The impact ofBooking.com in
the Netherlands
A cooperation between
Booking.com & KPMG—
28 June 2023

Table of contents
01
Executive summary

03

02
Introduction and background 05

03
About the True Value analysis for
Booking.com• Scoping• Limitations

06
07

04
Results• Overall Results• Environmental Impacts• Social Impacts• Economic Impacts• Socio-Economic Impacts

08
09
12
14
18

05

07

Conclusion

22

References

38

06
Appendix – Methodology Handbook• True Value Methodology• Environmental Impacts• Social Impacts• Economic Impacts

23
24
29
33

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

2

Executive Summary
Booking.com was founded in the Netherlands in 1996 and with its headquarters in Amsterdam, it is oneof the few globally successful online businesses based in Europe. Its operations have local and global
impacts. For example, Booking.com provides employment opportunities and contributes to national
income and tax revenue. At the same time, its operations make use of environmental resources and it
affects local communities in various ways. As one of the leading online travel platforms, Booking.com plays
an important role in the Dutch and global tourism industry. It increases accessibility for travellers to various
accommodation options, enhances transparency in the market, and provides a platform for smaller or
independent businesses in the hospitality industry.
Booking.com is striving to be a sustainable business,
contributing to society by generating net-positive
impacts through its business model and operations.
Delivering on this ambition requires an understandingof its impacts throughout the value chain. Therefore,
Booking.com commissioned KPMG to perform a True
Value study to identify and measure the direct impact andthe externalities generated by Booking.com’s operations
and the associated downstream value chain in the
Netherlands. Using KPMG’s True Value methodology,
a selection of environmental, social and economic
impacts of Booking.com is measured in monetary value,
as seen in Figure 1. This selection of impacts is chosen
and measured based on the materiality of these impacts
as well as data availability. It focuses on Booking.com’s
Negative

Positive impact

operations in the Netherlands and the external effects
of its accommodations business. While the magnitudeof economic impacts appears significantly larger thanthat of social and environmental impacts, one must notethat many environmental and social impacts, althoughmaterial, were not included in this quantitative analysis
due to lack of data. These impacts include, but are notlimited to, ecosystem, biodiversity, air and water pollution,
Nonetheless, such quantitative analysis, while not
perfect, provides a first approximation of Booking.com’s
impacts. The results also provide a baseline for future
benchmarking, sustainability strategy development andprogress tracking.

Monetized impact size

Economic

Environmental

SocialLevel control Booking.com

Booking.com
operations

6

4

2

135,5 M

Genderwage gap

Living Wages

1,9 B
1,6 B

0

-18,2 M

-0,01M-0,8M-2

Property
partners-24,3 M

12,5 M-4
Economic impacts
form operations

Tourism spend

Tourist tax

GHG

Waste

Water
consumption

Impact category

Figure 1 – Overview of Booking.com’s impacts scoped in this project© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

3

As seen in Figure 1 Booking.com’s operations create significant positive economic and social impact in the Netherlands. This
includes the company’s Dutch tax contributions and above-average wages paid to local employees. On the other hand, themost significant negative effect arises from greenhouse gas (GHG) emissions.
The total net value of environmental, social and economic impacts created by Booking.com in the Netherlands is estimatedto be about EUR 3,6B from 2019 to 2021. 57% of this total impact arise from Booking.com’s operations in the Netherlands,
whereas the remaining 43% occurs due to the incremental nights globally induced by Booking.com.

57% Booking.com HQ

EUR 3,6 B

43% Property
partners &Tourism

The Covid-19 pandemic had a profound impact on the results included in this report. In 2020 and 2021, the global travel
and tourism industry experienced its largest ever downturn. This report is therefore likely to underestimate the economic
value created by Booking.com in an average year, but also environmental impacts as, hotel stays were much lower thanother years.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

4Introduction andbackground
Booking.com provides one of the world’s leading marketplaces for travel. It partners withentrepreneurs of all sizes to offer their services to travellers around the world.
Booking.com is not just a leader in travel but continues to challenge itself and the tourism industry1 to become moreaccountable to the planet and people. It has already taken steps by establishing carbon neutral operations, carbon offset
projects, waste reduction and enabling more sustainable travel choices. By assessing its impacts through a True Value
approach, it aims to gain insights on the net social value that it creates, understand the areas for optimization and be moretransparent about its impact on Dutch society.

