Visitor expenditures from Airbnb guests in Hawaii totaled US$353 million in 2015, according to an economic impact study being prepared by Hospitality Advisors for the online home-rental service.
Early results show that the average per person daily visitor expenditure of $274 for Airbnb guests, higher than the $230 spent by hotel guests and higher than that spent by guests of other accommodations. Higher spending by Airbnb guests can be attributed to a shorter length of stay, the report said.
With Hawaii’s traditional hotel market at record occupancy and Oahu at capacity with an average 85% over the past four years, the alternative accommodations market has played an important role in absorbing the excess demand at affordable prices for Oahu, Hospitality Advisors said.
“The short-term rental market has been an important part of Hawaii’s visitor industry over the past 40 years,” said Joseph Toy, president and CEO of Hospitality Advisors. “New resort residential development and condominium conversions have added additional inventory due to increased visitor demand for a more ‘embedded’ and experiential travel experience. Short-term rental companies have helped put more structure around an already existing market.”