Overall booked nights from India on Airbnb rose 70% in 2022 from pre-pandemic 2019. Bookings for India properties grew by almost 110%. Globally as well, 2022 was a record year for Airbnb. Net income stood at $1.9 billion, making it the company’s most profitable year ever. CEO and cofounder Brian Chesky spoke to Anumeha Chaturvedi and Vinod Mahanta about India being one of the biggest growth markets of this decade, global inflationary pressures and their impact on travel and bouncing back from the Covid-19 pandemic. Edited excerpts:
How has the Airbnb India business fared in the last year?
In India, our business is doing exceptionally well. Overall nights booked in India have grown by 70% when comparing full-year 2022 with pre-pandemic 2019, while domestic nights in India grew by almost 110%. This growth is largely due to the domestic market.
Focus on Affordability
Although our penetration in India is much lower than in more mature markets like the US, I believe we are just scratching the surface of what is possible in India. There is no reason to think that Airbnb couldn't be as popular in India as it is in the US. People in India want authentic experiences, to connect with others around the world, to travel, to stay in homes, and to save money. These desires are universal and transcend cultural boundaries.
Is India one of the fastest-growing countries in the Airbnb ecosystem?
From a business perspective, India is an exciting new market for us. We now have 1,000 employees there, and I believe it will be one of the biggest growth markets, if not the biggest, in this decade.
India is now the most populous country in the world and will soon have one of the biggest middle classes in the world. As smartphone penetration and the GDP continue to rise, I believe we have all the foundations to build a really important business there. The real opportunity, I think, will be when the Indian middle class emerges, particularly younger travellers who want to experience the world. Airbnb is a great way for them to do that for the first time. What I find especially exciting about India is its robust culture of hospitality. It is a unique aspect of Indian culture that I believe will only help to further our business growth in the country.
Read more at: https://economictimes.indiatimes.com/epaper/delhicapital/2023/may/04/et-front/india-seen-as-one-of-airbnbs-biggest-mkts-in-this-decade/articleshow/99970761.cms