“Sharing Economy” Gains Market Share in Travel with Online Sites Like Airbnb, HomeAway and Many Global Competitors

One of the most remarkable growth stories in ecommerce has been the advent of new ways to book non-traditional accommodations for travelers. This “sharing economy” (also known as collaborative consumption) affords consumers the ability to rent or borrow everything from hotel rooms to cars to private homes. As with all hospitality sectors, shared accommodation has been hard hit by the Coronavirus pandemic. Many travelers may feel safer in small independent properties, away from crowds, rather than in large hotels. While the early months of the Coronavirus saw plummeting demand for travel and for accommodations, short-term home rental sites such as Vrbo soon found popularity among travelers who wanted to avoid hotels.

Vrbo, which stands for Vacation Rental by Owner, is a site that allows property owners, especially owners of second homes and resort condos, to advertise their properties online to people seeking vacation accommodations. Vrbo was acquired by startup HomeAway, Inc., a firm that originated when venture capital firm Austin Ventures agreed to back entrepreneur Brian Sharples in this promising business sector. HomeAway also owns Travelmob, a sharing-economy accommodations site focused on Asia. HomeAway was acquired by Expedia in 2015 for $3.9 billion, and the HomeAway name was dropped in favor of Vrbo.

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“Sharing Economy” Gains Market Share in Travel with Online Sites Like Airbnb, HomeAway and Many Global Competitors, Business and Industry Trends Analysis

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