Travel and the Sharing Economy
I am delighted to announce the launch of a new series of Thought Leadership global reports, with the first in the series focusing on Travel and the Sharing Economy.
The sharing economy has taken the travel and tourism industry by storm, tapping into the consumer zeitgeist for sustainable, authentic and local services when it comes to lodging, transport, activities, dining and finance, amongst others. We take a look at the key drivers behind the dynamic growth in the travel sharing economy, benefiting from technological disruption, rapid urbanisation, Generation Y’s influence and smartphone proliferation.
The travel sharing economy is a global phenomenon, host to some of the world’s most famous peer-to-peer brands, such as Airbnb and Uber, causing major waves and challenging the legislative status quo. It’s a love-hate relationship, as, on the one hand, consumers are enjoying the convenience and value for money of renting from peers, whilst on the other hand, traditional travel players have been caught on the back foot by the speed of change.
Faced with legislative challenges, the future outlook for the sharing economy is far from guaranteed; however, there are plenty of opportunities for peer-to-peer brands to explore, like in-destination activities, corporate business travel, the nascent Chinese market and the rise of sharing cities like Seoul.
Euromonitor International expects travel, technology and retail heavyweights to launch their own sharing brands, or at least adopt collaborative principles which will add weight to the legitimacy of peer-to-peer going forward and avoid a worst-case scenario of zero tolerance.