Airbnb的”服務類”新產品：距離高頻是更近還是更遠？
Airbnb’s New “Service-Based” Products: A Step Closer to High Frequency—or Further Away?

海擇短評 Haize Comment：

Airbnb的”服務類”新產品：距離高頻是更近還是更遠？

Airbnb在Q1財報電話會議後的焦點，並非來自主業的財務亮點，而是來自概念鮮明的新產品——一系列主打”不需入住，也能享受Airbnb”的本地生活服務。新產品發表後迅速分散市場對其美國表現低迷與Q2預期保守的關注。海擇資本曾以”美團化”來形容Airbnb追求高頻的潛在企圖，但若細看這次推出的新產品，從類型到定位更接近”58同城化”，甚至帶有一絲“本地生活禮賓平臺”的味道。問題來了，這樣的產品，是讓Airbnb更靠近高頻，還是更遠離？將投入的2.5億美元，又是否能助其加速推進？

區域成長亮點轉向拉美，核心市場停滯

Airbnb的Q1財報數據不算黯淡，但也無法激起熱情。調整後EBITDA為4.17 億美元，總間夜與體驗達1.4億，年增8%。但從區域來看，間夜增長的火力顯然來自非核心市場：拉丁美洲成長超過20%，其中巴西就達27%；亞太地區增約長15%，歐洲、而美國與加拿大僅為個位數，其中美加為個位數低段（3%以下）。由於英法美加已占Airbnb五大核心市場之四，核心市場增長停滯也許正解釋了它為什麼急於尋找”非住宿場景”的新引擎。

服務內容初步定位：從替代住宿走向本地生活補位

本次公佈的”服務類”產品，總計橫跨十個品類，將於全球260個城市上線，與既有650城的”體驗類”產品互補。它們不再依附於住宿本身，而是單獨存在、可獨立預訂的”到家”服務，使用者不需要入住Airbnb，甚至不需旅行（Best of all, you don’t need to stay at an Airbnb or even be on a trip to get these services.）。服務價格從50美元起跳，內容涵蓋美髮、美甲、化妝、私人教練、按摩、私廚外燴與攝影等。

由於Airbnb特別強調這些服務是由經”認證”、有”執照”、”專業”者提供服務，這使得服務提供者更像是城市中高收入族群的家庭/生活管家，最大賣點不是便宜，而是”方便”與”可信賴”。這與體驗產品強調當地文化與異地旅遊不同，它們更像是一種對生活品質的維護與強化——但也因此，海擇資本認為它們天生不具備高頻驅動基因。

Airbnb不走向美團，走向貴族版58同城

我們過去討論美團時，常以三個詞形容其模式：”高頻、剛需、低決策成本”。Airbnb推出的這些生活服務正好反其道而行：

首先是頻率問題。雖然餐飲、美甲、按摩等看似日常，一旦轉為”到家服務”，就會立即落入低頻場域，因為不僅客單價更高，也涉及信任與時間安排。以臺灣為例，根據經濟部統計處資料，2023年整體餐飲市場規模約新臺幣8,650億元，其中外燴與團膳類僅占5%到7%，如果僅鎖定私廚外燴，市場規模推估僅為50億至80億元，占比不到1%。雖然客單價高（家庭每場8,000至15,000新臺幣；企業每場15,000至50,000新臺幣）與增速高（年增率15-20%），但絕對值低意味著頻率低。我們認為這不僅發生在臺灣，也不只發生在私廚外燴，Airbnb所提供的10項新服務，都有類似的風險。

其次是供應端問題。這類服務多半仰賴高技能、重信任的個人提供，如無平臺建立完整的身分審核、保險與品管制度，風險與糾紛極高。Airbnb現在提供的方式，不僅僅是媒合，而是品牌背書，這會讓它從輕平臺變成重運營，這在其過往的模式中，進入一種新樣態。

最後，這種服務的價值非在轉換率，而在於”信任轉嫁”。這意味著其最大價值不在於GMV，而在於Airbnb能否在新領域建立與住宿體驗同等的品牌可信度。如果做得好，會變成一種”生活品味的認證”，形成一個獨有的高端品味社群；若做不好，則將快速淪為另一個中低階平臺。Airbnb說明年底前會將體驗產品做到”社交性”，做法是會在購買體驗產品的期間，向團體或個人客人發送訊息，並允許客戶在之後保持聯繫，這也為”服務”類產品的社交性浮現想像力。

