Sharing Economy in Travel & Tourism - Thematic Research

Sharing Economy in Travel & Tourism - Thematic Research

Summary

The sharing economy has been one of the biggest disruptors in the travel and tourism industry in recent years.
This thematic research report takes an in-depth look at the theme of the sharing economy and the impact it has on the industry, its players, and also on tourists. The report covers the main themes occurring in the industry, real-life case studies a unique thematic analysis of the impact on the industry including recommendations for travel & tourism companies. Additionally, we highlight the public and private companies involved with the sharing economy.
“The sharing economy has shaken up the travel and tourism industry over the past decade especially and has caused concern for companies operating traditionally. Both taxi drivers and taxi companies around the world have berated companies like Uber for undercutting them and reducing custom. Hotels now have to compete with lodging companies offering local experiences while OTAs such as Booking Holdings have got involved in the theme to minimize the threat of losing custom to Airbnb.

Key Highlights

- The sharing economy encompasses a range of themes including collaborative consumption, the gig economy, crowdsourcing, and co-working. It is prevalent in the travel and tourism industry as travelers tend to seek out lower prices and more authentic experiences.
- Millennials and Gen Z have been a key driver of the sharing economy as they increasingly search for something more than a package holiday. Holidays are now focused on learning and being immersed in the local culture.
- The rise of social media fostered a trust in technology that is most prevalent in younger generations. Being used to sharing ideas and reviews online paved the way for the success of the sharing economy. Tech-savvy travelers are happy to trust what other people are saying online and this has been a backbone to the sharing economy, where star ratings are crucial to each user’s success.
- Cost is a major factor for a huge number of travelers. The way that companies such as Airbnb and Uber were able to disrupt the industry was through offering lower-cost options than traditional companies were doing.
- The success of the sharing economy can be heavily attributed to the use of technology such as AI and big data. Companies involved in the sharing economy are typically very focused on their app and this has been a big driver of their success.

Scope

- This report provides an overview of the impact of the sharing economy on tourism and clearly defines the various faces of the theme.
- It identifies the main trends related to the theme, classified into two categories: trends contributing to the growth of the sharing economy, and sharing economy trends in travel and tourism.
- This report identifies several case studies to illustrate how the sharing economy impacts the industry, including examples from Airbnb and Surf Air. Additionally, it provides an insight into what companies are doing to increase their understanding of the theme.
- Our unique thematic methodology provides an in-depth analysis on the impact of the theme on the travel & tourism industry, underlining several ways that companies can get involved with the sharing economy.
- We highlight public and private companies involved with the sharing economy, including Airbnb and Uber.

Reasons to buy

- Understand the impacts of the sharing economy on travel & tourism companies, using case studies and examples to help you understand how you can learn about and adapt to the theme.
- Assess the strategies that companies are adopting to add value to their services through offering more than the basics.
- 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.