The request
Booking.com has commissioned KPMG to conduct anassessment of its direct and indirect impacts in the
Netherlands from 2019 - 2021 in order to:

Having this understanding will
provide Booking.com insight
into the following:• Communicate: Provide stakeholders with an
overview of its impacts generated in the Netherlands;• Levers to reduce negative and increase positive
impacts;• Substantiate: Support claims by applying amethodology based on academic research andstudies; and• Short and long term actions to be taken by Booking.
com in its role as an employer, technology platform,
and online travel platform;• Capture: Gain insights for the management of net
benefits generated for society beyond financial results.

This impact valuation has been conducted by applying
the True Value methodology. This methodology enables
Booking.com to comprehensively measure its material
impacts throughout its value chain. By using a common
metric (euros), this allows comparison to be made acrossits impacts and empowers Booking.com to identify
focus areas, thus enabling it to better deliver on its
ambitions. This valuation offers a starting point in impact
understanding, communication and steering
decision-making.

• Deep dives into key impacts; and• Future data points to be collected for further
exploration.

The outline of the report consists of an explanation of theTrue Value Methodology, including the scope as well as
the limitations to the valuation. It is followed by theoverall results (quantitative and qualitative), as well as a
deep-dive into the social, economic and environmental
impacts.

Booking.com works in unison with various tourism partners to blaze the trail in sustainable travel. For example, it is a founding member of Travalyst, a not-for-profit
organisation made up of leading travel companies working together to make travel a catalyst for good in the world. Booking.com also works in partnership with the
Global Sustainable Tourism Council to find a collective solution to making travel more sustainable. More information can be found on: Home | Sustainability (booking.com)
1© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

5About the True Value
analysis for Booking.com
Booking.com commissioned KPMG to identify and quantify material impacts created in the
Netherlands. The project was conducted through a four-step approach as seen below. The
analysis was built upon Booking.com’s data, but the valuation factors were derived from reliablethird party sources such as governmental papers and scientific research.

01

02
Scoping

Research & Data
gathering

03

04
Modelling

Reporting andcommunications

ScopingBooking.com has several integrated products offered via one
platform including stays, flights, car rentals, attractions and airport
taxis. This True Value analysis focuses on the identification andvaluation of the impacts generated by Booking.com’s operations
and accommodations in the Netherlands. This includes the
additional revenue realised by accommodations through working
with Booking.com as well as the associated environmental andsocial impacts of these incremental stays. Other environmental
and social impacts generated by tourists when staying at theproperty partners of Booking.com, such as the food waste
generated at establishments other than the property partners or
carbon footprint of the transportation they have taken, are notin scope as they are not under the influence of Booking.com. The
analysis takes into account the years from 2019 – 2021.

A simplified value chain for Booking.com’s operations and its
accommodation vertical includes :•Suppliers which provide Booking.com with products andservices to facilitate its operations;•

Booking.com’s own operations including its own employees
and facilities; and•Property partners that collaborate with Booking.com toprovide travellers with accommodation choices.

Depending on the impact being estimated and depending on data
availability, the value chain segments in scope are detailed in themethodology section. For the purpose of this analysis, the impact of
upstream suppliers of purchased goods and services and the impactof the Booking.com own operations at its offices in Amsterdam, its
headquarters, are collectively categorized as “Booking.com HQ”.
This is distinguished from the property partners and tourism related
impacts, downstream in the value chain of Booking.com.

Headquarters(HQ)

Property
Partners &Tourism

The downstream impacts (i.e. impacts arisingfrom property partners and tourism) have been
estimated based on the incremental nights
induced by Booking.com and not the total nightsthat were booked on Booking.com’s platform for
the Netherlands. The key difference is that theincremental nights would not have occurred without
Booking.com. Hence, this study examines the added
value of Booking.com to the Dutch society.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

6

The intention of this analysis was to be as comprehensive as possible. For this reason, initial themes and indicators wereselected which take into consideration as many externalities in the value chain as possible. This includes Booking.com’s
own operations at its headquarters and offices in Amsterdam and at its property partner. Through interviews with internal
stakeholders and desktop research, a “long list” of externalities deemed relevant and material in Booking.com’s value chain
was identified. This long list was then shortened based on data availability to form a “short list”, as seen in Table 1. By means
of KPMG proprietary True Value methodology, KPMG professionals quantified these externalities and applied a financial
value to them using expert input and the best available reliable third party data sources. These included data from the US
Environmental Protection Agency (EPA), Centraal Bureau voor de Statistiek (CBS), True Price and Valuing Nature.

