Hong Kong's busiest travel season is coming, but it’s looking like few tourists will make the trip this year.
The months-long protests in the city have deterred both leisure and business travelers. Short-term rental hosts have seen fewer bookings since the demonstrations started in June, as have hotels. With a significant portion of Hong Kong’s jobs dependent on tourism, the island’s economy faces a reckoning if the trends continue.
Only half of the rentals listed on Airbnb saw bookings come through in October, according to the latest data available from AirDNA, short-term rentals analyst. More than 70% were booked in October last year. The number of listings on Airbnb has increased by 9% during the one-year period. On top of the lower occupancy, hosts of entire homes lowered their rates an average of 17%, compared to the year before. Nightly prices dropped from $138 to $115.
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