Friday, June 14, 2024

Airbnb contributed over $920m to India’s economy, shows new research

New research from Oxford Economics has shown that Airbnb is a huge contributed to the Indian tourism industry, contributing over US$920 million to India’s GDP and supported over 85,000 jobs in the country between April 2022 and March 2023.

The report compares the findings for FY23 in terms of GDP contribution and jobs supported in India during the period between April 2019 and March 2020. The findings were not released for two fiscal years.

According to the report, Airbnb guests spent a total of USD 815 million in India during FY23, more than double of the FY20 levels.

In India, Airbnb’s presence was the highest in Goa, where Airbnb guests spent almost US$190 million. This was followed by Bengaluru and Delhi, Mumbai and Manali, it stated.

It details the significant contribution made by Airbnb guests to domestic tourism across the nation. In 2022, domestic Airbnb guest spending totaled US$670 million (INR 52.6 billion), and accounted for approximately 82 per cent of total Airbnb guest spend in India, around a three-fold increase from 2019.

The report also explores two profound changes in travel behaviour since the pandemic: the dispersal of tourism away from urban areas, and long-term stays driven by the emergence of flexible work arrangements.

James Lambert, Director for Economic Consulting in Asia for Oxford Economics said, “Domestic travelers have been crucial to the tourism sector’s resilience over the past three years as Indian guests saw opportunities in domestic travel as a substitute for international holidays, with self-drive and regional trips increasing in popularity which led to a wider dispersion of tourism spend outside the traditional or destinations in India.”

Amanpreet Bajaj, Airbnb’s General Manager for India, Southeast Asia, Hong Kong and Taiwan, said: “The economic contribution to both GDP and jobs driven by travel on Airbnb in India has created powerful economic ripple effects that have enabled the growth of local businesses, such as shops, restaurants, bars, and cafes — which are often central to how travelers experience a destination — and created job opportunities for the locals.”

“Travel is now more dispersed, and so the economic benefits are being shared across more destinations, enabling a valuable economic contribution to rural and regional areas. This dispersal is being driven by Hosts on Airbnb and in turn creating economic opportunities for various communities.”

“As destinations across India continue to recover, we are committed to partnering with governments and communities to rebuild their tourism economies in a way that is equitable, inclusive, and sustainable.”

The report explores the twelve months to March 2023 — representing a year since travel restrictions started to be removed across India.

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