As a result of the phenomenal growth of the sharing economy in the travel industry, investigating its potential impacts on travelers and tourism destinations is of paramount importance. The goal of this study was to identify how the use of peer-to-peer accommodation leads to changes in travelers’ behavior. Based on two online surveys targeting travelers from the United States and Finland, it was identified that the social and economic appeals of peer-to-peer accommodation significantly affect expansion in destination selection, increase in travel frequency, length of stay, and range of activities participated in tourism destinations. Travelers’ desires for more meaningful social interactions with locals and unique experiences in authentic settings drive them to travel more often, stay longer, and participate in more activities. Also, the reduction in accommodation cost allows travelers to consider and select destinations, trips, and tourism activities that are otherwise cost-prohibitive. Implications for tourism planning and management are provided.