9 May
2024
Highlights:
Among the worst affected sectors due to the onslaught of the COVID-19 pandemic was the tourism industry. Owing to the rapid spread of the SARS-CoV-2 virus, tourists were unwilling to travel to new places; on the other hand, governments across the globe put in place travel restrictions which affected the tourism industry even more. To recover from this collapse, many new tourism models have been designed in the post-pandemic period. Sharing accommodation is one such tourism model that has gained widespread popularity among travel companies.
Examining the reasons behind the growing support for the sharing accommodation model
Sharing accommodation is a practice wherein individuals rent out their residential spaces for people who are in search of temporary accommodation. While renting out spare rooms, flats, or bungalows is a common practice, in the past few years, people have even started leasing out their treehouses or houseboats for that purpose. Thus, the sharing accommodation model provides an alternative to the traditional hotel industry wherein people live in hotels, motels, or lodges for a temporary period.
The growth of the sharing accommodation industry can be attributed to certain vital advantages of this model; firstly, it offers an economical solution for temporary accommodation as compared to hotel rooms or private flats. Not just living, the expenses related to household items like groceries and utilities can also be shared with the people already living in the house. Furthermore, sharing accommodation helps the tenant build a social circle. This is an important advantage for travelers or university students who are new to the locality or town. The acquaintances and friendships developed through these social circles can help travelers explore the local culture in a much better way.
This new accommodation model helps travelers and tourists develop self-awareness and a better understanding of the customs and norms of that city. Many times, travelers opting for shared accommodation get to live with the house owners, thereby enabling them to take a closer look at the local practices, cuisines, and lifestyles of the people. Since university students opting for this arrangement generally share their rooms with fellow college students, they can manage their studies and chores efficiently. Similar is the case with travelers; tourists sharing a common flat can share their experiences and ideas, thus helping them explore the city better. For many people who are looking to be independent yet are hesitant to move to a completely new city on their own, sharing accommodation can become the perfect stepping stone and serve as the intermediary between the two extremes of living with the family and living alone.
Tracing the rise of Europe in the sharing accommodation industry
In recent times, the Europe sharing accommodation sector has emerged as the most profitable region and is expected to continue its dominance in the coming period. The first and foremost reason behind the growth of this industry in Europe is the massive growth in intraregional travel. Many Europeans prefer to travel to countries within their continent to explore new cities and cultures.
Furthermore, there is a massive surge in the number of affordable travel options that allow tourists to travel regularly without worrying about the expenses associated with foreign travel. The growth in air connectivity and increasing implementation of digital platforms have helped Europeans to connect seamlessly which furthers the trust required to make the sharing accommodation model popular.
The changing dynamics of this sector with multiple companies such as Airbnb, onefinestay, HomeAway, Couchsurfing, etc., competing for supremacy have also augmented the growth rate of this industry. Companies like Airbnb have even launched new products and packages for travelers and short-term tenants. The opening of such new options to tourists is also predicted to help the sector flourish.
To sum it up, the sharing accommodation sector is expected to pose a tough challenge to the traditional hotel industry owing to some of its unique advantages. The growth of the industry in Europe and the competitive scenario in this domain are also predicted to contribute to increasing its revenue share in the years to come.
For tips and suggestions on how businesses must capitalize on the opportunities offered by the industry, feel free to contact us.
Akhilesh Prabhugaonkar
Author's Bio- Akhilesh Prabhugaonkar holds a bachelor’s degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.
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