The stereotypes could be shifting: While Millennials remain the core market for sharing economy services, such as Lyft and Airbnb, Millennials and Gen Xers are starting to become less likely to use them, while usage among Baby Boomers is starting to rise. That’s according to a new summer travel survey from Allianz Global Assistance.
According to the fifth annual Allianz Travel Insurance Sharing Economy Index, the overall likelihood of travelers to use sharing economy services is down. About four out of ten (41 percent) of Americans responded they are either “very” or “somewhat” likely to use them during their 2019 summer travels, compared to 47 percent in 2018 and 50 percent in 2017.
Gen Xers are driving the largest downward trend in usage, Allianz said, with 41 percent saying they will use sharing economy services this summer (down from 60 percent two years ago). Although fewer Millennials—63 percent—say they will use sharing economy services this summer (down from 77 percent two years ago), they still make up the largest generation of users. Meanwhile, Baby Boomers are on the upward trend, with 24 percent saying they will use these services, climbing from 19 percent two years ago.
All told, the core market for sharing economy services remains travelers who are Millennial, male and higher income earners (above $50,000), Allianz said; these travelers are significantly more likely than their counterparts to use sharing economy services.
Allianz also noted that an overall decline in the level of trust in the sharing economy could be pushing down usage. While Millennials remain most likely to trust the sharing economy, at 71 percent, that figure is down from 76 percent last year and 83 percent two years ago. Fifty-five percent of Gen Xers consider sharing economy services trustworthy, down from 68 percent last year and 69 percent two years ago, while 44 percent of Baby Boomers are likely to trust those services, down from 46 percent last year and 47 percent two years ago.
The Sharing Economy Index has been conducted each summer since 2015 by national polling firm Ipsos Public Affairs on behalf of Allianz Global Assistance.