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WhatThe overall likelihood of using sharing economy services is down, according to Allianz Global Assistance’s fifth annual Allianz Travel Insurance Sharing Economy Index. The survey finds that 41% of Americans responded they are either “very” or “somewhat” likely to use them during their 2019 summer travels, compared to 47% in 2018.
Why It MattersThe survey finds that trust in sharing economy services is down most notably with Gen Xers but also with millennials. This is good news for advisors who can articulate why their supplier partners offer better, and more trustworthy, alternatives.
Fast Facts- The survey found that Gen Xers are leading the downward trend, while millennials — the largest group to use these services — are also cutting back.
- Baby boomers are the only demographic more likely to use sharing economy services this year, climbing from 19 percent two years ago to 24% this year.
- Millennials are still the largest generation of users at 63% (versus 77% two years ago).
What They Are Saying“When we created this index five years ago, we knew that trust would be crucial to the health of the sharing economy,” said Daniel Durazo, director of marketing and communications at Allianz Global Assistance. “The simultaneous drops in trust and usage highlight the main challenge that players providing sharing economy services will need to address.”
The DetailsAllianz Global Assistancewww.allianztravelinsurance.com