Sharing Economy (Travel and Tourism) – Thematic Research

The travel industry has gone through a large amount of change since its inception, and the sharing economy has been one of the biggest disruptors in the industry in recent years. Consumers are becoming more willing to adopt alternative business models and it is imperative to keep up with the evolving trends within the sharing economy.

This thematic research report takes an in-depth look at the theme of the sharing economy and its role within the travel sector today. This report analyzes the key leaders within this theme alongside the customer and enterprise trends that are driving major changes within the travel landscape. It then dives deep into an industry analysis presenting an array of case studies looking at how it is being used to drive awareness and the impact of this theme on the sector. Recommendations are then offered for the travel sector alongside a description of companies mentioned throughout.

“The sharing economy has considerably shaken up the travel and tourism industry over the past decade and has become a threat to the traditional operating models. Consumers are increasingly looking for the most convenient solutions to save them both time and money. The sharing economy has responded with easy-to-use mobile apps and cheaper prices to meet rising consumer demands. As the world begin to emerge from the COVID-19 pandemic, a shift towards experiential travel and working holidays could occur and those operating within the sharing economy will be in a stronger position to keep up with ever-changing consumer needs due to the asset-light nature of the operating model”. – Gus Gardner, Travel & Tourism Associate Analyst, GlobalData.

Scope

This thematic report provides an overview of the sharing economy’s role within the travel sector today and how it will continue to evolve.

The key trends within this theme are split between consumer trends and enterprise trends that are recognizable today.

Several case studies are included to analyze the multiple ways travel companies have utilized the theme of the sharing economy within the market.

Our unique thematic analysis then dives deep into how other industry themes have aided the development of the sharing economy, the impact of COVID-19 on this theme, and how the sharing economy has offered all players an opportunity to meet the needs of today’s travelers.

Key Highlights

The sharing economy will continue to be one of the most important themes to meet the needs of the 21st century traveler. With consumers increasingly demanding products/services to meet their time and money constraints, the sharing economy will continue to thrive.

Generation Hashtag have been a key driver of the sharing economy and are becoming some of the most common users. With an increasing demand for experiences over material possessions, the sharing economy model suits the lifestyle of Generation Hashtag and will continue to be one of its strongest customer bases.

Cost is a major factor for the majority of travelers and the COVID-19 pandemic has highlighted this. The way that companies operating within the sharing economy means they are able to offer lower-cost options than traditional companies which is likely to result in an uptick in demand once the recovery stage from the pandemic begins.

Corporate travel budgets have suffered as a result of the COVID-19 pandemic and the sharing economy’s focus on price will mean firms operating in the space will be well-positioned to benefit.

COVID-19 will have a large impact on the travel industry, and depending on the flexibility of sharing economy businesses, the levels of recovery will vary. With an increasing desire for consumers to travel with smaller budgets and closer to home, the sharing economy could be in a strong position to capture this increasing appetite.

Technology has played an important role in the sharing economy travel market. Direct internet booking channels have been established, apps have become vital operating components and consumers have been more willing than ever to utilize these booking methods. Technological developments suit younger travelers who are always looking for the most convenient of travel options.

Reasons to Buy

Understand the current trends within the sharing economy landscape today and how these will escalate in the near future.

Assess how sharing economy companies are targeting the travel sector and utilizing it to their advantage to aid brand awareness, increase revenues, and drive visitor numbers.

Acknowledge both the advantages and disadvantages of the sharing economy, identifying why it is critical to develop strategic actions that ensure the forward movement of travel businesses.

Discover recommendations that will help you service the next generation of travelers by establishing a presence in the sharing economy and effectively servicing the market in the right way.

GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.

All across the travel and tourism supply chain now have an opportunity to capitalize on the sharing economy and there are notable examples of this. Therefore, all should buy this report to fully understand how this theme will continue to be a key theme in the future travel landscape.