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.