Travel never going back to the way it was before pandemic


Airbnb Chief Executive Officer Brian Chesky

Airbnb Chief Executive Officer Brian Chesky (pic) on Thursday predicted travel would permanently change due to the pandemic with people seeking out thousands of smaller cities and spending more time visiting friends and family.

Traditional tourism and sightseeing at top global destinations would be significantly reduced by travelers who will drive to smaller communities and fly less for business meetings.

The startup was hit by the COVID-19 pandemic in early 2020 and its business dropped by 80% in a little over eight weeks.

However, as lockdowns eased, more travelers opted to book homes instead of hotels, helping Airbnb post a surprise profit for the third quarter. The San Francisco-based firm gained from increased interest in renting homes away from major cities.

The home rental firm went public in a blockbuster initial public offering in December, its shares more than doubling in their stock market debut. Shares of Airbnb rose as much as 10% to record high of $187.42 on Thursday.

WILL NOT FACILITATE VIOLENCE

The rental platform has been canceling home-sharing reservations in the Washington D.C. area for President-elect Joe Biden's inauguration's next Wednesday after law enforcement warned of a threat from armed militias.

Speaking during the Reuters Next conference, Chesky recalled the white supremacist rally in Charlottesville, Virginia and said that he did not want the platform facilitating people traveling to commit violence in communities.

Airbnb made the decision of after consulting local and federal officials and after a number of hosts worried about potential attacks sought to cancel bookings.

However, major hotel chains including Hilton Worldwide Holdings Inc and Marriott International have said they planned to uphold existing reservations.

- Reuters
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Airbnb , Brian Chesky , travel , pre-pandemic ,

   

Next In Business News

TM awarded best companies to work for in Asia 2020, HR Award
Teladan Setia expands landbank in Melaka
SC imposes penalty on E&Y partner for failure to comply with auditing standard
FBM KLCI ends the day almost flat
LVMH shares hit record high after strong sales figures
Tesco reports 2 bln pounds profit after 'exceptionally strong' sales
MIDF partners MIDA to promote smart automation grant to SMEs, MTCs
Oil maintains upward momentum but virus concerns cap gains
Reservoir Link unit appointed Petronas panel contractor
KLCI slightly lower as investors wait on the sidelines

Stories You'll Enjoy


Vouchers