Americans plan to spend $85.5 billion on summer vacations this year, down 13.5% from last year, partly because young travelers are relying more on "sharing economy" businesses to save money.
The impact of millennials turning to sharing economy businesses, such as Uber, Airbnb and Lyft, was one of the key findings of a survey of 1,000 adults conducted on behalf of Allianz Global Assistance USA, a Virginia-based insurance company.
Sixty percent of those surveyed between the ages of 18 and 34 said they trust the sharing economy, compared with only 37% of other travelers, according to the survey.
Although the survey found that millennials are more likely than other Americans to use sharing economy businesses for their summer travel plans, all age groups agree that traditional travel services — including online and brick-and-mortar travel agencies — offer a better overall experience.
When things go wrong during summer vacations, only 6% of Americans say the sharing economy businesses offer better customer support, while 48% say traditional travel businesses give better customer support, the survey found.