China: home-sharing market size| ��ƽ��

Annual transaction value of home sharing market in China from 2015 to 2023 (in billion yuan)

Characteristic	Annual transaction value in billion yuan
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Release date

November 2024

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Region

China

Survey time period

2015 to 2023

Supplementary notes

One yuan equals approximately 0.14 U.S. dollars and 0.13 euros (as of March 2025).

Figures for earlier years have been taken from previous publications by State Information Center.

Citation formats

The Chinese short-term rental market has shrunk during the COVID-19 pandemic and the total annual revenue dropped to **** billion yuan in 2022. 2023, however, saw a significant market recovery.

The short-term rental market in China

Until 2019, the home-sharing market has thrived in China as the number of domestic tourists continued to grow. In 2019, China had around *** million short-term rentals listed online and nearly million monthly active users. Short-term rental accommodations were popular among younger travelers in particular. This picture changed fundamentally with the spread of the coronavirus pandemic in 2020, and the market switched back to growth in 2023 only.

Leading market players

Entering China in 2016, the global vacation rental leader Airbnb struggled to take more of the market share from local competitors. As of August 2023, Chinese short-term rental platform Mafengwo recorded around *** million active app users. Meituan B&B and Tujia were among other successful market players that year. Tujia.com, often named China's answer to Airbnb, was the leader in this competitive domestic market for several years. Its success was based on its entirely different model to Airbnb, which better caters to Chinese travelers' cultural and consumption behavior.