THE ECONOMIC IMPACT OF AIRBNB IN SYDNEY

THE ECONOMIC IMPACT OF AIRBNB IN SYDNEY

posted in: Economy | 0

There is no doubt that new technologies and online platforms such as Airbnb are changing the way we live.

Our travel habits have evolved and so have our relationships with people. Many hosts are still in contact with their previous guests around the globe.

They all have nice stories to share.

But, what does that mean for the economy?

Airbnb has been measuring the economic impact in cities around the world and we would like to share the impressive results for Sydney


Airbnb’s value creation in Sydney

“Airbnb guests and hosts supported AUD $214 million in economic activity in one year in Sydney– throughout the region’s diverse suburbs. This economic impact is estimated to support 1,600 jobs throughout Sydney. In addition to staying longer and spending more than traditional tourists, 31 percent of guests said they would not have been able to make the trip had it not been for Airbnb as an accommodation option. Airbnb is proud to provide a mutually beneficial travel platform, as 60 percent of hosts indicated that extra income helped them with their monthly rent and mortgage costs.

The study indicates that the overwhelming majority of hosts in Sydney are ordinary residents who rent out the home they live in – their primary residence — and use the money to help make ends meet. Most Airbnb hosts are over age 40, employed and use the extra income to pay their mortgage or rent and stay in their homes.

 

Airbnb key figures

Highlights from the study include:

  • 63 percent of guests say that Airbnb makes them more likely to return to Sydney.
  • 75 percent of guests visit Sydney from another country. The average age of guests is 42 and 77 percent have at least a college degree.
  • Airbnb hosts help their guests discover less-visited locales — 98 percent of hosts suggest local restaurants, cafes, bars and shops in their neighborhoods to their guests.
  • 85 percent of hosts rent out the home they live in and the typical host earns $4,505 per year by renting 37 nights per year.
  • Guests spend AUD $1,822 over the course of their trip compared to average tourists who spend AUD $1,071.
  • Airbnb is complementary to the existing tourism industry in Sydney – 80 percent of Airbnb listings in Sydney are outside of the main tourist areas and the average guest spends AUD $1,042 in the neighborhood where she stays. For example, guests spent an estimated AUD $142,422 in Randwick.

By sharing their homes with over 30,000 Airbnb guests in 2012-2013, Sydney hosts are helping to support the local economy, and creating special memories for travelers from around the world.”


Source: http://blog.airbnb.com/economic-impact-airbnb/