A short YouTube talk (by Mark Simpson) arguing that trust is essential in consumer purchasing decisions, with particular emphasis on the short-term rental sector. The speaker explains that short-term rentals involve high-value, contractual transactions between strangers (illustrated by an example payment of "£5,000"), making trust a major barrier for guests to book with hosts or property managers.
£5,000
If you look at any business around the world or any kind of purchasing consumer purchasing, trust plays a huge, huge part. So especially in the short term rental sector because it's high revenue and it's actually people who are going into a contractual revenue contract that don't know each other. If you're expecting to pay like £5,000 Euros dollars to somebody you don't know, that's very difficult hurdle to get over. Trust comes huge part of being able to get potential guests to book with hosts or property managers.
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