Booking.com HQ

Downstream[Property partners & Tourism

Positive
externalities• Economic impacts from revenue andexpenditure• Living wages• Attracting international talents*• Increase in revenue earned by property
partners• Tourish spend• Tourist tax• Geographic dispersion*

Negative
externalities

•
•
•

GHG
Waste
Gender wage gap• GHG• Waste• Waste consumption• Housing prices and quality of life*

Table 1 – Shortlisted externalities throughout the value chain, where * denotes a qualitative assessment of the impact

Limitations
There are limitations to the True Value analysis of Booking.
com’s impacts in the Netherlands. Some limitations,directly related to specific indicators, are listed in thechapter dedicated to that indicator. However, there arealso some general assumptions and limitations that need
to be stated.
The downstream impacts measured in this project only
considers the incremental nights induced by Booking.
com, calculated from 2019 to 2021. This is the impact
associated with the nights otherwise not booked in theabsence of Booking.com. While this provides a snapshot of
the added value of Booking.com over the period in scope,
we hypothesize that the impact of Booking.com is muchgreater, more far reaching and systemic if we examine thetourism industry before and after the rise of online travel
platforms. This is a much longer timeframe compared tothe 3 years in scope. As a result, It is likely that Booking.
com (along with other travel platforms) has facilitatedan expansion of the tourism industry far larger than theincremental nights identified and included in this project.
This means that there could be further environmental,social and economic consequences not captured in thisproject.
With the current analyses, we cannot and do not assume
to predict the future. For example, new regulations maychange pricing factors or technological innovations may
generate substitutes to current products with reduced
externalities. When considering impacts containing highlevels of uncertainty, more conservative approaches
have been applied both to data gathering and valuation
techniques. These made sure that impacts are balanced,
yet offer strategic insights. In some areas, a higher
degree of unpredictable systemic interactions madeprecise measurement challenging; nevertheless wehave identified and documented qualitative results withrecommendations to measure them in future work.
It is also important to understand that the quality of
the input data is determinant for the final values of theexternalities. More specifically, data about Booking.
com own operations was only partially available for the
specific scope defined by this study, as reporting scopeof data available was not focused on the Netherlands. For
instance, only the total GHG emissions relating to Booking
Holdings were available for the analysis. Therefore wecreated an attribution factor based on the proportionate
number of employees and number of incremental nights
booked at properties in the Netherlands induced byBooking.com.
Furthermore, as data about the impacts generated
at the property partners were not readily available toBooking.com, extensive research has been conducted
to understand the environmental and social impacts
generated by one night of stay. Peer-reviewed sources
have thus been considered. However, the scope ofthe studies in consideration did not match this study
completely. For example, multiple studies were basedon South-East Asia. We therefore must account for
uncertainties generated by the geographical context ofsome data sources being different from the Netherlands.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

7

Results
Overall Results
The 3-year results of each impact are visualized in the diagram below, expressed in positive (circle) or negative (rhombus)
impacts. Plotting these on a scale of potential control or influence potential by Booking.com, it is possible to see which
impacts have the highest potential to be maximised or minimised given the role of Booking.com. Recommendations on
how to address these impacts are provided in the recommendation section.
As seen from the graph, economic and social impacts from operations are the most positive impacts the company creates.
On the other hand, the most negative effect arises from GHG emissions.

Negative

Positive impact

Monetized impact size

Economic

Environmental

SocialLevel control Booking.com

Booking.com
operations

6

4

2

135,5 M

Genderwage gap

Living Wages

1,9 B
1,6 B

0

-18,2 M

-0,01M-0,8M-2

Property
partners-24,3 M

12,5 M-4
Economic impacts
form operations

Tourism spend

Tourist tax

GHG

Waste

Water
consumption

Impact category
Figure 2 – Overview of Booking.com’s impacts scoped in this project

Total value sums up to about EUR 3,6B accumulated
from 2019 to 2021, whereby 57% of total impacts iscreated from Booking.com’s HQ, particularly from thetaxes paid and incremental tourism spend.

