 "India is one of the fastest-growing emerging markets for Airbnb")
India is one of the fastest-growing emerging markets for Airbnb, the US-based vacation rental company, a top company executive said on Tuesday.
Amanpreet Singh Bajaj, general manager of Airbnb India, Southeast Asia, Hong Kong, and Taiwan, said in an interview with Business Standard that nights booked by Indian guests in the domestic market grew by over 30 per cent in the first three quarters of 2024 compared to the same period last year.
Bajaj said: “Overall, India is one of the fastest-growing emerging markets for Airbnb. Our CEO (chief executive officer) has talked about how important global expansion is. In fact, if you look at last quarter's results, the growth rate of some of these global markets, which are part of the global expansion for us, is double that of some of our core markets. So, we will continue to create more awareness about Airbnb in the market. And I think we have a long-term horizon.”
Bajaj explained that the growth rate of some of the expansion markets, including India, is double that of the company’s core market regions like the US, Canada, Australia, France, and the UK.
Earlier this month, Brian Chesky, chairman, CEO, and co-founder of Airbnb, stated during the company’s earnings call that there are massive opportunities in emerging markets. Globally, Airbnb's revenue grew 10 per cent year-on-year to touch $3.7 billion in the third quarter.
“There are nine markets I’m focused on. In the Americas, it’s Mexico and Brazil. In Europe, it’s Germany, Italy, and Spain. And in Asia, it’s the big four countries: Korea, Japan, India, and China. This is what I’ve described as a medium-term horizon,” Chesky added.
To fuel expansion plans, and tap into the Gen Z population, Airbnb India announced Bollywood actor Sara Ali Khan as the host for an exclusive wellness and yoga retreat in Goa for a group of up to four guests.
This is Airbnb’s second celebrity host in six months, after Janhvi Kapoor hosted guests in her Chennai home. Bookings for the retreat will start on November 27, and guests will be selected on a first-come, first-served basis.