New Study: Airbnb Community Generates $824 Million in Economic Activity in the UK
Supports 11,629 Jobs, Helps Residents Meet Cost of Living Challenges
Airbnb, the world’s leading marketplace to list, discover and book unique, local accommodations today released a new study highlighting the Airbnb community’s positive economic impact in the United Kingdom. Conducted in conjunction with London-based Economist Dr. Margarethe Theseira, the study found that Airbnb generated $824 million in economic activity in the UK in one year and supported 11,629 jobs.
“Airbnb is creating a door to an open world and bringing tourists to neighborhoods they might have missed,” said Airbnb CEO Brian Chesky. “With Airbnb, more people are earning the extra money they need to pay their bills or pursue their dreams.”
The study found that 80 percent of Airbnb hosts in the UK rent out only the home they live in -- their primary residence -- and use the money they earn to help afford the increasing costs of living. 63 percent of hosts said that their Airbnb income helped them pay bills they would otherwise struggle to pay, 53 percent use their Airbnb income to pay their energy bills, and 44 percent said that this income helped them afford to stay in their homes. Hosting also helps UK residents to pursue innovative careers and non-traditional forms of work. The study found that 42 percent of hosts are self-employed, freelancers or part-time workers.
Airbnb attracts new travelers who are seeking authentic, local experiences to cities throughout the UK. 85 percent of Airbnb guests want to “live like locals.” Additionally, Airbnb guests spend more time and money in the UK than typical visitors. Airbnb guests stay on average 4.6 nights, compared to 3.1 for UK typical visitors, and spend twice as much over the course of their trips.
“This study shows that Airbnb guests stay longer, spend more, and explore new neighborhoods,” said Economist Dr. Margarethe Theseira. “This undoubtedly has a positive impact on cities and residents across the UK.”
Highlights from the study include:
● The typical Airbnb host occasionally rents out the property in which he or she actually lives. 80 percent of Airbnb hosts rent out only the home they live in and the typical host earns $4,634 per year by renting 33 nights per year. 63 percent of hosts said that their Airbnb income helped them pay bills they would otherwise struggle to pay.
● Hosting enables UK residents to be more entrepreneurial and pursue non-traditional forms of work. 42 percent of hosts are self-employed, freelancers or part-time workers, many of whom say Airbnb helped them pursue these careers.
● Airbnb also grows and diversifies tourism in the UK, appealing to a new segment of travelers seeking authentic and personal experiences. 85 percent of Airbnb guests want to “live like locals.”
● Airbnb guests stay on average 4.6 nights (compared to 3.1 for typical visitors to the UK) and spend twice as much over the course of their trips ($1,496 compared to $713 for the average visitor).
● Airbnb allows guests to stay in traditionally less visited towns and neighborhoods and to support the local businesses there. In London, 72 percent of Airbnb properties are located outside the main hotel areas, and 41 percent of visitor spending occurs in the neighborhood they stay in. In Edinburgh, 78 percent of Airbnb properties are located outside the main hotel areas, and 44 percent of visitor spending occurs in the neighborhood they stay in.
The study released today examined data on Airbnb rental activity in United Kingdom for the 12 months from November 2012 to October 2013.
Founded in August of 2008 and based in San Francisco, California, Airbnb is a trusted community marketplace for people to list, discover, and book unique accommodations around the world – online or from a mobile phone. Whether an apartment for a night, a castle for a week, or a villa for a month, Airbnb connects people to unique travel experiences, at any price point, in more than 34,000 cities and 192 countries. And with world-class customer service and a growing community of users, Airbnb is the easiest way for people to monetize their extra space and showcase it to an audience of millions.www.airbnb.com
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The Economic Impact Study is based on extensive data about Airbnb hosts and visitors in the UK, including an analysis of booking data for the period between November 2012 and October 2013. In addition, Airbnb conducted a survey of UK hosts and guests visiting the UK, London and Edinburgh totalling 3,956 responses. All data and calculations have been reviewed by Dr Margarethe Theseira, an economist working for the Centre for London and previously the London Mayor’s Office.