57% Booking.com HQ

EUR 3,6B
43% Property
partners &Tourism

Impact of the Covid-19
pandemic
The Covid-19 pandemic had an enormous impact on the
tourism and travel sector. The lockdowns introduced tocurb the spread of the virus restricted movement, thereby
bringing the tourism sector to a halt. The pandemic andlockdowns resulted in a reduction of economic activity inthe sector and, therefore, also a reduction in overall impact.
This analysis of the impact of Booking.com spans the years
that include the peak of the pandemic, 2020 and 2021, inmany countries across the world, including the Netherlands.
The effects of the pandemic on the operations ofBooking.com, stakeholders and the environment areevident. This report is therefore likely to underestimate not
only the economic value created by Booking.com in an
average year, but also the environmental and social impacts.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

8Environmental Impacts
Three main categories of environmental impacts
associated with Booking.com’s operations and businessmodel are considered in this report:

01
02

01 GHG emissions
Scope

Value chain

GHG emissions
Booking.com
operations

Property partners
and tourism

Water consumption
Affected Stakeholders:03

GlobalSociety

Waste generation

As evident from the graph below, the most material
among the three are GHG emissions. They create a total of
EUR 18,2M of negative externality from 2019-2021, mainly
arising from the incremental nights booked with property
partners (73,2%). The downstream externalities that result
from the incremental nights are much more material
than the externalities generated by Booking.com’s own
operations (which includes the use of office space anddata centres).
Booking.com Operations-0,02M

Property Partners and Tourism-0,8M

Monetized imapct (EUR)-4,9M-13,4M

Waste

Water
consumptions

Booking.com’s impact on the environment is most material
through GHG emissions. Booking.com, its suppliers andits property partners’ operations emit greenhouse gases,
which have an impact on the environment and the wider
society. In the scope of this project, we consider Booking.
com responsible for GHG emissions in two ways: throughits GHG Scope 1-3 impacts as covered in its sustainability
report and through its property partners. In Booking.com’s
own operations, we aim to capture emissions generated in
the Amsterdam offices and activities, as well as upstream
purchase of goods and services (including data centres).
We thus assign to this category of impact Scope 1 and2 emissions and a part of Scope 3 emissions, related to
office usage, employees travel and commute and purchaseof goods and services and data centres. When it comesto emissions of the property partners, GHG is mainly
generated by energy use at the properties. The averagevolume of GHG emissions per night found in literature ismultiplied by the total incremental nights booked at theproperties in the Netherlands induced by Booking.com toquantify the total GHG emissions downstream.

GHG

Figure 3 – Breakdown of Booking.com’s environmental impacts scopedin this project© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

9In the graph below, we provide an overview of themonetary impact of GHG emissions over the years, split byBooking.com and its downstream property partners.
Booking.com Operations

Monetized imapct (EUR)-3,0M

Property Partners and Tourism-1,6M

02 Water consumption
Scope

-0,4M

Value chain
-3,2M

-3,5M

Booking.com
operations-6,7M

Property partners
and tourism

Affected Stakeholders:
Local
Community
2020

2021

Figure 4 – Year-on-year monetary impact of GHG emissions attributable
to Booking.com

It is evident from the graph above that 2019 GHG
emissions were significantly higher than in 2020 and
2021. The reasons are twofold. For Booking.com’s
impact, GHG emissions capture office use as well as
data centres, purchased goods and services, businesstravel and employee commuting. The sharp decreasein 2020 can be explained by the introduction of
Covid-19 related measures such as working fromhome and travel restrictions, which resulted in a
reduction in total energy usage.
On the other hand, property partners’ impacts arecomputed by multiplying the total incremental nights
booked at properties in the Netherlands induced byBooking.com with a proxy expressing the average
GHG emissions per room night. Therefore, as tourism
declined in 2020, the number of nights booked also
declined. This reduced the GHG emissions for theyear 2020. A slight increase in emissions, especially atproperty partners level, can be seen in 2021. Here, thedriver is again the number of booked nights. Booking.
com’s impact in 2021, in contrast, is showing a similarvalue to 2020, perhaps due to better managementof its emissions or the fact that actual office use hasremained stable from 2020.

