OFF INTO THE WILD WET YONDER How does this...
Airbnb Provides “Staycations” for Live-at-Home Millennials in Singapore
Business is booming for Airbnb in Singapore, thanks in part to live-at-home millennials who need a few nights out of the house and want a convenient alternative to hotels.
Airbnb reports that they have roughly 600,000 customers living in Singapore and, in total, they have completed more bookings than the rest of Southeast Asia combined. Given Singapore’s highly urbanized population, huge middle class, and greatest smartphone penetration in the world, this isn’t necessarily all that shocking.
In addition to not having to pay rent, most millennials in Singapore live in apartment units that have been family owned for decades. Most of these residential blocks are government-funded and were affordable at the time of purchase, thanks to the country’s public housing initiatives beginning in the late 1960s.
Now, with the incredibly expensive property market—and the still-strong tradition of living with your parents until marriage—living at home is the only option for most. So when in need of some personal space, or time with a significant other, this well-connected generation seems to be looking to Airbnb, as some of its more spacious and luxurious condo options are proving quite the attraction, being cheaper than the hotel equivalent, and more private overall.
Many Singaporeans are turning to other peer-to-peer rental services as well, further demonstrating the demand here. Roomorama is one of these and they have reported a huge amount of business coming from locals.
“At least around 40% of our inquiries have been for ‘staycations’ from Singaporeans—be it for hosting dinners, weddings, or BBQs,” says Teo Jia En, co-founder of Singapore’s Roomorama. “I think it’s a direct correlation to the fact that so many Singaporeans live at home. People can’t chase their parents out when they want to host a party or be with their friends. They want to be able to be in their own space.”
While Roomorama reports a large percent of local customers, Airbnb still gets the majority of its business from actual travelers. But with headlining promotions like this, perhaps Airbnb will continue to see a rise in locals seeking “staycations.” Millennial or not, it’s an attractive option for many.