VRMA Administrator
Vrbo parent company Expedia Group explained at a recent earnings call that bookings on the platform increased 12.5 percent to $1.8 billion in the third quarter compared to a year ago. The implication is that economic turmoil has not discouraged Americans seeking vacation destinations or homeowners eager to rent out their homes as an additional revenue source. The number of rooms booked among all Expedia brands rose 28 percent overall. "Travel demand has remained strong and [average daily rates (ADRs)] remain substantially elevated relative to pre-pandemic levels," Expedia CEO Peter Kern told investors. "There has been no real letup in ADR, and there has been no real letup in demand." However, analysis indicated that Airbnb outperformed Vrbo, which expanded revenue by 29 percent year-over-year while net revenue rose 46 percent; driving this was 25 percent growth in bookings of nights and experiences, as well as their increasing costs. "The pacings for next year are strong," said Kern. "A lot to still be filled in next year but we haven't seen any [slowdown]."
Inman (11/03/22) Taylor Anderson