Water is consumed in the offices of Booking.com as well
as at the properties managed by property partners.
Booking.com’s value chain operations draws water fromwater sources and will not be returned to these sources in
its original state. This has an impact on the environmentand society as a whole. Water consumption at Booking.
com’s offices is not reported in any official documentation,
therefore we only include an estimation of water
consumed per hotel night in our analysis. As all otherproperty partners’ impacts, we compute it by multiplying
the price with a volume (of water in this case), where thevolume comes from the multiplication between the total
incremental nights booked at properties in the Netherlands
induced by Booking.com and the average water consumed
per night in a hotel.
Property Partners and Tourism

Monetized imapct (EUR)

2019

-0,2M

-0,2M

2020

2021

-0,5M

2019

Figure 5 –Year-on-year monetary impact of water consumption attributable
to Booking.com

As the downstream impact is driven by the incrementalnights induced by Booking.com, the trend is exactly thesame as for all other downstream impacts. Therefore, thepandemic restrictions to traveling and the slow recovery of2021 are all visible drivers in the graph above.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

10

03 Waste generation
Scope

Value chain
Booking.com
operations

Property partners
and tourism

produced range from 0,4 to 1,6 kg, while the emissionof CO2e ranges from 0,3 to 50 kg, and water from 188 to
509 L. Waste figures as defined in the studies of reference
include both containers, packaging, products and foodwaste. The monetized impacts are also determined by theprices of waste. Such prices range between 35 and 48 EUR/
ton, CO2e per Tonne 109-140 EUR/ton, and water 580-620
EUR/L. These two aspects (quantity and price) explain why
waste is the least material impact in this framework.
Booking.com Operations-5,4K-15,9K

The tourism industry contributes to waste generation,
which has a significant impact on the environment. To
estimate the waste generated downstream at Booking.
com’s accommodation partners, we researched the solid
average values per night. We then multiplied it by the
total incremental nights induced by Booking.com. These
calculations resulted in an estimate of total amount ofwaste produced, expressed in kg. For Booking.com HQ,
waste generation concerns the waste generated byBooking.com’s offices in Amsterdam.
Waste generated by the use of infrastructure of property
partners is higher than the one generated by Booking.
com offices itself. However, waste is not as material asother impacts. For every hotel night, estimates of waste

Monetized imapct (EUR)

Affected Stakeholders:
Local
Community

Property Partners and Tourism-14,5K-2,7K-11,1K-29,9K

2019

2020

2021

Figure 6 –Year-on-year monetar impact of waste generation
attributable to Booking.com

It is clear that in 2020 and 2021, Booking.com’s waste has
been reduced. Property partners’ impact follows the same
trend as all other impacts associated with the incrementalnights induced by Booking.com. Again, this is probably
due to the reduced use of facilities and properties during
the pandemic in the years 2020 and 2021.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

11Social Impacts

Affected Stakeholders:
Employees(and their families)

Social impacts are impacts directly relating to people.
Regarding social impacts, two categories are considered:

Living wage

02 Gender wage gap
Both impacts are related to the direct employees ofBooking.com.

Monetized imapct (EUR)

Booking.com Operations

Booking.com Operations

135,5M-24,3M
LivingWages

Monetized imapct (EUR)

01This section identifies how the difference between thesalary received and the living wage of the country impacts
the employee’s wellbeing. The living wage is defined as
the basic pay that allows a household to obtain basic
necessities in life such as access to good health, education,
nutrition and more (Vionnet et al., 2021). It has beenadjusted for inflation over the years in scope. From 2019 –
2021, Booking.com paid its employees across the different
career levels above the living wage of the Netherlands andimpacted the employees’ well-being positively.

38,6M

42,2M

54,7M

2019

2020

2021

Gender wage
gap

Figure 7 – Breakdown of Booking.com’s social impacts scoped in thisproject

Across the different career levels, Booking.com’s
employees are receiving salaries above the Netherlands’
living wage. This therefore contributes to a positive living
wage impact of about EUR 136M in total. With regards togender wage gap, a gap is observed across most careerlevels. Such wage disparity within the same career levels
contributes to an impact of about EUR -24M in total.
Female employees are also visibly less present in the upper
career levels, but this has not been factored into
the valuation.

Figure 8 – Year-on-year monetary impact of living wages at Booking.com

As seen from the graph above, there is a net positive
societal impact of EUR 39-55M per year. The fact that thepositive impact has grown over the years can be attributed
to a general increase in salary across most career levels.

