And we did a few things. We really focused on making hosting easy to get started and increasing awareness. Now one of the reasons that we’re so excited about the growth being 18%, and we hope it grows even faster is, as you know, the more supply you have, the more pricing pressure you relieve on the inventory. So when you’re supply constrained, what you typically see is prices go up and prices go up, nice growth is typically diminished. So we believe that, again, the total addressable market for Airbnb space is every single person with very few exceptions who stay in a hotel. If we can get the right supply at the right price, then we believe we can capture that demand and build a company significantly larger. Additionally, by having a surplus of supply, we think that that will allow us to have even tighter quality control.
So to answer your question, we do think that the healthy supply growth of 18% could be a great leading indicator down the road of where demand could be, and we’d love your supply to grow even faster.
David Stephenson: Yes. I think what’s also interesting is, if you actually back up and look out over multiple years, you go back 4 years or so and look at the total amount of supply growth versus the total amount of nights growth, it’s actually fairly consistent. So there are times that supply leads demand and times that demand leads supply. But I think as Brian mentioned, over time, those things equalize out and the greater supply definitely helps our overall performance. I’d say in terms of U.S. very specifically, a couple of things. We’re just – we’re seeing overall very stable growth in the U.S. We’re seeing strong inbound cross-border growth in nights. And I think unlike others that we’re seeing in the U.S., we’ve seen very healthy growth in the non-urban markets, right?
Urban markets have been traditionally our areas of strength, not only grew substantially kind of during COVID and coming out of COVID, we’ve continued to hold really great share and growth in the non-urban areas, and now urban is coming back stronger, and that has been our additional area of strength. Maybe a last area is our long-term stays. So 19% of our stays were 28 days or longer in the last quarter. So it was even up a little bit from 18% prior to that. I think there’s been a lot of critique of, well, long-term stays, that’s a post-COVID benefit that’s going to go away. Well, it’s still materially bigger than it was back in 2019 when it was closer to 13%, 14% of our nights growth. So we’re seeing really great strength there. So that’s what we’re seeing in North America.
Operator: Your next question comes from the line of Timothy Shubsda from JMP Securities. Your line is open.
Nick Jones: Hi. This is Nick Jones on. You talk a lot about focus on international expansion and then kind of underpenetrated in many of these markets, you’re rolling this playbook out, I think it was Switzerland, Belgium, Netherlands. Is this kind of the cadence we should expect the playbook to kind of continue to expand into additional countries, it’s kind of 3 or 4 at a time? And I guess how are you balancing rolling this playbook out to more countries – to more countries with kind of these new initiatives that we’re looking forward to hearing from later in 2024?
Brian Chesky: Yes. I think that’s what you’ll continue to see is that we’re being very judicious about putting small teams on the ground in each of these locales, making sure that we have the full funnel marketing approach working well, establishing what product adjustments might be unique to a specific location that’s helpful. And then we’re going to – we’re working down our list. What’s the largest opportunity, what do we have the capabilities for and how do we kind of do it. None of these are perishable things. We’re just kind of working our way down kind of a prioritized list of our capabilities. And then this sets us up well as we expand beyond on the core to make sure that we have strong, established base of business to kind of build from.
David Stephenson: And I’ll just add that, I think that there’s some massive opportunities in front of us, especially with Asia. We really did focus on Korea, but I think the point that should be made is if you look at our penetration, and say, U.S., Australia, Canada, France and to maybe a lesser extent, United Kingdom, they’re significantly higher than other parts of the world. In fact, in the United States is more than an order magnitude higher penetration than Asia. There is no reason why we cannot get to today’s U.S. penetration and the equivalent penetration in most of the major tourism markets around the world. And we think we’re only scratching the service in our more mature market – more mature markets. So again, we are going to continue to add these countries one by one.
But the other thing is we’re just getting started in Korea. We’re just getting started in Germany. We’re just getting started in Brazil. Brazil is now double the size it was pre-pandemic, but it’s going to double again. And so we’re going to continue. We have multiple phases of this playbook and the first phase is playing out in Korea, Japan and Brazil. But we’re going to go on to the next phase as we continue to add more countries.
Operator: Your next question comes from the line of James Lee from Mizuho. Your line is open.
James Lee: Great. Thanks for taking my questions. My question is about booking window. I think in 1Q last year, booking window was extended as consumer tried to lock in high prices for accommodation. And just curious what you are seeing this quarter so far. Are you seeing any differences booking window by region also? That would be helpful. Thank you.