2.5億美元投入：夠嗎？

Airbnb表示將投入2.5億美元推動這項新事業。這筆資金若用於補貼與行銷，或許能短期換取關注；但若聚焦于建立供應鏈、驗證系統與內容合作，則會成為中長期的品牌資本。

若我們將Airbnb的策略解讀為”不缺錢、只缺時間與信任”，那麼它可能會採取以下路徑：

與具品牌影響力的供應商或網紅合作，快速取得高端領域的信任背書（事實上它在體驗類產品已經這麼做了）。

與美容、健身、藝術品牌聯名，例如與Lululemon、LA MER合作推出專屬到家服務。

選擇信任成熟市場（如洛杉磯、東京、巴黎、首爾）做深度試點，逐步向中層市場擴張。

建立類Uber的服務提供者層級與風險控管系統。

這並非傳統上高投放式的拉新，而是從供應鏈打磨紮根。2.5億美元或許足夠啟動，並建立催熟的催化劑。但它只能幫助Airbnb吸納另一種生活品牌，慢慢與非標住宿定位的Airbnb相輔相成，而非成為能與現有Airbnb市值並駕齊驅的另一個千億美金市值的品牌或美團。

離高頻更近了嗎？還是只是更高端？

疫情後，Airbnb的口號語（Slogan）常用”Made Possible by Hosts”，這也反映了由業主提供的各式住宿/體驗，甚至物業代管的精髓。本次電話會議，Chesky提到，未來”人們選擇飯店，是因為它的服務；選擇Airbnb，則會是因為它的空間（People choose hotels for their services. People choose Airbnbs for the space）”。這句話點出Airbnb戰略移向空間與本地生活方式的轉折。

這次服務產品的推出，看似向”服務”靠攏，實則是將基於空間的服務，拉進本地生活，不再與住宿綁定，也不再與旅遊相關。從第二產品增長曲線的角度看，”新服務”確實與Airbnb提高頻次的原始需求接近了，但不是投資人原本想像中的那麼近。

這不是以GMV或預訂量爆發式增長為目的的業務，但可以說明品牌擴張與深入維護中高端客層的策略轉向。它不會引爆一季的財報，卻可能奠定Airbnb不同於Booking.com、Expedia及Trip.com的新差異。

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Haize Capital Insights of the Day

Airbnb’s New “Service-Based” Products: A Step Closer to High Frequency—or Further Away?

Following Airbnb’s Q1 earnings call, the market’s focus was not on core financial performance, but on a striking new product concept—a suite of local lifestyle services that “do not require a stay” to experience Airbnb. The launch of these offerings quickly diverted attention from the company’s underwhelming performance in the U.S. and conservative Q2 guidance.

Haize Capital previously described Airbnb’s push for frequency as a potential move toward a “Meituan-ization” of the platform. But upon closer examination, these new services resemble a different model entirely—one more akin to China’s 58.com, or even a high-end local concierge platform. This raises a critical question: are these new products truly bringing Airbnb closer to high-frequency usage, or pushing it further away? And will the planned $250 million investment be enough to accelerate their success?

Growth Shifting to Latin America, While Core Markets Stagnate

Airbnb’s Q1 financials weren’t disappointing, but they hardly sparked excitement. Adjusted EBITDA reached $417 million, with total nights and experiences booked at 140 million—up 8% year-over-year. However, regional performance tells a clearer story: Latin America led the charge with over 20% growth (Brazil alone at 27%), followed by 15% in Asia-Pacific. In contrast, Europe posted mid-single-digit growth, and the U.S. and Canada were in the low single digits—below 3%.

With four of Airbnb’s five core markets (U.S., U.K., France, Canada) now stagnant, the company’s urgency to build a “non-accommodation growth engine” becomes easier to understand.

From Lodging Substitute to Lifestyle Supplement: A New Product Category Emerges

Airbnb’s newly announced service products span 10 categories and will roll out across 260 cities globally, complementing the existing “Experience” offerings in 650 cities. These services are untethered from stays—users don’t need to book an Airbnb or even be traveling. (As Airbnb puts it: “Best of all, you don’t need to stay at an Airbnb or even be on a trip to get these services.”)

