Where are Airbnb’s biggest markets?
With consumers looking for more authentic experiences and lower travel costs, the home-sharing economy has seen growth across the globe. Airbnb is currently the leader in the home-sharing market and since its efforts to globalize began in 2011, the company has entered the accommodation market in most countries around the world. As of 2019, North America drew in the majority of Airbnb’s revenue worldwide with a sum of two billion U.S. dollars. Meanwhile, the EMEA region, which consists of Europe, the Middle East, and Africa combined, brought in nearly the same amount as North America. When looking at the total number of Airbnb nights and experiences booked worldwide the EMEA region took the lead with 139 million bookings in 2019, over 40 million more bookings than in North America.
The impact of the coronavirus (COVID-19) pandemic
Though Airbnb has grown massively since its founding in 2007, the coronavirus (COVID-19) pandemic stalled this progress in 2020. This can be seen clearly in the total number of nights and experiences booked with Airbnb in 2020, which dropped to a low of just under 150 million. Additionally, the number of active Airbnb properties available for rent decreased across the globe during the first quarter of 2020, with China showing the largest decline. The possibility of booking accommodation via Airbnb largely depended on local regulations and the progress of the virus, with some weeks of the year being more conducive to travel than others. When looking at the European market, specifically in Spain, France, Italy, and the United Kingdom this instability could be seen in the year-over-year (YoY) change in weekly vacation rental reservations. After the first quarter of 2020, this figure saw a decline, taking its biggest drop mid-year with all four countries hovering around negative 100 percent. Towards the end of 2020, this decline was not as large, however, it never reached more than zero.