The Sharing Economy is Changing Travel

If you're planning a trip, you have more options than ever on how to book it and where to stay. Gone are the days where motels and hotels were the go-to choices and you had to call them up to book a room. The travel industry was rocked by the arrival of the internet all those years ago, forever changing the way people book travel arrangements. And now the industry is in the middle of another big change, thanks to technology and social media: sharing platforms that allow consumers to share, swap, trade or rent assets like apartments, houses, condos and cars are changing the way people book and experience travel.

Probably the biggest and best-known sharing platforms are Uber, Lyft and Airbnb, but the choices keeping growing, as do the revenues generated by such platforms. According to a Forbes article, sharing platforms accounted for $18.6 billion in 2017, with expected revenues to reach $40 billion by 2022. While sharing platforms have been around for years, technologies are improving, making things easier and faster for users. More peer-to-peer interactions, such as the ability to read reviews on apps or social media, creates a transparency and connection for the user. All of these things are helping the sharing economy to grow, with new players popping up continuously.

While using Uber to get a ride in someone's car is one thing, using Airbnb to stay in someone else's home is quite another. It's understandable that you might feel uncomfortable using a stranger's apartment or condo, or hosting strangers in your place. But the transparency that the online platform allows, with consumers able to leave detailed reviews for their peers, forces a sense of accountability that helps to better the entire experience for the consumer. 

It won't come as a surprise that millennials are embracing the sharing economy, as they make up 60% of Airbnb customers. The generation seeks unique adventures and experiences that are off the beaten path, and the sharing economy allows this more than ever before.

Sharing platforms are practically reinventing the concept of travel, creating endless possibilities. You can stay in a dome in the desert, a treehouse, a stargazing cabin, an underground hygge, a quaint cottage.  These things may have been possible before the rise of the sharing economy, but now they are easily accessible for everyone. The whole concept seems to be good for both parties involved. So, if you've ever dreamed of buying a second home somewhere, you can take advantage of the sharing economy to rent out your space. This can be a great source of income, especially during retirement. Go ahead and check out those condos for sale on Maui, or the cabins for sale in Aspen. The sharing platforms have made it easier than ever before to completely manage renting out your space without the help of a realtor or agency.

Cars and homes aren't the only thing being shared. If you're in a city, you have even more options to help you get around.  Bikes and scooters are now easily accessible in most major cities. So if you're feeling adventurous or need to burn some calories, check out the ten best bike share programs in North America.

As the options continue to evolve and expand, it may just be only a matter of time before you have your first sharing travel experience, if you haven't already!




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