Airbnb bouncing back quicker than hotel industry amid pandemic
The home rental platform experienced incredible demand for its bookings
Founder and chairman of Research Affiliates Rob Arnott says now is a good time to shift money into value stocks and into emerging markets outside of the U.S.
Airbnb bookings are increasing as the hotel industry, overall, continues to lag behind due to the coronavirus pandemic.
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The home rental platform experienced huge demand for its bookings amid the pandemic, seeing an average 32% week-over-week growth from April 27 to the beginning to June, Edison Trends reports.
Its recent performance is not only outperforming other vacation options – like hotels or other home rental apps – but it is also up year-over-year, hitting new highs. (iStock)
Bookings on Airbnb, which filed to go public in August, dramatically declined during the pandemic, like hotels Marriot and Hilton, according to the report. However, Airbnb’s bookings dropped the smallest percentage at 56% compared to Marriot at 75%, and also experienced the fastest bounce back.
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Its recent performance is not only outperforming other vacation options, like hotels or other home rental apps, but it is also up year-over-year, hitting new highs.
“Airbnb spending in July was up 22% over the previous July, and spending the week of August 17 was 75% higher than the equivalent week in 2019,” the report shared.
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The rental company has seen an increase in demands for long-stay rentals and “staycations,” according to Ediston Trends. THe demand suggests people are using Airbnb as either as office options or taking advantage of the ability to work from home in a potentially nicer home, or nicer location.