Sharing economy panel - Past, Present and Future
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ENTER2018 eTourism Conference presentation
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Sharing economy panel - Past, Present and Future
- 1. Sharing Economy Panel – Past, Present and Future ENTER 2018 - Jonkoping, Sweden Airbnb Trivia (apologize – U.S.): 1. City with largest number of Airbnb rooms 2. City with largest Airbnb revenue Thanks to our friends at CBRE
- 2. © 2016 STR. All Rights Reserved. Highest Supply Concentration – Airbnb/Hotels Source: Airdna, CBRE Hotels’ Americas Research, STR, Q2 2017. New York
- 3. © 2016 STR. All Rights Reserved. Highest Revenue Concentration – Airbnb/Hotels Source: Airdna, CBRE Hotels’ Americas Research, STR, Q2 2017. Orlando
- 4. • Hundreds of players ‒ Nothing new at all ‒ Different players in different areas of the world • Home rental platforms originally disregarded by travel industry ‒ Fast forward - increased attention, in the news, every H&T conference ‒ Airbnb – sophisticated platform, lots of appeal, explosive growth • Increased merger and acquisition activity ‒ Expedia obtains HomeAway obtains VRBO ‒ TripAdvisor acquires FlipKey, … • Hotel companies getting in on the action ‒ Acquisitions: Accor (OneFineStay), Wyndham (LoveHomeSwap), Hyatt (Oasis) ‒ Experiments: RoomMate, Generator, Marriott/Aloft, … Sharing – brief history
- 5. Sharing - where are we now? • Issues in the Hotel & Tourism Industry minds & media ‒ Growth ‒ Special events, Compression/sellout nights ‒ Business versus Leisure (day of week, Airbnb’s “Business Ready”) ‒ Length of stay ‒ Regulation • Academic Research ‒ Impact related: Boston University, Penn State, STR ‒ Non-impact related: host profile, community benefit ‒ Scraped data issues ‒ Geo-spatial analysis
- 6. Sharing - where do we go? • Home rental companies have learned a lot from hotels ‒ Ease of booking ‒ Attracting guests ‒ Management companies ‒ Revenue Management • What can hotels learn from sharing economy? ‒ Local emphasis ‒ Personalized attention ‒ Social emphasis ‒ Common areas ‒ Huge research possibilities
- 7. Thank you! Some additional slides are provided
- 8. © 2016 STR. All Rights Reserved. There are many types of alternative accommodations, … None have attracted more attention than sharing alternatives
- 9. © 2016 STR. All Rights Reserved. Hundreds of Sharing Alternatives
- 10. Growth of Airbnb Source Airbnb “As many guest arrivals in 2016 as all other previous years combined”
- 11. Search Activity of Top Travel Brands 0 20 40 60 80 100 120 U.S. Google Search Index Airbnb Marriott Expedia Source: Google Trends, June 2016.
- 12. U.S. Airbnb and Hotel Industry Source: Airdna, CBRE Hotels’ Americas Research, STR, Q2 2017. 6.9% 5.1% 7.4% 0% 1% 2% 3% 4% 5% 6% 7% 8% 2014 2015 2016 2017 U.S. Airbnb Performance as a Percent of Hotel Performance Supply Demand Revenue
- 13. Percent of Total Airbnb Supply by Listing Type 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2014 2015 2016 2017 %ofTotalAirbnbUnits Year Shared Room Private Room Entire Unit 4+ Rooms Entire Unit 3 Rooms Entire Unit 2 Rooms Entire Unit 1 Room Source: Airdna, CBRE Hotels’ Americas Research, Q2 2017. 40% 28%
- 14. Comparing ADRs U.S. Hotels & Airbnb Source: Airdna, CBRE Hotels’ Americas Research, STR, Q2 2017. $432.09 $283.38 $206.50 $141.05 $76.02 $43.48 0 50 100 150 200 250 300 350 400 450 500 Entire Unit 4+ Rooms Entire Unit 3 Rooms Entire Unit 2 Rooms Entire Unit 1 Room Private Room Shared Room Airbnb ADRs by Listing Type (TTM) $320.81 $181.16 $139.31 $112.28 $86.01 $61.55 Luxury Chains Upper Upscale Chains Upscale Chains Upper Midscale Chains Midscale Chains Economy Chains Hotel ADRs by Chain Scale (TTM)
- 15. © 2016 STR. All Rights Reserved. Source: STR, Airbnb July 2016, 12-Month Moving Average Boston, Los Angeles, Miami, New Orleans, San Francisco, Seattle, Washington, DC Almost half of Airbnb room nights for 7 U.S. markets were extended-stay
- 16. © 2016 STR. All Rights Reserved. Business Travel on Airbnb? “11% of all Airbnb Guests are business travelers” “30% of Airbnb Guests in Urban Markets are business travelers” Source Airbnb
- 17. © 2016 STR. All Rights Reserved. Percent of Airbnb Demand for 7+ Days Source: STR, Airbnb July 2016, 12-Month Moving Average
- 18. © 2016 STR. All Rights Reserved. Nashville, TN, U.S. - Existing Hotels Omni 37206 & 37216 37212 37208
- 19. © 2016 STR. All Rights Reserved. Nashville Airbnb Units & Existing Hotels Omni 37206 & 37216 37212 37208
- 20. © 2016 STR. All Rights Reserved. Nashville Existing Hotels & Pipeline Omni 37206 & 37216 37212 37208