Thematic Intelligence: Sharing Economy in Travel and Tourism (2024)

Thematic Intelligence: Sharing Economy in Travel and Tourism (2024) Summary This thematic research report takes an in-depth look at the theme of the sharing economy and the impact it has on the travel and tourism industry. This report analyzes the players impacted by this theme alongside the contributing trends, negative destination trends, unintended opportunities, and trends that have emerged as a result of the sharing economy. It then dives deep into an industry analysis, presenting several real-life case studies looking at how destinations and companies have responded to the impact of this theme on their operations. Recommendations are then offered for the travel sector, alongside a description of companies mentioned throughout. This report focus is on the sharing economy. This thematic report provides an overview of the impact the sharing economy has on the travel sector and seeks to understand some of the contributory factors. The key trends within this theme are split into three categories: technology trends, macroeconomic trends, and regulatory trends. Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme. Key Highlights - The sharing economy has become an integral part of the travel industry’s evolving supply chain. The online travel boom and revolutionary technological developments in smartphones have been key contributors to its growth. - The sharing economy involves the exchange of "idle" assets (e.g., cars, rooms, offices) and resources (e.g., labor) in both a local and a global context. This has most acutely been seen in the tourism space with home-sharing sites like Airbnb and HomeAway, which have revolutionized existing market models. The industry must be conscious of these disruptors and learn from them while holding true to their brand values to avoid alienating loyal customers. - Over the past few years, the sharing economy has grown rapidly, driven by increased urbanization, technological advancements, greater familiarity with peer-to-peer (P2P) sharing, fewer entry barriers, consumer price sensitivity, and some platforms' environmental benefits. Moreover, high mobile penetration and the increasingly important position of Millennials and Generation Z in the global economy—alongside increased demand for shared assets—have paved the way for new business opportunities and additional revenue streams for individuals and businesses. Scope - This thematic report provides an overview of the impact the sharing economy has on the travel sector and seeks to understand some of the contributory factors. The key trends within this theme are split into three categories: consumer trends, enterprise trends, and industry trends. Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme. Reasons to Buy - Understand the current sharing economy trends within the travel landscape today and how these will escalate in the near future. Assess how travel and tourism companies such as tour operators, OTAs and DMOs are utilizing the sharing economy to drive revenues. - Acknowledge the potential pitfalls of using the sharing economy by understanding the social, cultural, and environmental effects on the destination. - Discover recommendations for businesses involved in the sharing economy. 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.