Reality still hasn't hit the travel industry yet. We still haven't even begun to see the impact of covid on the economy start to unravel. Business travel is do

Reality still hasn't hit the travel industry yet. We still haven't even begun to see the impact of covid on the economy start to unravel. Business travel is done, but this is where a huge amount of airline and hotel profits come from. Travel is dirt cheap right now because, at least in the US, airlines have to fly. They can't lay off employees or reduce staff until, currently, end of September. But once they can I suspect we'll see very different behavior for airlines. Beyond that we still haven't started to feel the full impact of all the job losses, and the people who remain employed but at substantially lower rates, or in more volunerable positions. The relatively young travelers that make up a lot of AirBnb's business, have largely not been concerned about the virus, certainly aren't concerned about future economic impacts and have mostly seen cheap flights with hotels unwilling to book so they head to a rental. These are travelers whose optimism is based on a decade+ of perpetual economic growth. Even those losing their jobs don't really believe that there can be a prolonged period where it's hard to find work. I believe that this coming Fall will bring a lot of reality to the forefront. I suspect leadership at AirBNB has similar thoughts and wants to get that IPO before the buzzer.