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Thndr Claps » U.S. Claps » Nasdaq 🔔 » Airbnb will exit the Chinese market🧧

Airbnb will exit the Chinese market🧧

by Shams Abbas
May 24, 2022

The Clap
Airbnb is reportedly exiting the Chinese market, as China’s zero-COVID policy takes its toll on tourism.

Backstory
Airbnb launched its China operations in 2016. Since then they’ve faced increasing competition from domestic players & a global pandemic, both of which negatively affected Airbnb’s costs.

Why this matters
As big as the Chinese market may seem, it only accounted for ~1% of Airbnb’s revenue. In fact, the company may focus more on providing stays for outbound Chinese travel, which has proven to be a bigger opportunity.

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