With record profitability and gross bookings.
Passing pre-pandemic levels.
🏨 103.7 Million Nights and Experiences Booked.
🗓 $17 Billion in Gross Booking Value.
💰 $2.1 Billion in revenues.
💵 and an average 12.3% take rate.
Most profitable quarter ever, at $379 million in net profits.
Four key trends:
⬆️ Guests continue to return to cities and cross borders. And high density for urban areas which enjoy again incredible demand.
⬆️ Guests continue to stay longer on Airbnb: long term stays, defined as more than 28 days, increased by almost 90% from pre-pandemic levels (Q2 2019)
The most interesting trend?
Non-urban destinations boomed.
With 50% growth of non-urban listings compared to pre-pandemic levels.
A few things here to remark on as well:
1️⃣ Travel is back to pre-pandemic levels, but it has been redefined.
Urban cities are huge tourist destinations, but many other longer-term travelers also opt for non-urban locations and longer stays.
2️⃣ Is remote work a driving force?
Maybe, remote work might be the main driving force behind more extended stays, which have become a key component for Airbnb, both from a purely emotional standpoint (Airbnb becoming the primary choice for remote workers and digital nomads?) and from a financial perspective (longer stays makes the financials look way better).
Just like in Henry Ford’s days, when the five-day workweek became a standard to enhance productivity, but also to have more leisure, thus boosting the car business (people could use their cars to travel, making the auto business much larger than it was).
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