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FUTURE OF THE TRAVEL SHARING ECONOMY
ITB BERLIN
MARCH 2015
KEY TRENDS & CHALLENGES
OPPORTUNITIES & FUTURE DIRECTION
© Euromonitor International
3
Why the rise of the sharing economy?
KEY TRENDS AND CHALLENGES
Economics
Environment
Community
 Response to recession and green zeitgeist
 Driven by urbanisation and technology
 Generation Y initial adopters but more diverse appeal
Source: What’s Mine is Yours: the Rise of Collaborative Consumption, Rachel Botsman
© Euromonitor International
4
Technology key role in
developing the sharing
economy
Social networks & reviews
provide confidence
Mobile & geo-based apps –
on the go bookings & real-
time info
Technological disruption plays a critical role
KEY TRENDS AND CHALLENGES
© Euromonitor International
5
Quantifying private rentals
KEY TRENDS AND CHALLENGES
Global % Value Breakdown
of Travel Accommodation 2013
Hotels
Private accommodation
Other accommodation
US$37 bn private rental sales, majority in Asia and Europe
Dwarfed in comparison by global hotel sales – only 6%
© Euromonitor International
6
Airbnb and HomeAway competing with OTAs / TOs
Expedia lists HomeAway properties
Expected to enter GDS to target business travel
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2009 2010 2011 2012 2013
US$million
Leading OTAs vs Rental Brands Value
Sales 2009-2013
Expedia Priceline.com
HomeAway Airbnb
Sharing brands rise up the ranks
KEY TRENDS AND CHALLENGES
Paris
€185 million
1,100 jobs
New York
€461 million
4,577 jobs
Sydney
€140 million
1,642 jobs
Berlin
€100 million
3,166 jobs
Barcelona
€175 million
4,000 jobs
Economic Impact of Airbnb 2013
Source: AirbnbSource: Euromonitor International
© Euromonitor International
7
Uber valued at US$40 billion, only 6 years old
55 countries, 250 cities
Controversy - legal challenges, protests and court cases
Uber goes for global expansion
KEY TRENDS AND CHALLENGES
Key Car Metrics 2007-2014
© Euromonitor International
8
Car share members to grow
from 2.3 million members to
12 million by 2020 (Navigant
Research)
Zipcar -
AvisBudget
US$296
million
870,000
members
Hertz 24/7 -
available in 9
countries
by the hour
BlablaCar –
ride- sharing
10 European
countries
Drivy -
France,
250,000
members,
16,000
vehicles
Sharing and car rental converge
KEY TRENDS AND CHALLENGES
Key Players in Car Sharing
© Euromonitor International
9
Legislative hurdles to overcome
KEY TRENDS AND CHALLENGES
Tax
Owners or
drivers not
paying tax
on revenue
earned
Workers
Rights
No
insurance,
pension,
overtime/
holiday pay
Regulations
Lack of
background
checks
Unmet
safety
regulations
Zoning
Residential
zones
ignored -
noise &
mess
KEY TRENDS & CHALLENGES
OPPORTUNITIES & FUTURE DIRECTION
© Euromonitor International
11
New travel landscape with peer to peer
OPPORTUNITIES AND FUTURE DIRECTION
Search engines
and
meta search
Consumers
Social media
and review
websites
Affiliate
websites
Online travel agents
High street travel agents
Travel
companies
websites
Travel
Brands
Peer
to
Peer
© Euromonitor International
12
Mobile technology crucial to
expansion of sharing
Wearables as mainstream
Apple Pay to take mobile
payments to the masses
Future technology facilitates sharing
OPPORTUNITIES AND FUTURE DIRECTION
Sharing
brand
Ancillary
services
Technology
Payments
Competitors
© Euromonitor International
13
Link travellers
with locals eg
Vayable
Challenge of
going global
Tours &
activities
Private rentals
on OTAs eg
Expedia &
HomeAway
Partnerships
with sharing
brands
Carrier
partnerships for
pre-loaded apps
Corporates
Low barriers to
entry
Traditional B&Bs
use sharing
platforms
Independents
Opportunities to explore
OPPORTUNITIES AND FUTURE DIRECTION
© Euromonitor International
14
Airbnb and Uber launched dedicated business websites
FlightCar first sharing brand signed with GDS (Worldspan)
Concur integrated Uber & Airbnb into TripIt
Business travel – the next frontier
OPPORTUNITIES AND FUTURE DIRECTION
© Euromonitor International
15
1 billion users
worldwide, P2P
huge potential
2014 launch of local
services marketplace to
build up local services
Pioneer
eBay has the
potential to offer
room rentals
Apple Pay mobile
payments drive will
boost P2P
Future entrants to the sharing economy: Who’s next?
