Chinese millennials are now seen as a lucrative market for global businesses. (Photo : Getty Images)
Eyeing to double its investment in the world's second-largest economy, Airbnb China has rebranded its service to "Aibiying," which means "welcome each other with love," online portal Inc.com reported.
In a statement, CEO Brian Chesky enthused that "there a whole new generation of Chinese travelers who want to see the world in a different way," emphasizing their mission of catering to the demands of Chinese millennials.
According to a 2015 Goldman Sachs report, China's population is composed by approximately 31 percent millennials, which is equivalent to around 415 million people.
Airbnb, a fast-growing online marketplace and hospitality service, reported that its outbound travel from China increased by 142 percent last year. The company also took note that its users from the Asian giant are aged 35 and below.
Furthermore, the Airbnb airport listed a coordinated 1.6 million guest arrivals in China.Sammy Suzuki, a specialist in emerging markets at AllianceBernstein, remarked back in 2015 that "Chinese millennials are likely to travel farther afield--and to spend more while traveling--as their disposable incomes and appetite for adventure grow."
"This suggests they're likely to prove an increasingly lucrative market for the global travel and tourism industry when they start to make longer-haul trips," Suzuki added.
For this year, the newly rebranded firm eyes to launch a collection of "Experiences" and "Trips" in Shanghai.
Apart from Shanghai, the company has also signed memoranda of intent with other Chinese cities, including Guangzhou, Chongqing and Shenzhen, to solidify its presence in the country.
To adapt locally, Airbnb also supports local payment portals such as Alipay and allows its users to sign up via the popular messaging app, WeChat.
The company said it also plans to triple its local workforce, giving Chinese more job opportunities.
For Airbnb's investors, China is considered as the firm's biggest luxury market, and this can be hugely attributed to the country's millennial populace.
