The P2P marketplace is upending traditional businesses.
Among the trends examined in our recent report “Travel: Changing Course” is the expansion of the peer-to-peer marketplace, which is upending the hospitality, tourism and transportation industries. One driver of the P2P phenomenon is a loss of faith in big institutions: Having seen longstanding financial brands collapse, along with various corporate scandals and bailouts, people are becoming more apt to place their trust in individuals and less likely to regard established brands as more trustworthy, reliable, high quality and/or safer than the rest.
A majority of people say they would put their trust in an individual over a big corporation any day, according to a survey we conducted of 1,016 adults in the U.S. and the U.K. using SONAR™, JWT’s proprietary online tool. While we don’t see a big generation gap on that question, Boomers are least likely to embrace the P2P concept. Overall, 56 percent of respondents felt it’s great that people can avoid traditional businesses through P2P platforms, and 40 percent said they trust individuals offering P2P services. As we observed last week, open-minded, tech-savvy Millennials will drive demand for these services.