INFOGRAPHIC: The Sharing Economy
The sharing economy has become a viable alternative to traditional travel service providers for a variety of consumer needs, especially for overnight accommodations and in-destination transportation. Companies such as Airbnb and Uber have become extremely popular in the last few years, and they have changed the way many people travel. This growing segment of the travel industry is the focus of the third research report from the MMGY Global 2016-2017 Portrait of American Travelers® series.
A quarter – 24 percent – of American travelers used home sharing (20 percent) or ridesharing (8 percent) on vacation at least once during the past 12 months. Moreover, this segment is growing quickly – in 2015, only 18 percent of travelers reported using the sharing economy while on vacation.
Additionally, sharing economy travelers are younger, have higher incomes, and are more likely to have children at home than the traveling population at large. These approximately 16.5 million households intend to spend approximately $121.5 billion on vacations during the next 12 months.
However, simply because travelers use sharing economy options on vacation doesn’t mean they don’t also use traditional service providers. Evidence suggests that traditional and sharing economy providers will continue to thrive side-by-side. Because they go on more vacations than travelers, share economy travelers use conventional accommodations and ride options as much or more than their traditional counterparts.