Abstract
AbstractThe aim of this chapter is to discuss the evolution of the peer-to-peer (P2P) accommodation phenomenon in Europe and to examine the key trends noticeable in the sector, including any external factors that influence P2P accommodation operations, practices and future development. Correspondingly, the chapter also examines the opportunities and challenges that emerge from P2P accommodation’s rapid growth. As such, the chapter aims to contribute to the ongoing discussion on the evolution of P2P accommodation platforms in Europe. Specifically, the chapter offers insights that may illuminate the understanding of the drivers, inhibitors, and influencers pertinent to the phenomenon’s development and resilience potential in the COVID-19 pandemic era.
Highlights
Supported by the principles of the sharing economy (Belk 2014) and enabled by technological advances (Gupta et al 2019), peer-topeer (P2P) accommodation platforms emerge as new marketplaces to exchange unused accommodation capacity
This chapter aimed at discussing the evolution of P2P accommodation in Europe in order to identify key trends that shape the sector as well as related operations and practices
The chapter focused on identifying the various opportunities and challenges brought about by the growth of the P2P accommodation sector in Europe
Summary
Supported by the principles of the sharing economy (Belk 2014) and enabled by technological advances (Gupta et al 2019), peer-topeer (P2P) accommodation platforms emerge as new marketplaces to exchange unused accommodation capacity. The World Economic Forum (2017) predicts that by 2025, the global hotel sector’s annual revenue from short-term rentals will increase from 7 to 17%, resulting in the migration of $8 billion in annual profits from the hotel industry to the P2P accommodation market sector. These growth figures have been highly impacted by the effects of the COVID-19 pandemic on tourism and hospitality (AllTheRooms 2020; Hall et al 2020). This is argued to be a sustainable business model that further democratises tourism by improving the amount and type of accommodation offered and by reducing hotels prices, which is beneficial for the end-user
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