Home ยป The Resurgence of Airbnb in Asia-Pacific Amidst COVID-19: A Remarkable Upward Trajectory in the Latest Quarter

The Resurgence of Airbnb in Asia-Pacific Amidst COVID-19: A Remarkable Upward Trajectory in the Latest Quarter

Airbnb has reported its performance for the third quarter of 2023, revealing a total of 113.2 million bookings and activities on its platform, marking a 14% increase compared to the same period last year. In addition, these bookings have seen a remarkable 32% growth compared to 2019, before the onset of the COVID-19 pandemic. The total value of these bookings amounted to $18.3 billion, showing a 17% increase from the previous year and an impressive 89% surge compared to pre-COVID figures. Overall revenue stands at $3.397 billion, with a net profit of $4.374 billion, boosted by a one-time tax benefit. If we exclude this benefit, net profit would still be a solid $1.679 billion.

Airbnb notes that its growth has been significant across all regions, with the Asia-Pacific region reverting back to pre-pandemic levels. Travelers from China have increased by 100%, while markets in Taiwan, Philippines, Thailand, Hong Kong, and Indonesia have all experienced growth of over 30%. The number of available accommodations has almost reached the 1 million mark.

Interesting figures from Airbnb reveal that hotel room prices have increased by over 10% on average since the pandemic, reaching $153 per night for a single bed. However, on Airbnb, with various features to assist hosts, the average price remains at $120, representing a mere 1% increase.

During the earnings call with analysts, Airbnb CEO Dave Stephenson discussed the travel trends in the fourth quarter, mentioning an increasingly fluctuating pattern due to economic conditions and geopolitical conflicts. While these issues are not limited to certain regions, it is still premature to quantify their full impact.

TLDR: Airbnb’s Q3 2023 report shows a 14% YoY increase in bookings, reaching 113.2 million, and a remarkable 32% growth compared to pre-COVID figures. The total value of bookings reached $18.3 billion, with a revenue of $3.397 billion and net profit of $4.374 billion. The Asia-Pacific region has returned to pre-pandemic levels, experiencing significant growth, and the number of accommodations available has nearly reached 1 million. Hotel room prices have risen by over 10%, while Airbnb’s average price shows a minimal 1% increase. Future travel trends remain unpredictable due to economic and geopolitical factors.

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