[ad_1]
Skift take
Online hotel bookings remain much more valuable than online short-term rental bookings and will experience greater long-term online growth as more travelers use their devices to book a room and stay. move away from alternative booking methods.
Dan Peltier, Skift
There is no doubt that short-term rentals have caused a sensation around the world this year – mainly from Airbnb – even against the backdrop of ongoing regulatory battles, debates over discrimination and new product launches. aimed at owning more traveler trips.
As of March, some 32 of the 59 largest US cities (54%), for example, had some sort of restriction in place on short-term rentals and 28 of those city restrictions are considered unfriendly.
While the growth in online short-term rental bookings year-over-year looks much healthier than that of hotels through 2020, according to data from the market research firm Euromonitor International, hotels are certainly not the underdog when comparing growth from 2015 to 2020, and this is highlighted in the charts below.
On the one hand, the value of short-term bookings in all regions remains considerably lower than that of hotels, and Euromonitor’s forecast through 2020 shows that hotels will continue to hold this leverage for the foreseeable future.
When a platform like Airbnb claims to have had a record number of guests in a single night or during the summer, those numbers are still only a small fraction of the number of guests staying at hotels around the world.
However, the percentage of online short-term rental bookings eclipsed hotels last year, given the distribution of online and offline bookings (see Chart 2 below). Euromonitor found that about 50.3 percent of short-term rentals worldwide were booked online in 2015 and estimates that more than 62 percent will be booked online by 2020. Hotels, however, have received 36 percent of their bookings online last year and will get around 46 percent. online reservations by 2020.
Most short-term rental platforms will have higher percentages of online bookings given their digital nativities. And it’s telling that less than half of global hotel activity will be booked online by 2020.
The following charts show the growth in online bookings and the value of short-term rentals versus hotel bookings:
Graph 1: Short-term rentals saw a 17% year-over-year increase for online bookings in 2015, but airlines remain the most valuable industry for online bookings. Airlines’ online booking sales reached nearly $ 390 billion last year.
It makes sense that online short-term rental bookings, such as those from Airbnb, are expected to show greater year-over-year growth than hotels through at least 2020, given that the first is a much newer sector which would naturally be stronger. growth during its formative years as more and more travelers learn and adopt it.
On the flip side, it’s worth noting that online hotel bookings are expected to show much lower year-over-year growth than short-term rentals through 2020, as many big brands have touted this year the advantages of direct booking over using a booking site. Bookings from travel agencies (referred to as ‘middlemen’ in the graph below, and including both online and offline sellers) are actually expected to show slightly stronger year-over-year growth than hotels over the next four years.
However, the following graph shows that this is not a nightmare scenario for hotels.
Graph 2: With the above graph in mind, online hotel bookings will experience higher growth from 2015 to 2020 (around 28%) compared to short-term rentals which will see an increase of around 24% in bookings. in line.
But by 2020, less than 50% of hotel bookings worldwide will be made online, while more than 60% of short-term rental bookings will be online. Of course, this is a big picture and doesn’t break down online bookings for the United States versus Latin America or Europe versus Southeast Asia, for example, where some regions may have well over 50% of their hotels booked online.
In many cases, it is more difficult to make a short-term rental reservation offline than a hotel reservation offline, as travelers often cannot call short-term rental hosts with platforms. like Airbnb or use a travel agent as they can to book a Hotel.
It’s also worth noting that almost half of all travel agency bookings will still be made. offline channels by 2020.
Graph 3: Short-term rental bookings are growing faster than hotel reservations, but hotel bookings are much more valuable than short-term rentals.
This graph includes data for offline reservations such as by phone, travel agents, and online reservations.
Source: Euromonitor International
[ad_2]
Comments are closed.