With the arrival of COVID-19 this year, numerous business across verticals has been affected ranging from Tourism to Manufacturing. Tourism is one of the most affected businesses because of COVID-19. Talking about it on CNBC about the global impact of Covid-19 on tourism trends and how it impacted the company, Brian Chesky, said “Tourism as we knew it is over. I don’t want to say that the journey is over, but rather that the model we knew has died and will not return”.
The effect of COVID-19 crisis started in early March and is still affecting to the worst. But their comes a positive news as well.
Now, the future of tourism is gonna be really different, no body wants to board plane, nobody wants to travel for business, but yes people do want to travel nearby their community.
One thing, very unusual happened, currently their are more number of hosts than before the covid started. According to the data, they have not lost any accommodation from their platform till date. 20 % of the bookings received during the COVID period is for more than 30 days of stay.
Company has already took several major steps to cut down the cost, like cutting down the advertising and marketing cost and some major layoffs that’s roughly 25% of the workforce at Airbnb.
This year Airbnb was planning to go public but now everything seems up in the air.
The effect of COVID-19 crisis started in early March and is still affecting to the worst. Though, some positive news comes from the US, company has already started to recover in the US. According to the company, they have received booking for Airbnb at the end of may which is same as the last year in US. All this happened with ‘0’ marketing and advertising budget.