy services also can be examined against traveler income levels – the 16th Annual Vacation Confidence Index found, once again, that trust and annual income have a direct relationship. Just over half (56%) of those making less than $50K per year feel confident in using sharing economy services, compared to almost three-fourths (73%) of high-income earners ($100K+). In the middle-income range ($50K-$100K), 64% expressed their trust.

 

Finally, those who believe an annual vacation is important also confirmed their trust (72%, up five points over 2023) and likelihood to use (62%, up six points over 2023) sharing economy services this summer. Similarly, respondents who do not value an annual vacation are less likely to use (27%) or trust (43%) the industry, though both statistics have seen an impressive increase over the past year of nine and 10 points, respectively.

 

“Whether Gen Z or a baby boomer, this year’s results spotlight how Americans’ loyalty to and trust in sharing economy services are reaching unprecedented heights,” said Daniel Durazo, director of external communications at Allianz Partners USA. “During this summer’s jam-packed travel season, it’s important for travelers to consider how their financial investments and peace of mind may be best protected. A travel insurance policy can even help reimburse losses from covered unforeseen mishaps – like significant travel delays, lost baggage, and even medical emergencies.”

 

The Vacation Confidence Index has been conducted each summer since 2009 by national polling firm Ipsos Public Affairs on behalf of Allianz Partners USA. A vacation is defined as a leisure trip of at least one week to a place that is 100 miles or more from home.

 

Allianz Partners offers travel insurance through most major U.S. airlines, leading travel agents, online travel agencies, hotel companies, cruise lines and directly to consumers. For more information on Allianz Partners and available travel policies, please visit http://www.allianztravelinsurance.com/.

 

*Methodology: These are the findings of an Ipsos poll conducted on behalf of Allianz Partners. For this survey, a sample of 2,010 Americans aged 18+ was interviewed from April 15 to 22, 2024 via the Ipsos Online Omnibus. The precision of Ipsos online polls is measured using a credibility interval. In this case, the results are accurate to within +/- 2.5 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.

 

About Allianz Partners

In the United States, Allianz Partners USA (AGA Service Company) offers Allianz Travel-branded travel protection plans and serves millions of customers each year. In addition to travel protection, the company offers event ticket protection, registration protection for endurance events and unique travel assistance services such as international medical assistance and concierge services. AGA Service Company is doing business as Allianz Global Assistance Insurance Agency in California (License # 0B01400) and Massachusetts. Allianz Partners USA is part of the Allianz Partners group. Allianz Partners is a world leader in B2B2C insurance and assistance, offering global solutions that span international health and life, travel insurance, mobility and assistance. Customer driven, our innovative experts are redefining insurance services by delivering future-ready, high-tech, high-touch products and solutions that go beyond traditional insurance. Present in over 75 countries, our 19,400 employees speak 70 languages, handle over 58 million cases each year, and are motivated to go the extra mile to offer peace of mind to our customers around the world. 

 

For Allianz Partners USA products offered and sold in the U.S.: Terms, conditions, and exclusions apply to all plans. Plans are available only to U.S. residents. Not all plans are available in all jurisdictions. Availability of coverage, including the epidemic-related benefits and covered reasons described here, varies by product and by state. Products may not include all benefits or covered reasons described here. All benefits are subject to maximum limits of liability, which may in some cases be subject to sublimits and daily maximums. Benefits and limits vary by plan. For a complete description of the coverage and benefit limits offered under your specific 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. A+ (Superior) and A (Excellent) are the 2nd and 3rd highest, respectively, of A.M. Best’s 13 Financial Strength Ratings. Except as otherwise specified, AGA Service Company d/b/a Allianz Global Assistance is the licensed producer and administrator of Allianz Travel-branded travel protection plans in the U.S. and an affiliate of Jefferson Insurance Company. Allianz Global Assistance is a mark of AGA Service Company or its affiliates. The insured shall not receive any special benefit or advantage due to the affiliation between Allianz Global Assistance and Jefferson Insurance Company. Plans include insurance and assistance services. Noninsurance benefits/products are provided and serviced by Allianz Global Assistance.