Being Outside Is Good For Your Health

In response to our recent story about the health benefits of spending time in nature, readers wanted to know: What type of nature counts?

The bottom line

Lots of studies indicate it is good for you to spend time in the woods. But what about the beach? The garden? On a motorcycle? What about a golf course? What if you don’t walk the golf course but ride in a cart? What if you’re having a really frustrating game?

Though hundreds of studies convincingly suggest that spending time in nature is good for health and longevity, scientists still don’t know exactly why. “What really is it about ‘nature’ that makes us healthier? We can’t nail it down to one thing that is true for all people,” says Christopher Minson, a University of Oregon physiology professor and chief science officer of NatureQuant, a startup working on an app for users to track the time they spend in nature.

Take golf courses, for instance. Those count as nature because they are green space. Numerous studies have associated golf with improved health. But is that because of the exercise or the nature? “No research I’m aware of has directly investigated whether the health benefits to being on a golf course can be attributed to nature itself,” Dr. Minson says.

The details

Beach time? It is good for your physical and mental health, according to a growing body of research. Adults in England who live in coastal areas “tend to be happier and healthier than similar individuals inland,” according to a study published in the journal Environment International in 2019. That may be partly because they were more physically active. They took more walks. The difference in onland physical activity between those living less than 5 kilometres—or a little over 3 miles—from the coast and those living more than 50 kilometres was equal to cycling 14 to 40 minutes a week at 15km an hour, the researchers found.

That wasn’t the only reason, though, according to the study. People living inland near “blue spaces”—rivers and lakes—also reported greater health and happiness that wasn’t associated with physical activity.

No, you don’t have to be exercising to reap the benefits of nature.

The practice the Japanese call “forest bathing” is strongly linked to lower blood pressure, heart rate and stress hormones and decreased anxiety, depression and fatigue. It also is linked to decreased inflammation. Many scientists believe the benefits aren’t due just to clean air and less noise, but the substances released from trees, plants and soil. Those include organic compounds, pollen, fungi and bacteria that contribute to the diversity of microorganisms humans need for a robust and diverse microbiome—all the tiny living things on us and in us that protect us from disease. So just breathing the fresh forest air may help strengthen our immune systems, according to a review published in February in the International Journal of Environmental Research and Public Health.

The benefits don’t just occur in forests. Scientists define nature as all sorts of environments dominated by living material, from a small urban park to the wilderness, according to research. Their definition of “nature exposure” ranges from plants in a room to camping trips to virtual reality.

That means you are likely to get some nature benefits from gardening, kayaking or even on a motorcycle, assuming it’s out in the country, says Dr. Minson. A lot more research is needed to know just how much.

AI agents like Muse can already find you the cheapest hotel room in Paris. But they can’t locate a cheaper version of that Catskills cabin you’ve been eyeing, because it might only be available on Airbnb ABNB -1.43%decrease.

Investors should pay attention to that distinction. When Meta Platforms META 3.38%increase launched its Muse agent last month, travel stocks including Booking Holdings BKNG -1.19%decrease, Expedia and Airbnb all fell sharply.

Airbnb, though, has a real chance to emerge as a winner from the upheaval. The catch: Its stock already reflects above-industry growth. To justify its valuation, Airbnb will need to turn repeat customers into loyal ones.

Online travel companies make much of their money by simplifying search and collecting fees on bookings. AI agents threaten that model.

But not all travel marketplaces are equally exposed. Booking and Expedia largely sell hotel rooms that travelers can also book directly or through competing sites. If an agent can find the same room elsewhere, it has little reason to favor either Booking or Expedia.

Booking and Expedia also sell sponsored listings that steer travelers toward particular properties. Wells Fargo estimates those will account for about 8% of Expedia’s revenue and a much higher percentage of profit next year.

Airbnb has more ways to adapt. More than half its listings are available only on its platform, and more than 90% of its traffic comes directly to its app or website.

The customer relationship doesn’t end after booking, either. Bernstein analyst Richard Clarke notes that 90% of Airbnb guests go on to message their hosts about arrival times, keys or local taxes, giving Airbnb a connection to both sides of the transaction.

How the companies have responded to the possible agentic future is telling.

Expedia quickly signed on as a Muse partner. Airbnb hasn’t, and Chief Executive Brian Chesky says AI chatbots have so far been a boon, sending customers to Airbnb’s website.

Chatbots might work for buying paper towels, he quipped at a Skift conference last month, but people enjoy planning trips. He argued that browsing dozens of homes isn’t something a text-based chatbot is well suited for.

Still, the AI jitters arrived just as Airbnb was persuading investors it deserved its pricey multiple. For years after its 2020 initial public offering, the stock—which trades around 25 to 30 times forward earnings—went nowhere. Investors saw a mature operator trading at a growth premium.

This year, Airbnb growth seems to be accelerating. The stock jumped in August after the company raised its full-year revenue-growth guidance with its second-quarter results. Wells Fargo analyst Ken Gawrelski credits a run of product improvements under a revamped leadership team.

Among the changes: letting guests reserve now and pay later, adding hotels, and a redesigned home page and app. Investors were also betting on what comes next, including thousands more hotels, car rentals and, eventually, advertising.

The irony is that some of those growth drivers push Airbnb closer to the kind of business Booking and Expedia run—the kind of business AI agents could threaten. Even if AI agents capture a large share of travel planning and booking, Airbnb would capture the demand. But it and others would slowly lose control over how customers find and choose properties.

That would undermine the advertising opportunity investors are counting on. The bigger point for Airbnb and other marketplaces is that losing control of customer acquisition could mean surrendering some of their pricing power and margins.

To bulletproof itself, Airbnb might look to another e-commerce giant that has so far kept AI agents at arm’s length: Amazon.

Like Amazon, Airbnb has a loyal customer base and hard-to-match supply. But it has nothing like Prime membership to make customers think twice before taking their business elsewhere.

That is where loyalty comes in. Business travelers stick with Hilton or Marriott because enough nights earn them perks. Leisure travelers rarely accumulate stays with one chain. Airbnb has millions of listings and plenty of repeat customers, but no broad rewards program. It has begun experimenting with credits on hotel stays, but it should make loyalty a priority, not just a promotion.

Airbnb also plans to launch its own AI agent next year. But travelers using an agent might still want it to search Airbnb, Vrbo, Booking and hotel websites alike, rather than limit itself to one company’s inventory.

Eventually, Airbnb might have to strike deals with agent makers, using its unique homes as leverage to negotiate favorable terms, says Gawrelski. Such deals, along with rewards for loyal guests, could over the long term eat into the company’s roughly 13% take rate, he adds. But if they bring in enough additional bookings, the trade-off could be worthwhile.

History offers a reason not to panic. The shift from desktop to mobile unsettled investors in Alphabet and Amazon, but both emerged as major beneficiaries. Companies with valuable assets can come out of a platform shift stronger, if they adapt quickly enough.

Airbnb has homes the bots can’t easily replace. Now it needs to give guests a reason to insist on booking them there.

Being Outside Is Good For Your Health—But Does Golf Count?

There are many health benefits of spending time in nature—but what exactly does that mean?

The bottom line

The details

AI-powered travel agents are challenging online booking platforms, but Airbnb’s exclusive listings and direct customer relationships could give it an edge. Its next challenge: turning repeat guests into loyal customers through stronger rewards and innovation.