This time last year, I foresaw that properties would be used increasingly for investment purposes over personal use, penalties for regulation violations would become more severe, age group demographics for hosts would rise on Airbnb, and that new technology and experiences would attract more millennials to short-term rentals. So, how did I do? The full predictions piece for 2019 can be viewed here.
Looking ahead, I will decipher the trends that may manifest themselves in 2020, while revisiting last year’s claims on ShortTermRentalz to see which have rung true. We already know that Airbnb is planning to go public next year, either through a direct listing or an initial public offering [IPO], and the fate of that is sure to have a significant impact on the overall global market.
I collated the views of several leading figures across the industry, from which I have pinpointed the following ten predictions for the short-term rental market in 2020:
1) Brits will verge towards domestic or local ‘staycations’ due to Brexit uncertainty
With the political cloud and uncertainty of Brexit hanging over Britain at the moment, research suggests Brits will favor traveling domestically for staycations in 2020 due to the sharp drop of the pound and the cheaper, hassle-free alternative to holidaying abroad.
Some holidaymakers will also opt for “homes away from home” in off-the-beaten-track destinations to avoid congested areas with high numbers of tourists. This comes after I predicted last year that there would be a sustained backlash against over-tourism in densely-populated tourist destinations.
Euromonitor International projects that a No Deal Brexit scenario would see outbound departures from the UK drop by five percent from now until 2024, accounting for a drop off of 4.7 million trips.
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