Booking Holdings CEO: Competition With Airbnb and Growing Short-Term Rentals

9/25/2024

During the 2024 Skift Global Form, Booking Holdings President and CEO Glenn Fogel said, "We absolutely believe that the homes area is a very important part of the business," noting that its short-term rental business has grown faster than Airbnb's in 12 of the last 13 quarters. Bookings Holdings is selling two thirds of its short-term rental room nights compared to Airbnb. He added that providing consumers with apartments and hotel options on one page simplifies the process for customers, leading some to purchase rooms they were not initially looking for. He added that the number of listings worldwide on the site rose by 11 percent to 7.8 million in the last quarter, and most of those are in Europe. Fogel said, "We are still tiny in the United States. That is an incredible opportunity for this company." Skift Research has indicated that growth fell from more than 40 percent in 2011 to 4 percent in 2019, with growth over the next 10 years likely to fall to less than 10 percent. Fogel said there are opportunities for further growth, especially with more artificial intelligence and tools emerging.

Skift (09/17/24) Justin Dawes