01 Living wage
Scope

Value chain
Booking.com
operations

Property partners
and tourism© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

12

02 Gender wage gap
Scope

Value chain
Booking.com
operations

Property partners
and tourism

As an example, from 2020 to 2021, average salaries of men
increased by 5-10% across some career levels, but theincrease in salaries for women of the same career levels
increased by less than half of their male counterparts. In
addition, there is also a visibly lower female to male ratio
in the upper career levels (Career Level L being the highest
level) which could be caused by reasons including unequal
promotion opportunities or unconscious bias in hiring, as
noted in the graph below. This unequal ratio has not beenfactored into the current valuation, but should also be
consciously noted.
2019

2020

2021

2.5

Affected Stakeholders:This section estimates the impact of the wage gap between
males and females at Booking.com. In general, genderwage gap impacts female employees, as it reduces, among
many other factors, their lifetime earnings, pension,purchasing power, financial resilience and independence
when compared to male employees.
Across most career levels, there is a noticeable wage gap
between male and female employees within the same
career level. While the average salaries of both men andwomen increased over the course of the years in scope,so did the wage gap. In fact, the impact of the wage gap
increased by 91% between 2020 and 2021, as seen in thegraph below. It is worth noting that this is not a comparisonof males and females in the same role within a career level.
Part of the difference might be due to females being moreprevalent in a certain career level in a department where
the wage band for that career level is lower than for thesame career level in another department, where men are
more prevalent. However, this might in itself be an outcomeof bias and it will be worth exploring why this would be
the case - for example whether there are certain education
opportunities excluded to females which limit their ability
to take up roles that demand a higher wage.

Female/Male ratio

2

Employees(and their families)

1.5
1
0.5
0

B

C

D

E

F

G

H

I

J

K

L

Figure 10 - Female/Male ratio across career levels

This sparks the question of whether the increase in salaries
or the hiring of employees in the higher career levels
has been fairly distributed between male and female
employees.

Monetized imapct (EUR)

Booking.com Operations

-6,1M

-6,2M

-11,9M

2019

2020

2021

Figure 9 –Year-on-year monetary impact of gender wage gap at Booking.com© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

13Economic Impacts
The economic impacts are clearly the most material and havean overall positive effect. Regarding economic impacts, 3
impact categories are considered:impacts from Booking.com’s
01 Economic
operations

02 Tourism spend
03 Tourist tax

Monetized imapct (EUR)

Booking.com Operations

Property Partners and Tourism

1,9bn

1,6bn

Economic impacts
from operations

Tourism spend

0,1bn
Tourismtax

Figure 11 – Breakdown of Booking.com’s economic impacts scoped in thisproject

The most significant impact is the economic impacts
from operations, which arises from Booking.com’s
revenue, expenditure, and taxes paid. All of which
contribute to the GDP of the Netherlands andcreate employment. With regards to tourism spend
and tourist tax, these arise downstream and are
calculated based on the incremental nights induced
by Booking.com i.e. nights reserved that would nothave happened in the absence of Booking.com.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

14

01 Economic impacts
from Booking.com’s
operations

to Booking.com’s own operations, and thus, differ from theimpacts of tourism spend which occur in a different part ofthe value chain i.e. downstream.
GDP

Living wage

Tax revenue

Value chain
Booking.com
operations

Property partners
and tourism

Affected Stakeholders:
Local
Community

Monetized imapct (EUR)

Scope
0,7bn
0,6bn

0,01bn

0,2bn
2019

0,2bn
0,01bn0,01bn

0,1bn

0,1bn

2020

2021

Year
Figure 12 – Economic impacts arising from Booking.com’s operations

In the course of operating their business, Booking.com
spends money on various goods and services and in sodoing impacts the economic environment in which it
operates. That impact is broader than the accounting
or financial statements record since it also contains theimpact that Booking.com has on the economy through its
supply channel and as an employer in the economy.
The total impact that Booking.com has on the economy istherefore the sum of:1

2

3

Direct impacts: its direct expenditure on goods andservices;
Indirect impacts: the increase in demand that isrequired by entities making up its supply chain inorder to supply the inputs it requires; andInduced impacts: the added demand that is
experienced in the economy from employeesof Booking.com itself as well as its supply chain
businesses when spending their money in theeconomy.

