Are Shared Economy Stays Incremental or Replacement Trips?February 12, 2014 • By Steve
Hoteliers, in the news, commenting on the impact of the shared economy, have been debating whether such stays, including those by members of 3RD HOME the luxury vacation home exchange, are incremental trips, or replacing stays normally made at hotels. Based on the thousands of trips 3RD HOME has facilitated we can state with certainty that both are true.
Our members love the fact that they can exchange unused weeks in their luxury vacation homes for stays at similar accommodations around the world and save thousands per trip. The lower cost of travel makes our members more spontaneous and increases the number of vacations taken per year.
At the same time, the ability to stay in a home creates a different type of vacation experience that replaces a traditional hotel stay. The large shared spaces of a home, as compared to a hotel, make for great multi-family, multi-couple, and multi-generational trips. And many travelers enjoy the local experience that can be achieved by staying in a home. Many home owners will share their expert advice to allow their guests to truly live like locals. And the cost of a luxury home exchange via 3RD HOME barely dents the wallet compared to several hotel rooms at an equivalent resort.
Does the shared economy, and reciprocal travel clubs like 3RD HOME, increase travel occasions or simply replace trips that otherwise would have been taken? The answer is not one or the other, it is “both.”
Steve Zacks, 3RD HOME