Soaring costs expected to drive people to putting homes on Airbnb
Holiday rental platform Airbnb has said it anticipates bookings to hit pre-pandemic levels for the first time in the current quarter as Covid fears ease.
The number of nights booked in cities in the last three months of 2021 neared 2019 levels, it said in results.
The pressure of rising costs would influence individuals to open their homes up to holidaymakers, its chief said.
Airbnb chief executive Brian Chesky said: “We think probably the biggest growth area is going to be individuals. And the reason why is because things like inflation are providing more pressure on families all over the world, and they’re going to require economic opportunity to be able to make it through this difficult time.”
It comes as the latest inflation figures in the UK were published on Wednesday morning, hitting 5.5 per cent in January.
However, Dan Thomas, senior analyst at Third Bridge, noted that the rising cost of living could “deflate the enthusiasm of potential holiday-makers.”
However, pent up demand for travel “bodes well” for the tech firm, Thomas added.
The US-based firm said it was still struggling to recruit hosts to the platform, with a slight jump in active listings over the year from 6m to 5.6m.
However, the pressure of rising costs would influence individuals to open their homes up to holidaymakers, its chief said.