Starting at $50, offerings include haircuts, manicures, makeup, personal training, massage therapy, private chef services, and photography. Because Airbnb emphasizes that these services are delivered by certified, licensed professionals, the providers resemble lifestyle concierges for urban upper-income households. The selling point is not price, but convenience and trust.

Unlike Airbnb Experiences, which highlight local culture and travel immersion, these new services are more about maintaining and elevating quality of life. As such, Haize Capital believes these offerings lack the built-in mechanics to drive high frequency.

Not a Meituan Clone—More Like a Premium 58.com

When we analyze Meituan, we often describe it with three traits: high frequency, necessity-driven, and low decision friction. Airbnb’s new service suite defies all three.

First, frequency. While dining, massage, and grooming may seem routine, they shift into low-frequency territory when converted into at-home services. The higher price point, scheduling logistics, and trust requirements make them inherently occasional.

For example, in Taiwan, the total 2023 foodservice market was approximately NT$865 billion, with catering and group meals accounting for just 5–7%. Private chef catering is estimated at only NT$5–8 billion—less than 1% of the total. Even with high per-event spending (NT$8,000–15,000 for households; NT$15,000–50,000 for businesses) and growth rates of 15–20% annually, the absolute volume remains small. This pattern is likely not unique to Taiwan, nor to catering—it applies across Airbnb’s ten service types.

Second, supply-side complexity. These services depend on highly skilled, trust-sensitive individual providers. Without rigorous identity verification, insurance, and quality control systems, risks and disputes will be high. Airbnb is not merely matching supply and demand—it is providing brand-backed trust, shifting it from a lightweight marketplace to a heavier operational model.

Finally, the value lies in trust transfer, not conversion rate. This model’s strength is not in GMV, but in whether Airbnb can establish brand credibility in this new domain equal to what it has for lodging. If successful, it could become a “lifestyle quality badge” that attracts a high-end user base. If not, it risks becoming another mid-tier, commoditized service marketplace.

Airbnb has stated it aims to make Experiences more social by allowing group participants to message each other and stay connected post-activity. This direction may offer some early imagination for what “service” products could become—a social space built around trust, not volume.

Is $250 Million Enough?

Airbnb plans to invest $250 million to drive this new vertical. If used for marketing subsidies, it may generate short-term buzz. But if directed toward supply chain construction, verification infrastructure, and strategic content partnerships, it can become a long-term brand investment.

If we interpret Airbnb’s position as “not short of money, but short of time and trust,” then its best approach may include:

1. Partnering with trusted influencers and suppliers in high-end markets (as it already does for Experiences).

2. Brand collaborations—e.g., co-developing home service offerings with Lululemon or La Mer.

3. Deep pilots in mature trust markets like Los Angeles, Tokyo, Paris, or Seoul before expanding to broader segments.

4. Building an Uber-like tiered supplier verification and risk control system.

This is not a user-acquisition-driven blitz. It’s a slow, methodical supply-chain buildout. $250 million may be enough to spark momentum and build a foundation—but unlikely to yield a separate billion-dollar business on par with Airbnb’s core or a Meituan-scale growth curve.

Closer to High Frequency—or Simply More Premium?

Since the pandemic, Airbnb has emphasized the slogan “Made Possible by Hosts”, reflecting its reliance on host-driven stays, experiences, and even property management. On the Q1 earnings call, CEO Brian Chesky stated: “People choose hotels for their services. People choose Airbnbs for the space.” This quote signals a shift in Airbnb’s strategy—from travel-focused space to locally integrated lifestyle space.

At first glance, these new services seem to move Airbnb closer to being a “services platform.” But more accurately, they draw Airbnb’s brand deeper into the rhythms of everyday life, untethered from lodging or travel.

From the perspective of a “second growth curve,” these offerings do bring Airbnb closer to higher-frequency use cases—but not in the way investors may have originally hoped.

This is not a GMV- or booking-led business explosion. Instead, it marks a strategic shift toward brand expansion and deeper engagement with a mid- to high-end customer base. It may not move the needle on quarterly earnings—but it could redefine how Airbnb differentiates itself from Booking.com, Expedia, or Trip.com in the next decade.