Monday 16 August, 2021 - Weekly round-up
Airbnb reports rise in summer Q2 bookings but warns of Covid-19 Delta variant
Airbnb has reported a 320 per cent rise in bookings in its Q2 earnings report, but warned of the impact of the escalating Delta variant outbreak on Q3 bookings.
EDITOR'S COMMENT
• While anticipation is growing for a return to short-term rental industry events in the autumn and an uptick in domestic bookings, the escalating outbreak of the Delta variant of the coronavirus in the United States serves as a reminder that we are still some way away from the end of this pandemic.
In its latest earnings report for Q2, Airbnb reported a 320 per cent rise in bookings, a surge in gross booking value to $13.4 billion and a narrowing net loss, though this was offset by warnings from company executives to investors that nights and experiences booked are likely to decline in Q3 due to the ongoing uncertainty around the Delta variant coinciding with reduced vaccination rates.
Like Expedia Group, Airbnb is seeing a dip in bookings and a rise in cancellations despite the easing of restrictions. However, listings in non-urban destinations, such as resorts and in the mountains, will continue to be in the highest demand, as some travellers look further afield for their first getaways in 18 months, regardless of the emergence of a potential new threat.
This uncertainty is also spurring an increase in extended stay bookings on the home-sharing platform, as reflected by the fact that 28-plus day bookings are Airbnb's fastest-growing category right now. CEO Brian Chesky is intent on enhancing the flexibility of Airbnb's products to allow vacationers to work and live from anywhere, as he continues his push to recruit more hosts in the face of mounting competition from sites such as Vrbo.
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