Excerpt from Tourism Review
Is Airbnb already mature, 10 years after its creation? A new detailed report explains why growth is crumbling.
Airbnb has reached the peak in its most mature markets, Europe and the United States. This is one of the main conclusions of a new report, published by Morgan Stanley, which highlights the growing competition from Booking and Expedia in the field of seasonal rentals. The study is based on a survey of 4000 consumers in the United States, France, the United Kingdom and Germany.
According to the results of the survey, the percentage of people who have used Airbnb's services in the last 12 months (until October 2018) has increased by only two points, to 27%. By 2017, it had increased by three points, compared to eight points in 2016. The soft landing is palpable, especially since the booking frequency would have decreased by 10% per member, whereas it had been stable in the previous three years.
How can such a slowdown be explained? Morgan Stanley researchers attribute it to three main reasons: brand awareness that reaches its peak in the regions studied (86%); privacy, legality and security issues; and competition from online agencies such as Booking and Expedia. 59% of respondents use OTAs to book travel, including hotel stays but also alternative accommodation.
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