Airbnb Inc on Tuesday announced a slew of new features, including a translation tool to launch later this year and expanded insurance for hosts, as the easing of COVID-19 restrictions allows more people to rent its home. sent to the app.
Aiming at increasing cross-border travel and longer stays, Airbnb will be able to further capitalize on a pandemic-induced shift in consumer preference toward non-urban destinations and alternative accommodations.
Airbnb chief executive Brian Chesky said, “What you’re going to see is that as the world progresses into a post-COVID-19 world, people are going to travel a lot more than ever before, of course. apparently a lot more than they do now.” told Reuters in an interview.
Chesky expects the new tool, which will be able to translate listing descriptions and reviews into 60 languages, to help with bookings, particularly in Europe and Asia Pacific where there is a high demand for cross-border travel.
Airbnb said more than 100,000 guests stayed at its rental properties for at least three consecutive months in the past year.
Its “aircover” insurance will protect hosts against the loss of pets as the global search on its platform for pet-friendly listings grows.
Truist analyst Naved Khan expects the latest upgrades to drive incremental growth at Airbnb. The brokerage maintains its “hold” rating on the stock.
Months of demand led to a huge jump in bookings in the United States on Monday, as the country lifted pandemic-induced travel restrictions in early 2020.
Airbnb said overall cross-border travel increased to 33% of gross nights booked in the third quarter, compared to 27% in the second quarter and 20% in the first quarter.
According to Airbnb, as of November 8, the top destinations for incoming foreign travel in the United States include Los Angeles, Miami, and New York.
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