Airbnb, the US- based homestay platform has made a pivotal impact on India’s economy.
In a recent report by Oxford Economics, Airbnb, the renowned U.S.-based online marketplace for short- and long-term homestays and experiences, has made a substantial impact on India’s economy. According to the findings, Airbnb contributed more than $920 million to India’s Gross Domestic Product (GDP) and supported the creation of over 85,000 jobs in the year 2022 alone.
Remarkably, Airbnb’s contributions have more than doubled, despite the global challenges posed by the COVID-19 pandemic and international border restrictions.
The report also highlighted the significant multiplier effect of Airbnb guest spending within local communities. During the fiscal year 2022-23, Airbnb guests collectively spent a staggering $815 million in India, primarily in areas such as transportation, restaurants, and retail stores.
The state of Goa emerged as the region with the highest Airbnb presence, where guests spent a substantial $190 million. This notable record was followed by top destinations that included Bengaluru, Delhi, Mumbai, and Manali.
Amanpreet Bajaj, Airbnb’s General Manager for India, Southeast Asia, Hong Kong, and Taiwan emphasised the evolving landscape of travel, with economic benefits now extending to more diverse destinations. He attributed this shift to Airbnb hosts, who are enabling valuable economic contributions to rural and regional areas while creating economic opportunities for various communities.
James Lambert, Director for Economic Consulting in Asia for Oxford Economics, underscored Airbnb’s pivotal role in revitalizing the Indian travel and tourism sector following the challenges posed by the COVID-19 pandemic. Lambert acknowledged Airbnb’s significant contribution to the resilience and rebirth of this sector.
Airbnb’s impressive growth and economic impact in India underscore the platform’s ability to drive tourism, create jobs, and support local communities. Its role in dispersing economic benefits to diverse destinations contributes to the resilience and vitality of the Indian travel and tourism industry in the post-pandemic world.