Using an economic impact model based on the economic
data contained within the input-output tables publishedby Statistics Netherlands, we are able to estimate thetotal economic impact of Booking.com’s operations asmeasured by an estimation of its contribution to GDP,
indirect jobs created and total tax expenditure arisingfrom Booking.com’s operations and upstream supply chain
activities The total tax expenditure includes the income
taxes paid by Booking.com directly as well as the indirect
and induced taxes paid by its employees as well as from its
supply chain as a result of their interactions with Booking.
com. These impacts on GDP, employment and tax are due

As seen from the above, the tax paid comprises the mostsignificant portion of the economic impacts. As this reportconsiders the value created in the Netherlands, the full tax
amount paid to the Dutch authorities, although generated
from the commission Booking.com earns from its property
partners globally, has been included. This is due to the factthat Booking.com is headquartered in the Netherlands.
This therefore explains why the economic impact Booking.
com created in the Netherlands is so large.
Total employment is provided as the number of full-time
equivalent (FTE) jobs indirectly created by Booking.com’s
operations. The impact of jobs directly created by Booking.
com (i.e. Booking.com’s own employees) has been covered
under the living wage section. Nonetheless, the valuation
approach for these two categories of jobs created (direct
and indirect) are aligned – we have assumed that theindirect jobs created pay an average Dutch salary to
the employees, and this average Dutch salary has been
compared with the living wage of the Netherlands, and thedifference gives rise to a welfare impact on the employees
which has been measured in monetary value.
Evident from the graphs above, the transition from2019 to 2020 results indicate the severe impact thatthe tourism sector experienced from the Covid-19
pandemic, which included restrictive mobility andsocialisation constraints under official lockdown
regimes. By 2021, a Covid-19 vaccine had beendeveloped. Although some restrictions in mobility
were still in place, a clear improvement from 2020
outcomes is visible in the graphics above.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

15

Evident from the graph above, the contribution to GDP
from tourism spend attributable to Booking.com is as highas EUR 837M in 2019, but this fell by 54% and 14% year on
year in 2020 and 2021 respectively. This drop is likely due
to the COVID-19 pandemic and the restrictions on traveland mobility.

02 Tourism spend
Scope

Value chain
Booking.com
operations

Property partners
and tourism

Affected Stakeholders:Besides contribution to GDP, the graph above shows
Booking.com’s contribution to the increase in the numberof jobs and living wage from increased tourism spend.
The estimation approach was similar to that followed inthe ‘Living wage’ section of this report, inspired by Valuing
Nature. Similar to GDP, the drop in the living wages impact
across the years is due to the loss of jobs due to the
COVID-19 impacts on the tourism industry.

Local
Community
The visibility and global reach provided by Booking.com
induces more nights to be booked at property partners.
While the average daily rate of properties experiences areduction due to the effects of Booking.com (e.g. increasedtransparency leading to more competition), there is stilla general added value to tourism spend, arising from theincremental tourism activity induced by Booking.com. The
incremental tourism activity leads to increased spendingat the destination, therefore creating more jobs that
support the tourism industry directly and indirectly andan overall increase in GDP. The impact of tourism spend istherefore measured in two ways:
1.1 Contribution to GDP
2.2 Increase in jobs where the value is measured via aliving wage approach
GDP

Living wage

Monetized imapct (EUR)

8,4M

836,6M

5,1M
4,3M
384,7M
329,2M

2019

2020

2021

Year
Figure 13 – Effects of tourism spend attributable to Booking.com© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

16

03 Tourist taxes
Scope

Value chain
Booking.com
operations

Property partners
and tourism

Affected Stakeholders:
Local
Community
While tourism brings several positive social and economic
benefits to the populations of tourist destinations, it isalso accompanied by negative social and environmental
externalities. These impacts are mostly felt by the local
communities that reside in these destinations. Therefore, inorder to compensate for the negative impacts of tourism
on the local communities, raise funds for investment
into better and more sustainable tourism infrastructure,and to fund use and maintenance of local facilities andinfrastructure, government bodies introduce tourism taxes(Buckley, 2019).

Monetized imapct (EUR)

Property Partners and Tourism

6,6M

2,9M

3,0M

2019

2020

2021

Figure 14– Tourist taxes attributable to Booking.com

The taxes collected over 2020 and 2021 are lower thanthose collected in 2019 by 54-56%. This is largely due tothe slowing down of the tourism sector because of thepandemic.

Tourist taxes are paid in a variety of different manners,
for instance at accommodations or as part of visa fees.
Booking.com facilitates increased travel and thereby,
enables municipalities to collect more tourist taxes.
Attributing some of these taxes to Booking.com willallow us to understand Booking.com’s contribution to
the knock-on effects of tourism on local communities.
The tourist tax might act as a proxy to encapsulate thecascading effects of tourism on local communities,
and Booking.com’s contribution to remunerating andpotentially further developing areas impacted by
tourism.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

17Socio-Economic Impacts

Affected Stakeholders:
Local
Community

01 Housing prices & quality of life
02 Geographic dispersion
03 Attracting international talents
Due to the complexities of quantifying the above impacts,
the methodology taken in this section will follow a
qualitative analysis based on desktop research.

