In onlangse weke, dozens of mainland Chinese cities have been locked down as authorities work to stamp out the coronavirus.
The approach has badly dented the economy and disrupted almost every major line of business
, from Big Tech to consumer goods
. International brands
, van appel (AAPL)
aan Estee Lauder (EL)
, have warned of the financial impact of the restrictions
Airbnb launched in China in 2016. Like for the rest of the industry, outbound travel by Chinese customers — largely to other destinations around the Asia Pacific region — was a major opportunity for the company.
That’s because China is historically the world’s biggest market for outbound tourism
, accounting for the largest visitor spend globally
, Volgens die World Tourism Organization
But since the pandemic, China has experienced a steep drop in traffic, and has also been shut off to most international travelers.
The source said that they expected outbound tourism from China to rebound once the country fully opened its borders.
Intussen, Airbnb’s domestic business, which has accommodated some 25 million guests since 2016, only accounted for 1% of the company’s revenue over the last few years, the person added.