May 3, 2013
Data point: Millennial travelers will drive demand for peer-to-peer services
This week we released “Travel: Changing Course,” a report that examines how several of our macro trends—Peer Power, Predictive Personalization and Hyper-Personalization—are influencing the travel category. Peer Power speaks to the expansion of the peer-to-peer marketplace, which is moving beyond goods to a wide range of services—and starting to upend the hospitality, tourism and transportation industries. Examples include P2P lodging services like Airbnb and Couchsurfing, P2P experience services like SideTour and Vayable, and P2P transport services like Sidecar and BlaBlaCar.
Open-minded, tech-savvy Millennials over-index when it comes to positive attitudes and behaviors tied to the P2P economy, according to a survey of 1,016 adults in the U.S. and the U.K. that we conducted using SONAR™, JWT’s proprietary online tool. While a third of the general population said they would be the first of their friends to try new things like peer-to-peer services, more than half of Millennials said as much. A third of Millennials have used P2P services to save money, and close to 4 in 10 have used these services to earn income or learn a new skill—more than Gen Xers and far more than Boomers.
As consumers seek more intimate, unique experiences, established brands can examine what new behaviors and expectations the P2P model is creating and start delivering against those, or otherwise use the emergence of these services as an opportunity to rethink how they operate or position their businesses.