OPPORTUNITIES AND FUTURE DIRECTION
© Euromonitor International
16
Best of both
worlds
Driven by Generation Y
Align with industry standards & regulation
Legislation
likely to change
City authorities to re-examine legislation
Bans but not always enforced
Travel brands
on board
Adopt sharing principles
Launch sharing brand
Partner with sharing brands
Post-peer landscape
OPPORTUNITIES AND FUTURE DIRECTION
THANK YOU FOR LISTENING
Caroline Bremner
Head of Travel
caroline.bremner@euromonitor.com
www.euromonitor.com
Report for download: http://bit.ly/ITB-EMIreport
@carolinebremner @euromonitor
Search for “Euromonitor International Travel and Tourism”
www.facebook.com/euromonitorinternational

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Euromonitor_Future_of_Travel_Sharing_Economy

  • 1. FUTURE OF THE TRAVEL SHARING ECONOMY ITB BERLIN MARCH 2015
  • 2. KEY TRENDS & CHALLENGES OPPORTUNITIES & FUTURE DIRECTION
  • 3. © Euromonitor International 3 Why the rise of the sharing economy? KEY TRENDS AND CHALLENGES Economics Environment Community  Response to recession and green zeitgeist  Driven by urbanisation and technology  Generation Y initial adopters but more diverse appeal Source: What’s Mine is Yours: the Rise of Collaborative Consumption, Rachel Botsman
  • 4. © Euromonitor International 4 Technology key role in developing the sharing economy Social networks & reviews provide confidence Mobile & geo-based apps – on the go bookings & real- time info Technological disruption plays a critical role KEY TRENDS AND CHALLENGES
  • 5. © Euromonitor International 5 Quantifying private rentals KEY TRENDS AND CHALLENGES Global % Value Breakdown of Travel Accommodation 2013 Hotels Private accommodation Other accommodation US$37 bn private rental sales, majority in Asia and Europe Dwarfed in comparison by global hotel sales – only 6%
  • 6. © Euromonitor International 6 Airbnb and HomeAway competing with OTAs / TOs Expedia lists HomeAway properties Expected to enter GDS to target business travel 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2009 2010 2011 2012 2013 US$million Leading OTAs vs Rental Brands Value Sales 2009-2013 Expedia Priceline.com HomeAway Airbnb Sharing brands rise up the ranks KEY TRENDS AND CHALLENGES Paris €185 million 1,100 jobs New York €461 million 4,577 jobs Sydney €140 million 1,642 jobs Berlin €100 million 3,166 jobs Barcelona €175 million 4,000 jobs Economic Impact of Airbnb 2013 Source: AirbnbSource: Euromonitor International
  • 7. © Euromonitor International 7 Uber valued at US$40 billion, only 6 years old 55 countries, 250 cities Controversy - legal challenges, protests and court cases Uber goes for global expansion KEY TRENDS AND CHALLENGES Key Car Metrics 2007-2014
  • 8. © Euromonitor International 8 Car share members to grow from 2.3 million members to 12 million by 2020 (Navigant Research) Zipcar - AvisBudget US$296 million 870,000 members Hertz 24/7 - available in 9 countries by the hour BlablaCar – ride- sharing 10 European countries Drivy - France, 250,000 members, 16,000 vehicles Sharing and car rental converge KEY TRENDS AND CHALLENGES Key Players in Car Sharing
  • 9. © Euromonitor International 9 Legislative hurdles to overcome KEY TRENDS AND CHALLENGES Tax Owners or drivers not paying tax on revenue earned Workers Rights No insurance, pension, overtime/ holiday pay Regulations Lack of background checks Unmet safety regulations Zoning Residential zones ignored - noise & mess
  • 10. KEY TRENDS & CHALLENGES OPPORTUNITIES & FUTURE DIRECTION
  • 11. © Euromonitor International 11 New travel landscape with peer to peer OPPORTUNITIES AND FUTURE DIRECTION Search engines and meta search Consumers Social media and review websites Affiliate websites Online travel agents High street travel agents Travel companies websites Travel Brands Peer to Peer
  • 12. © Euromonitor International 12 Mobile technology crucial to expansion of sharing Wearables as mainstream Apple Pay to take mobile payments to the masses Future technology facilitates sharing OPPORTUNITIES AND FUTURE DIRECTION Sharing brand Ancillary services Technology Payments Competitors
  • 13. © Euromonitor International 13 Link travellers with locals eg Vayable Challenge of going global Tours & activities Private rentals on OTAs eg Expedia & HomeAway Partnerships with sharing brands Carrier partnerships for pre-loaded apps Corporates Low barriers to entry Traditional B&Bs use sharing platforms Independents Opportunities to explore OPPORTUNITIES AND FUTURE DIRECTION
  • 14. © Euromonitor International 14 Airbnb and Uber launched dedicated business websites FlightCar first sharing brand signed with GDS (Worldspan) Concur integrated Uber & Airbnb into TripIt Business travel – the next frontier OPPORTUNITIES AND FUTURE DIRECTION
  • 15. © Euromonitor International 15 1 billion users worldwide, P2P huge potential 2014 launch of local services marketplace to build up local services Pioneer eBay has the potential to offer room rentals Apple Pay mobile payments drive will boost P2P Future entrants to the sharing economy: Who’s next? OPPORTUNITIES AND FUTURE DIRECTION
  • 16. © Euromonitor International 16 Best of both worlds Driven by Generation Y Align with industry standards & regulation Legislation likely to change City authorities to re-examine legislation Bans but not always enforced Travel brands on board Adopt sharing principles Launch sharing brand Partner with sharing brands Post-peer landscape OPPORTUNITIES AND FUTURE DIRECTION
  • 17. THANK YOU FOR LISTENING Caroline Bremner Head of Travel caroline.bremner@euromonitor.com www.euromonitor.com Report for download: http://bit.ly/ITB-EMIreport @carolinebremner @euromonitor Search for “Euromonitor International Travel and Tourism” www.facebook.com/euromonitorinternational