India among fastest-growing markets with potential to be among top 10, says Airbnb CBO, Dave Stephenson

India is one of the "fastest-growing markets" for online accommodation hosting platform Airbnb and the country has the potential to be among its top 10 global markets in the coming years, according to its Chief Business Officer Dave Stephenson.

The company is investing in India to tap the opportunity of a rapid rise in tourists travelling to foreign destinations as well as domestic places that are rapidly growing post-pandemic and where 90 per cent of its first-time bookers are Gen Zs.

"It (India) is one of our growth markets and we see a huge opportunity for growth in India in the future. In India, nights booked grew by almost 30 per cent YoY (Year-on-Year) in 2023 compared to 2022, which is a positive sign," Stephenson told PTI.

For Airbnb, India is going to be "a large travel market", where it has seen a "strong desire" among the "Indian travellers to venture overseas as well as explore domestic destinations, especially those off the beaten path", he said.

Though, Stephenson did not any specific growth numbers but said India is a "focus area" and "is one of our fastest-growing countries". When asked as whether India figures among Airbnb's top 10 markets globally, Stephenson replied in negative.

Further he said, "It should be one of the top 10 markets. It is getting to be a large travel market and we definitely think it can be. That would be the goal." Airbnb is investing specifically in India, where a number of tourists travelling to foreign destinations as well as domestic places are on the rise post-pandemic and is supporting them to stay in its range of "inexpensive homes all the way to luxe homes".

It has witnessed a whopping 75 per cent jump in international group travel bookings from India, where families/friends are going abroad for vacations. It has added features like the collaborative wishlist, where it is helping these groups find a perfect place.

"Indians are inspired by Cricket and Bollywood, and they want to explore the world. If they stay domestically, they are going to places like Goa and enjoying. But also, if they have the opportunity to travel abroad, they love to go to Italy and places that they're inspired by from the movies," he said.

Currently, 90 per cent of its first-time bookers are Gen Zs. Moreover, Airbnb is supporting the inbound flow of international travellers coming to India. Airbnb is "working closely with the government in their vision to make India one of the most sought-after tourist destinations in the world", Stephenson said.

It has partnered with the Ministry of Tourism and curated a dedicated microsite which spotlights heritage stays across India. It has also partnered with state governments of Goa, Madhya Pradesh, Uttarakhand, and Maharashtra, among others, to promote lesser-known destinations and conduct capacity-building workshops, he said.

It is supporting individual homeowners to share their home, or a second home, enabling them to earn money out of their properties.

"We have supported over 85,000 jobs and contributed over USD 920 million dollars to the GDP of India just through our Airbnb activities," he said, adding, "When people stay in Airbnb, they support the economy, the economies of the host and community they stay in versus staying in a hotel where the profits can go off to some corporation." Airbnb on Wednesday unveiled Icons, a new category of extraordinary experiences hosted by the greatest names in music, film, television, art, sports, and more.

Among 11 global such Icons, it has selected the home of Chennai-based home of Bollywood actor Janhvi Kapoor, where she had spent her childhood, for a stay. 'Live like Bollywood star Janhvi Kapoor' in India, offers stay in the home, which was owned by late actor Sri Devi, it said.

This summer international destinations such as Milan (Italy), Amalfi (Italy), Tokyo (Japan), Rome (Italy) and Frankfurt (Germany) are trending in Airbnb search lists. According to Airbnb, Bollywood films and social media influencers have continued to contribute towards the growing popularity of Europe and Japan.

Besides, Goa, Varkala in Kerala, Varanasi, Delhi and Kochi are among such domestic destinations, it added.