SUMMARY
Airbnb is directing investments towards India to leverage the surge in both international and domestic tourism
In India, nights booked grew by almost 30% YoY (Year-on-Year) in 2023 compared to 2022
Currently, 90% of Airbnb’s first-time bookings are made by Gen Z travellers
Airbnb sees India as a burgeoning market with rapid growth potential, positioning it among the top contenders to become one of the platform’s top 10 global markets in the near future, said chief business officer Dave Stephenson.
As part of its strategic expansion, Airbnb is directing investments towards India to leverage the surge in both international and domestic tourism, especially in the wake of the post-pandemic recovery. Notably, a significant 90% of first-time bookings on the platform are attributed to Gen Z travellers.
“It (India) is one of our growth markets and we see a huge opportunity for growth in India in the future. In India, nights booked grew by almost 30% YoY (Year-on-Year) in 2023 compared to 2022, which is a positive sign,” Stephenson said, as quoted by news agency PTI.
India is expected to grow as a large travel market for Airbnb, thanks to a strong inclination among Indian travellers for both international and offbeat domestic destinations.
“It should be one of the top 10 markets. It is getting to be a large travel market and we definitely think it can be. That would be the goal,” he added.
Airbnb has experienced a 75% surge in international group travel bookings from India, with families and friends embarking on vacations abroad. To cater to this trend, the platform has introduced features like the collaborative wishlist, facilitating these groups in discovering the perfect accommodations for their travels.
Currently, 90% of Airbnb’s first-time bookings are made by Gen Z travellers.
Additionally, the platform is bolstering the influx of international travellers to India. Airbnb has collaborated with the Ministry of Tourism to launch a dedicated microsite showcasing heritage stays across India. Furthermore, partnerships with state governments, including Goa, Madhya Pradesh, Uttarakhand, and Maharashtra, among others, aim to promote lesser-known destinations and facilitate capacity-building workshops, he noted.
Launched in India in 2016, Airbnb is a peer-to-peer lodging platform that hosts a slew of accommodation options ranging from private rooms to villas in 100+ Indian cities.
Last year, Airbnb’s cofounder and CEO Brian Chesky also said that the company is betting big on the Indian market and expects the country to be the startup’s biggest growth market in the current decade.
Chesky said that rising internet penetration and GDP would enable the company to build a ‘really important business’ in the country. Fellow cofounder and chief strategy officer Nathan Blecharczyk also echoed a similar sentiment and said Airbnb is bullish on India and would continue to invest in the country
