Many companies are realizing that they cannot ignore the habits of their business travelers, but approval of the sharing economy is far from universal.
Even as CEOs of major hotel chains argue that Airbnb doesn't threaten their bottom lines, the projection that some short-term rental companies will have higher room sales than some hotels by 2020 makes their footing less secure.
With Airbnb apparently adversely impacting hotels much more than online travel agencies, Hotwire is poised to make some gains as hotels try to fill rooms. But Hotwire also has to fend off Priceline.com, which is emphasizing Express Deals that basically use the same model as Hotwire.
As the vacation rental industry grows up, the gap between those players embracing modern ways of operating and the rest is widening. Given the high expectations of today’s travelers and the leg up provided by digital tools, this divide will widen and the savvier operators will quickly dominate.
The $100 billion industry vacation rental sector could be going into over-drive as it attracts growing interest from investors, major hospitality brands and travelers seeking alternate accommodations.
We'll be interested to see how riders, drivers, and competitors react to this move by Lyft.
While short-term rentals and ride-sharing are becoming more used and accepted by Asia-Pacific travelers, the survey points out that many of these travelers are also highly brand-sensitive as they want to experience iconic hotel brands when they travel abroad.
Professionally managed vacation rentals, when done right, offer an increased level of confidence for consumers. Vacasa's $35 million in funding is an endorsement of its growth trajectory and that of a key segment of the industry.
Hertz's investment in on-demand valet-parking service Luxe should be seen in the context of Accorhotels recently acquiring Onefinestay. Car rental companies and hotels are both feeling pressure from the sharing economy and they will be making more such investments and acquisitions as these startup mature.
This 137-page Skift deck curates data from every sector of travel and provides a wide sweeping overview of the state of the world’s largest sector and the forces driving it today. This is the State of Travel in 2016.