Airbnb Bookings Increases As Travel Rise

Airbnb stated that demand for travel is strong, in spite of concerns about economic slowdown and rising prices hitting households. In the April-June period, the platform saw nearly 104 million bookings for nights and experiences. This is a record number for the website. The fastest-growing type of travel was long-term stays, which is a result of the increase in remote work. However, international and city travel have both seen a recovery.

According to the company, it is currently in the middle its strongest peak summer season yet and assured investors that it is well prepared for any economic downturn. Executives said that a slowdown could actually be a benefit to the company. Chief executive Brian Chesky stated that Airbnb was established during the recession in a conference call with analysts discussing the company's performance.

He said that in the event of a slowdown, "we think that a lot more people may turn towards hosting once again, so we see this as a huge opportunity for us." Bookings for the April-June period increased 25% to 103.7million, compared to last year and 24% over 2019.

The company's revenue grew 58% to $2.1bn last year thanks to higher prices. The company stated that nearly half of its reservations are for one week or more.

North America continues to be the most popular destination for travel, with bookings up 37% over 2019. While Europe has seen a recovery from the pandemic, growth in Europe is slowing down due to factors like the weaker pound.