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As travel recovers, Airbnb boo...Airbnb said that the travel demand remains strong despite the concern of economic slowdown or rising prices hitting households.
About 104 million experiences and nights were booked on Airbnb in the April through June period, a record high for the lodging website. The fastest growing type of travel is long-term travel, and it is due to the rise of remote work. Airbnb's city and international travel, which had lagged, has recovered. According to the company, it is the strongest peak summer and travel season is yet to come and assured the investors that whatever may hit the economy, it is well poised to overcome it.
According to Brain Chesky, the chief executive, Airbnb was founded during the recession, and a slowdown will help the company. He added, "in the event of a slowdown, we think a lot of people may turn to host once again, so this is a big opportunity for us." The bookings in the April-June period rose 25% from last year to 103.7 million.
Travel demand remains strongest in North America, and bookings are up 37% compared to 2019. The company pulled out from China and said demand remained below pre-pandemic levels in the Asia Pacific region. Despite removing China in July, Airbnb has more than 6 million active listings on the platform. The company reported a profit of $379m, compared to a loss of $68m last year.