Brian Chesky: Yeah, booking window has been relatively stable. We’ve kind of come back to a little bit more normal booking windows over time. So there’s actually not a lot to say on it. It’s pretty consistent now globally as things are returning to a more normal state.
Operator: Your next question comes from the line of Bernie McTernan from Needham & Company. Your line is open.
Bernie McTernan: Great. Thanks for taking questions. Brian, just on cross vertical when you’re talking about the new product initiatives, were you meaning more of like a full OTA and thinking about cross vertical within travel? Or was this more thinking about Amazon AWS, you know, moving beyond retail to all industries? And then bringing in more first time bookers to the platform, any specific drivers there? Is that just international or anything else we should be aware of? Thank you.
Brian Chesky: Yeah. Hey, Bernie, I think that Airbnb can go far beyond travel in the coming years, but I think we’re going to start with our core. So I think what we’re going to do is start with travel and then down the road we can move beyond travel. So you should start by seeing us do the things that are the most logical extensions of what we already provide, and then we will move further and further out from our core as the things we launch are successful. And then what was the second part of the question?
David Stephenson: So it’s about first time bookers and what we’re seeing the growth of first time bookers. I’ll start, Brian. You can round it out if I miss anything. But a key part is the reliability. Making sure that they feel like we have – that the services can be reliable. So things like air cover has been an area that we’ve been promoting to get people comfortable on booking Airbnb. Doing things like reducing cancellations has been great. The work that we’ve done to make sure that prices are moderating and then just general awareness, making sure that they’re aware of it, which is the full funnel marketing approach we do to a lot of these international countries. We’re seeing strong strength in mobile downloads, as we highlight at the top of the call, and just overall strong organic trends across the business.
Brian Chesky: Yeah, I mean, I’ll just highlight a few things in addition to what Dave said. First of all, our traffic and our top of funnel results are really good. And one of the reasons why is, we’ve, number one, we’re having a really successful advertising campaign. As you know, we have a very different approach to marketing than our competitors. We’re not really typically trying to buy customers through foreign [ph] marketing. We generally, as Dave mentioned, have a full funnel approach and we think of advertising more as education than sales. And one of the things we noticed was that we want to educate people about how there are some trips that are really just always better in Airbnb. If you’re staying with – if you’re traveling your family, if you’re traveling your groups, be able to share a house and have your own bedroom and save money, rather than getting separate hotel rooms or crammed in one hotel room, makes complete logical sense.
And so we have this campaign running, it’s called Get an Airbnb, it’s the most successful digital advertising campaign we’ve ever done, and it’s now running on television. We also are tapping into the biggest moments of pop culture. Last year, for example, the Barbie movie came out, and we partnered with Mattel to turn a mansion and Malibu into Malibu Barbie DreamHouse. That became a phenomenon on social media, and it got more press, more articles than our IPO. In fact, three times as many articles were written about the Barbie Malibu DreamHouse as Airbnb’s IPO, just to give you a sense. So we have a lot of traffic coming to Airbnb. We’re going to continue to hopefully stay relevant within culture. And if we can then convert that traffic, as Dave said, through product optimization, reliability efforts, improve customer service, then I think there’s a lot of opportunities.
And again, we have an entire road map where you can imagine hundreds of basis points of conversion of a nice growth increase through some of these efforts. So we’ve got a pretty big arsenal of levers.
Operator: Your next question comes from the line of John Cantone from Jefferies. Your line is open.
John Cantone: Great. Thanks for taking my question. Just looking across your regions, EMEA is where you’ve sort of seen the biggest moderation, incremental Nights and Experiences this year. I know there’s some big travel markets where you’re still underpenetrated like Germany and now Switzerland, Belgium and the Netherlands. Maybe you could talk to why consumer adoption has lagged in some European markets versus others? And any key areas of investments you still need to make to help drive adoption rates higher in that market? Thanks.
Brian Chesky: Yes. We continue to see strength in our growth in our more established markets, North America and Europe. But we’re actually seeing still stronger growth relatively in Latin America and Asia. And so any kind of moderation is still just coming off of high overall growth. I mean I’d say APAC we’re really encouraged to see China outbound, gathering kind of additional momentum that we expect by the end of the year, China outbound travel should be above 2019 levels. So I’d say that we continue to see great strength and this international expansion playbook that we have, I think it’s going to continue to be a tailwind for growth, especially in Latin America and Asia for the rest of this year.
Operator: Your next question comes from the line of Ken Gawrelski from Wells Fargo. Your line is open.
Ken Gawrelski: Thank you very much. And I’m sure you’ll tell us more later this year, but could you talk about how you think about either the build by our partner strategy with respect to expanding beyond the core?
