Home Business News Airbnb community gives £2bn boost to the London economy 

Airbnb community gives £2bn boost to the London economy 

by LLB Reporter
2nd Jul 19 12:49 pm

New data from Airbnb reveals that guests and hosts on the platform generated over £2bn for the London economy in 2018 alone.

Guest spending in London neighbourhoods and communities accounted for more than three quarters (£1.6 billion) of the total figure generated for the city. Guests are estimated to have spent on average £164 per day on activities like cultural experiences, sightseeing, shopping, travel and food and drink.

Londoners who shared their space on Airbnb also enjoyed a boost to their income, collectively earning almost £400m in the past year by welcoming over 2.5m guests who chose Airbnb to stay in London.

This announcement comes as Airbnb reveals that host income and guest spending led to over £4.2bn ($5.6bn) in estimated direct economic impact for the UK, and exceeded $100bn  globally in the last year.

Hadi Moussa, Airbnb, Country Manager UK and Northern Europe said, “London has long been an iconic destination for travellers, with tourism playing a vital role in the city’s economy, culture and diversity. The Airbnb community of hosts and guests has helped spread the benefits of tourism beyond the traditional hotspots, helping travellers to live like locals and put money in the pockets of local families, businesses and communities.”

Based on estimated guest arrival numbers in 2018, the top ten destinations in the UK for Airbnb guests are:

  1. London
  2. Edinburgh
  3. Glasgow
  4. Bristol
  5. Manchester
  6. Brighton
  7. Liverpool
  8. Belfast
  9. Bath
  10. Cardiff

This growth is accompanied by insights from the Airbnb community, which found:

  • Domestic travel made up an estimated 28% of Airbnb guest arrivals to London, followed by the USA, France, Germany and Australia
  • 72% of guests who stayed with Airbnb in the UK say they use the platform to live like a local
  • Around the world 50% of travellers who saved money staying with Airbnb spent it in the neighbourhood they call home during their trip, and those who say Airbnb impacted the length of their stay on average added 4.3 days to their trip.
  • Guests are also benefiting from hosts’ knowledge of the local area, with 84% of hosts saying they recommend restaurants and cafes to guests and 69% offering their knowledge on cultural activities such as museums, festivals and historical sites.

Importantly, Airbnb listings are not concentrated in any one market, and no one city accounts for more than 1% of Airbnb listings worldwide. Airbnb continues to lead the way on working with London to promote home sharing rules and voluntarily limit how often hosts can share their homes, and on ensuring home sharing grows responsibly and sustainably in the capital.

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