Black Meetings and Tourism

July/August 2019

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B M & T ••• July/August 2019 ••• www.blackmeetingsandtourism.com 29 More than two million people[1] stay in an Airbnb every night, making it a disruptive force in the travel industry that can't be ignored. What started out as two roommates trying to earn some extra cash to pay their high, San Francisco rent has turned into a travel tech behemoth valued at $38 billion. Initially, the idea of staying in a random person's home was viewed as absurd and dangerous, but public perception of peer- to-peer (P2P) vacation rentals has shifted significantly in recent years. A 2016 Goldman Sachs study[2] found that, "If people have stayed in peer-to-peer lodging in the last five years, the likeli- hood that they prefer traditional hotels is halved (79 percent vs. 40 percent)." In other words, once travelers discover Airbnb, they hop on the P2P vacation rental bandwagon. This same study found that P2P app familiarity and usage is increasing, particularly among younger generations. 67% of respondents between the ages of 18 and 24 had used a P2P service in the last 12 months. That number is lower among trav- elers ages 45 and up (about 29%), but it is steadily rising. Clearly there's something about P2P vacation rentals that appeals to travelers once they've gotten over the initial mental hurdles of staying in another person's home. To learn more, we surveyed 1,000 Americans who have used both Airbnb and hotels in the past 12 months. Airbnb is becom- ing the preferred choice of many vacationers across the country (and the world), but hotels still serve an important function for travelers who prefer more traditional and/or familiar accom- modation options when away from home. We also dug into the safety and privacy concerns travelers have towards Airbnb, as well as emerging competitors like Marriott's Homes & Villas luxury rental service. To learn more, read our key findings and in-depth analy- sis below. KEY FINDINGS Airbnb is becoming the preferred choice of vacationers — 60% of travelers who use both Airbnb and hotels prefer Airbnb over comparable hotels when going on vacation 68% of business travelers prefer staying in hotels when trav- eling for work, and they're more likely to have a negative expe- rience at an Airbnb It doesn't look like the supply of Airbnb hosts will slow down: 54% of homeowners said they'd consider renting out their homes with Airbnb or a similar vacation rental app, and 82% believe that Airbnb is a good way to make money from their property While public sentiment towards Airbnb remains positive, 58% of respondents said they were concerned about hidden cameras, and 7% said they've stayed in an Airbnb and discov- ered a hidden camera Marriott's Homes & Villas luxury rental service is making a splash among high-end travelers: half of luxury travelers have heard of the Marriott's new service, and they're intrigued by the benefits of Marriott's rewards program KEY INSIGHTS & ANALYSIS AIRBNB'S IMPACT ON THE HOTEL INDUSTRY INSIGHTS FROM 1000 TRAVELERS WHO USE BOTH Habital 67 Apartments, Montreal,Canada photo credit: Popmedia Group BY THOMAS O'SHAUGHNESSY

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