Airbnb has revolutionized the travel industry by offering much more than just accommodation: the platform has become a key player in cultural experiences and live events.
I had the opportunity to chat with Dave Stephenson, CFO of Airbnb, to understand how Gen Z uses the platform, how major events like the tour The Eras Tour by Taylor Swift are generating significant economic impact, and how Airbnb is redefining the boundaries of traditional hospitality.
Generation Z and the Airbnb experience
Airbnb has always found its origins among younger generations, attracted by trips that are both unique and accessible. As Dave Stephenson explains, “ Airbnb started as a budget-friendly alternative to hotels, appealing primarily to millennials, who couldn’t always afford traditional accommodations “. Over the years, these early adopters evolved, becoming family travelers looking for more spacious, upscale accommodations.
Today, Generation Z has become Airbnb’s primary driver of population growth. “ They are mobile-first “, explains Stephenson. “ We design everything for mobile devices first, as 58% of our bookings are now made via these media. » This mobile-centric approach helps Airbnb stay relevant as Gen Z travelers increasingly rely on their smartphones to book experiences on the go.
Airbnb’s commitment is not based solely on ease of use. The platform also leverages its cultural relevance by collaborating with influential figures. “ We’ve worked with the likes of Doja Cat, Kevin Hart, and even turned Barbie’s Dreamhouse into a unique experience as part of our marketing campaigns “, explains Stephenson. “ These icons resonate with Generation Z, positioning Airbnb not only as a travel brand, but also as a key player in contemporary culture. »
The influence of live events: from Taylor Swift to the Paris Olympics
Live events now play a key role in driving Airbnb bookings. “ During The Eras Tour, Airbnb searches in stopover cities jumped 300% “, said Dave Stephenson. “ We estimate that Airbnb bookings generated $77 million in direct economic impact in these cities.»
Airbnb’s strength lies in its ability to meet demand where traditional hotels fail. “ In the United States, two thirds of our reservations are made in areas without hotels », underlines Dave Stephenson. When a new Taylor Swift tour date was announced in Vancouver, the platform saw an explosion in bookings almost immediately.
The Paris Olympic Games perfectly illustrate this dynamic. “ As soon as the ticket office opened, hotel prices skyrocketed “, explains Stephenson. “ Thanks to the arrival of thousands of new hosts on the platform, Airbnb prices during the Games remained stable, comparable to those of the previous year. This helped make the event more accessible, fulfilling a key commitment of the Olympic Committee. »
Paris 2024 marked a turning point for Airbnb, becoming the most important event in its history. No less than 700,000 guests used the platform, increasing the accommodation offer in Paris by 35%.
Dave Stephenson also highlighted Airbnb’s crucial role during the solar eclipse, which attracted more than 500,000 travelers to accommodations along its path. This example illustrates the unique ability of the platform to create a hosting offer where it was previously non-existent.
Much more than accommodation: Airbnb, experiences and cultural immersion
Airbnb is no longer limited to simple accommodation. The experiences offered on the platform, particularly during major events like Art Basel in Miami, are experiencing growing success. “ During Art Basel, our luxury properties saw a sharp increase in bookings “, explains Dave Stephenson. “ We’ve also curated exclusive behind-the-scenes experiences with artists, offering personalized tours and interactions that hotels can’t match. »
With these initiatives, Airbnb is positioning itself as much more than a booking platform, becoming a key player in culture and immersive experience. “ It’s about offering something exceptional », adds the financial director. “ It’s not just where you stay, but what you experience once you get there. »
The challenge of local regulations
However, Airbnb’s growing popularity comes with challenges related to local regulations. “ Communities that ban Airbnb often underestimate its positive economic impact, particularly in underserved areas », underlines Stephenson. He points in particular to New York’s restrictive policies, which affect neighborhoods like the Bronx and Queens, where hotel options remain limited.
In some cases, local governments have revised their positions thanks to community mobilization. “ We highlight the positive economic impact for homeowners and local businesses “, he explains, recalling that the Airbnb model benefits both hosts and travelers, particularly in places where hotels are rare or unaffordable.
A look to the future: long stays and prospects for innovation
Dave Stephenson highlighted an emerging trend in Airbnb usage: long-term stays. “ In North America, 23% of our bookings are now for stays of 28 days or more “, he explains. This development reflects the rise of remote working and the nomadic lifestyle.
As Airbnb continues to grow, its mission remains unchanged: to create economic opportunities while providing unique experiences. “ Our goal is to offer quality stays while making travel accessible. », concludes Dave Stephenson. “ Whether Gen Z explorers, event planners or long-term travelers, our mission is to foster authentic connections. »
A contribution by Jeff Fromm for Forbes US – translated by Lisa Deleforterie
Also read: Tranquille Émile, the high-end Airbnb concierge to whom you can entrust your Parisian property
