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Airbnb is seeing the benefits of pent-up demand for travel, says Tapas' Greg Greeley - YouTube
Channel: CNBC Television
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greg it's great to see you uh you
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launched airbnb shortly before the ipo
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uh it was a very different company some
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people actually questioned its financial
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discipline during the pandemic though it
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made a lot of cuts to its workforce its
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marketing budget scaled back on hotel
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ambitions um are you surprised by the
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pivot you've seen brian chesky make
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while leading this company
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no actually not at all that brian's been
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very
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focused and very clear on what the
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vision was and this is going on for
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years about um
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about how
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airbnb can really be a great extension
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platform with that pivot though what
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brian recognized and he's highlighted
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multiple times is that travel is
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fundamentally changed and
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airbnb is in a great position to kind of
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play out on those opportunities as
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people are living and working remotely
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and doing so on airbnb
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so then greg i wonder why did you leave
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just ahead of the ipo um especially when
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the company has been able to sort of
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even grow from that point and its
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valuation um has just grown so much also
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in the in the public markets
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yeah i'm really proud of what airbnb has
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done i left for personal reasons um
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unrelated to you know the vision it was
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very clear that everybody should be
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successful and you know i've been very
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supportive very very happy with that
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hey greg i wonder i mean
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what do you think the model would look
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like today had it not been for covet and
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this massive acceleration of the ability
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to work from anywhere i mean the tools
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were already in place but getting that
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through people's heads
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almost required i mean this quickly
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almost required something like what we
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we went through i mean
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what would the company have looked like
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without it
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um i probably it's probably difficult to
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speculate on that i think what's what's
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is important to see is that what you're
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seeing is this you know the the pent-up
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demand for travel right now we've had
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this two-year period where you know
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people were afraid to travel and and the
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airbnb team had been doing some great
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work on preparing for that and there's
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just a you know i see it when you look
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at the
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expedia results i just talked to the ceo
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of get your guide and everyone has
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really seen the benefits of of this
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pent-up demand for travel and everybody
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in particular has got that unique
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category of being able to live on airbnb
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greg i wonder what you think about the
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impact of inflation and higher mortgage
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rates on airbnb's business when we look
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at inflation from the perspective of an
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uber lyft it seems to be having the
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impact of raising prices for them
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certainly when it comes to gas
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you know tight labor market having to do
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with their driver supply seems to me to
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potentially have a very different impact
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on airbnb and demand for uh its
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inventory what do you see
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well i think when you look across all
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the marketplaces uh the the consumer
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marketplaces you're seeing a very
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different impact certainly with um
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amazon and ebay you know there was a
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real bump from the stimulus check the
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checks last year that are driving um
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some tough comps now
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there's this pent-up demand for travel
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that's helping airbnb
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expediabooking.com and others which is
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which has been very helpful what is very
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clear is that
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we may have pulled forward some of the
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consumer purchases from 2022 into 2021
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but people have saved up for travel and
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there's going to continue to be you know
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and the thing that the marketplace does
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is as people are tightening their budget
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if they need to they're finding a broad
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selection on the marketplaces for you
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know if they need to trade down on their
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travel selection um when it comes to
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you know higher prices and mortgages i
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think it's good to remember that you
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know these
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services like uber lyft airbnb were all
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born out of a very tough and difficult
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recession
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and i do expect you'll see him as as um
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you know as people are raffling with
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some of these inflationary pressures
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that will actually be an incentivized
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supply on lyft and uber and airbnb as
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well
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