Airbnb contributes USD 320 million to Indian economy

TD Editor

Airbnb contributed over INR 22 billion (USD 320 million) to India’s Gross Domestic Product (GDP) and supported close to 50,000 local jobs in 2019 alone, according to the Oxford Economics’ The Economic Impact of Airbnb in India report.

The landmark report explores the total economic impact of the company in India between 2015 and 2019. The report found that between 2015 and 2019 Airbnb guest spending grew at an annualised rate of 83.4% and Airbnb’s contribution to the Indian economy grew more than tenfold in real terms.

Importantly, the report also highlighted how it is spreading the benefits of tourism to local communities and supporting micro-entrepreneurship and small businesses. In 2019 alone the company’s guests spent more than INR 18 billion (USD 249 million) in India, including more than INR 7 billion (USD 94.3 million) in local shops and restaurants.

James Lambert, Oxford Economics’ director of economic consulting in Asia, said: “Airbnb is well-placed to play an important role in bringing tourists, and their spending, back to destination economies, and in supporting the earlier recovery of domestic travel by helping households, particularly those who seek to substitute an international trip with a domestic one, discover new areas in their own country to visit.”

Amanpreet Bajaj, general manager of Airbnb in India, Southeast Asia, Hong Kong and Taiwan, said: “Looking forward, we want to continue to work closely with local governments to grow high-quality, sustainable tourism, support micro-entrepreneurship and help communities recover as quickly as possible. Our focus will continue to be to drive unique connections between our hosts and travel communities across segments.”

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