1.Emergence and disruption of CC in tourism
Businesses such as hotels, taxis and tour operators have been the main actors providing traditional tourism services. However, more and more individuals have entered the tourism industry by proposing to share temporarily their possessions (house, car, etc.) or knowledge and skills (guided tours, cooking experience) with tourists, contributing to the emergence of the CC.
The development of the CC model has indeed impacted the economy and in particular the tourism sector, in particular with the emergence of companies such as Airbnb and Zipcar, redefining the competition in the industry. It is then important for SMEs to understand the development of such phenomenon to integrate it as an opportunity for value creation.
2.Growing revenues and market shares
Market shares of CC companies have risen exponentially over the last decade. This is especially the case in the accommodation industry with Airbnb. According to the ITB World Travel Trends report of 2016/2017, in Amsterdam, Airbnb generated revenues of $110 million from rentals in 2015, representing a 10% share in the accommodation market, while revenues went up to $448 millions (7.6% market share) in London for the same year. Statistics from 2019 of the US rental industry estimate that Airbnb accounts for more than 20% of market share.
These statistics illustrate the new prominence of CC in the tourism sector. It has disrupted the traditional industry in only a few years, relying on ICT and the emergence of social media, and following and emphasizing changes in consumer habits and desires.