Airbnb eyes growth in China as it launches luxury services
US home-sharing platform says 2017 was breakthrough year – its first full-year of profitability since launching in 2008 – with mainland a key area of expansion
This article was written by Lauren Hallanan and originally published in Jing Daily.
Airbnb has struggled to make headway in mainland China in the past, but 2017 was a breakthrough year for the home-sharing platform.
There is an untapped segment of travellers who haven’t used Airbnb because they don’t like surprises, but now they may be open to booking a stay through the site
For the first time since the American company was founded in 2008, it recorded full-year profitability, with the China market being a key source of growth.
The company, which offers an online marketplace for short-term renting or leasing of properties, expects this growth to continue, too, and predicts that by 2020 China will be its most significant market.
The company is doing especially well among Chinese millennials, and 18-to-35-year-olds make up almost 80 per cent of its Chinese customers.
This is due, in large part, to the company’s savvy social media team and its use of Chinese influencers to create thoughtful and heart-warming campaigns that capture the ethos of the generation.
While this market is significant, Airbnb is hoping to expand to reach other demographics, with changes announced in San Francisco on February 22.