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MOD006065 Global Hospitality And Tourism Issues

tag 0 Download 8 Pages / 1,864 Words tag 22-07-2021

Question

Information and communications technologies (ICTs) have enabled the rise of “Collaborative Consumption” and consequently peer-to-peer-based activity has had profound impacts on many established sectors, economically, socially and environmentally.

A recent study (PWC, 2016) conducted for the European Commission shows that the sharing economy activity across Europe has accelerated over the past two years, generating revenues of €3.6bn and facilitating €28bn of transactions in 2015. The UK’s sharing economy has grown the fastest in Europe, with transactions almost doubling to £7.4bn in 2015, and platforms taking home £850m of this total.

The rapid growth of peer-to-peer platforms has enabled individuals to collaboratively make use of under-utilized inventory via fee-based sharing. This innovative approach was seen as an opportunity to enable individuals to rent short-term accommodation, acting as intermediary to connect users and end suppliers for a service fee, hence Airbnb was founded in 2008. The growth of Airbnb has been at a staggeringly fast pace, with its popularity still climbing. 1.5million accommodation listings are offered in 191 countries attracting 65million guests. This private company was valued at $25.5billion (above hotel giant Marriott’s $20.90bn), and ranked the third most valuable start-up business in the world, behind transportation network company Uber ($51billion), and Xiaomi, the world’s fourthlargest smartphone maker ($46bn) (Telegraph, 2016).

Task:

1. Outline and evaluate the success of Airbnb, highlighting its impact, if any, on the hotel industry.

2. Recommend whether the hotel industry should strategize to minimise the actual, or potential impact of Airbnb.
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