In this report we study the impact Airbnb has on the market by analyzing a variety of rich proprietary datasets including: purchase data from millions of US consumers; app usage statistics from a global panel of millions of mobile device users; and a 2.5-year comprehensive directory of Airbnb and HomeAway inventory, including room rates.
 
While the hotel and airline business has mostly moved online, vacation rentals were a stubbornly analogue business until fairly recently. HomeAway, now an EXPE subsidiary, rolled up several smaller vacation rental classified ad sites into a major global player—at the same time, Airbnb was building a web-first (and increasingly smartphone-centric) vacation rental business.
 
Airbnb:
  • is growing fast. Its US bookings are still growing 45% Y/Y in Q1. Global inventory has
    dramatically increased to nearly 2.3 million in 2016 from 3k in February 2009.
  • has less room inventory than hotels but is quickly taking share. Hotels are 87% of the 6.4m
  • rooms’ worth of available lodging in North America, but only 34% of inventory growth.
  • saw its mobile app’s monthly active users double from Q1 2014 to Q1 2016.
  • has not impacted OTA spending growth because it’s mostly incremental travel spend. Our data show that Airbnb customers are generally taking trips they otherwise wouldn’t take.

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