Airbnb contributed $320 million to the Indian economy in 2019: Oxford Economics

NEW DELHI: Airbnb contributed over $320 million to India’s gross domestic product and supported close to 50,000 local jobs in 2019, according to a report by Oxford Economics. The Economic Impact of Airbnb in India report by Oxford Economics was released on Tuesday.

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

In 2019 , Airbnb guests spent more than $249 million in India, including more than $94.3 million in local shops and restaurants. Rs 6500 out of every Rs 10,000 spent outside accommodation by Airbnb guests in India went on shopping or food.

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 - Airbnb India, Southeast Asia, Hong Kong and Taiwan, said the recovery of tourism and the recovery of the Indian economy are inextricably linked. "The report shows how the authentic, affordable, and sustainable travel experiences offered by Airbnb can help accelerate recovery and create value for local micro entrepreneurs, businesses and local communities. 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," he said.

Bajaj said the focus will continue to be to drive unique connections between hosts and travel communities across segments.