An investment house says vacation rental platform Airbnb will continue its rapid growth trajectory, predicting bookings could reach one billion within a decade.
In a research report Cowen Group Inc said Airbnb’s 79 million bookings this year could mushroom to as much as 500 million in five years and to one billion by 2025.
Cowen also said it expects Airbnb to process more than $12.3 billion in bookings in 2016.
The firm surveyed 1,400 US hotel and short-term rental customers with a focus on Airbnb users.
“While we expected positive results for Airbnb, we were surprised by how well Airbnb fared in a number of key metrics that we see as bullish for the company’s long-term prospects,” analysts noted.
Cowen found only 10% of respondents had used the platform so far but interest was high and a large percentage were keen to try the service.
“Among the 26% of survey respondents who knew and understood what Airbnb was, but had not yet stayed in an Airbnb, 82% said they would be willing to try Airbnb in the future. In fact, 66% of those said they planned to try Airbnb in the next year.”
A recent Goldman Sachs report said a large number of new Airbnb users do not go back to traditional hotels once they had tried the service.
Source: travelmole.com
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