India's first time millennial, Gen Z bookers present a vast, untapped opportunity: Nathan Blecharczyk, Airbnb co-founder and chief strategy officer
Airbnb saw a 30% increase in nights booked in India in 2023 from the year before, surpassing its global average growth rate. This “robust performance” underscores the “burgeoning” demand for unique accommodations and experiences within India, said Nathan Blecharczyk, Airbnb co-founder and chief strategy officer.
Blecharczyk said in an interview that the company has observed “significant interest” in various destinations across the country, and to support this trend, it has collaborated “closely” with the government to promote local tourism and highlight the rich cultural heritage and diverse accommodation options available.
“In India, more than 86% of bookings on Airbnb are group trips, which is why we’re introducing new features to help make planning trips with friends and family easier,” he said.
Blecharczyk said tourism is a “burgeoning” industry, especially in India, buoyed by a rapidly expanding middle class.
“With the largest population of Gen Z and millennials globally, it's no surprise that youth constitutes a significant portion of Airbnb's traction in India,” he said. “Around 90% of first-time bookers from India in 2023 belonged to the millennial and Gen Z demographics.”
This suggests a vast untapped opportunity, he said.
Airbnb reported revenue of $2.2 billion in the fourth quarter of 2023, up 17% from the year earlier. The company said it saw a strong growth in nights and experiences booked, which drove $15.5 billion of gross booking value in the quarter. It has over 5 million hosts and 7.7 million
