Homeshare spending soars in positive sign for Airbnb
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M Science reported a big burst of recent activity in the homeshare sector.
Analyst Michael Erstad and team said the homeshare industry just had its strongest week on an absolute basis that M Science has seen.
Spending on the homeshare industry was up by 67.6% compared to 2019 levels for the week ending on March 6. On an absolute basis, volume trends rose relative to the previous week, and were slightly below the all-time highs seen in June of 2019. Of note, average order value remains very elevated. "Strong AOV growth is likely stemming from a higher average daily rate and longer stays, observed M Science.
Airbnb (NASDAQ:ABNB) is still the homeshare leader with 71.7% of the market.
Meanwhile, Expedia Group's (NASDAQ:EXPE) VRBOâs market share decreased, with total share of 23.8% through the week ending on March 6. Vacasa (NASDAQ:VCSA) continued to make up a relatively small portion of the industry.
Also of interest, Airbnb's (ABNB) cancellation rate for the week stood at 10.4%. While the cancellation rate was elevated for several weeks since mid-December, cancellations are observed to have tempered in recent weeks.
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