01 Housing prices &quality of life

Through the properties listed on Booking.com, thecompany impacts the housing prices and quality of lifein the local communities, as seen in Image 1. However, it
is difficult to quantitatively assess a blanket effect on the
housing prices and quality of life as they are also affectedby many other factors. Nonetheless, a qualitative
desktop research suggests that short-term stays, as
facilitated by Booking.com, have both an increasing
and decreasing effect on the housing prices and qualityof life, plausibly depending on the population densityof the neighbourhood. Therefore, a more in-depth(statistical) analysis in specific neighbourhoods isrecommended to better assess the effects. From thisanalysis, Booking.com might be able to derive actions
to reduce negative impacts. This can include measures
such as working with policy makers to regulate tourist
disturbances in tourism hotspots.

Scope

Value chain
Booking.com
operations

Property partners
and tourism

Short-term
stays

Aspects of quality of life
• Cost of living• Sense of safety and security
Housing
Prices

Qualityof life• Amenities in neighborhood• Disturbance/ nuisance• Sense of culture/ identity

Image 1 – Correlations between short-term stays, housing prices and quality of life

Overall, there are contrasting relations between short-term stays and housing
prices as observed from research:•

Short-term stays may increase housing prices as properties used for
tourist rental contribute to scarcity (Companen BV, 2022) BUT•

Short-term stays may also be linked to more crime and nuisance which
drives down housing prices (Cheung & Chung, 2022)© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Scientific research extensively
shows that tourism (in the form ofshort-term stays) raises housing
prices – by at least 4-5% on
average in the OECD economies(Paramati & Roca, 2019), (Peri,
Smiljanic, & Kezic, 2022). The
reasons are two-fold:• Tourist rentals contributeto scarcity of properties(Companen BV, 2022)• Homebuyers who rely on
income from short-term stays
are willing to offer a higher
price for a property (ING, 2019)

The impact of Booking.com
in the Netherlands

18However, it has also been argued in other research that thepresence of tourists is linked to more crime and nuisanceand other negative externalities (such as pollution
and overcrowding) (Gottlieb, 2013) which can cause areduction in house prices. In particular, (Cheung & Chung,2022) found that the number of Airbnbs around the home
has a negative effect on the price per square meter. While
their research is specific to Airbnb, the consequence ofshort-term stays bringing in more tourists and touristrelated disturbances might be applicable to Booking.com.
From the research, it is clear that the correlations cansignificantly vary which could depend very much on
specific neighbourhoods, where some factors such as thecurrent population density could play a part. A statisticalanalysis is recommended to better assess the causal
mechanism and its impact on housing prices. Such ananalysis might provide more insights into options to
reduce negative impacts.

visitors (Gurran & Phibbs, 2017). This is likely to occur after
the neighbourhood reaches the optimal density level.

Overall, “touristification” of neighbourhoods linked
with short-term stays can have a two-way effect on
the quality of life, and this is likely dependent on thecurrent density level of the specific neighbourhood.
Further analysis is recommended to identify current
and optimal density levels and the current effect ofshort-term stays on the quality of life. Geographic
dispersion could reduce the density of tourists inovercrowded neighbourhoods and direct them to lesscrowded neighbourhoods, thus enabling the qualityof life in both neighbourhoods to improve. This isfurther explored in the next section.

A similar contrast is also observed between short-termstays and quality of life:a

Short-term stays provide additional income forresidents to perform home renovations or- increase
viability of some facilities (e.g. café, farmers’markets), which improve quality of life BUTb“Touristification” of neighbourhoods may
result in replacement of local amenities with“tourist shop”, increase in issues relating to waste,
disturbance and reduced sense of security.

Short-term stays have been argued to help preserve
property values and support residents with sufficient
additional income to pay or repay mortgages and carryout home renovations, all of which can contribute to agreater quality of life and sense of liveability (JeffersonJones, 2014). In addition, short-term stays can contributeto livelier neighbourhoods and increase the viability ofcertain types of facilities (e.g. cafés, ‘farmer markets’)(Koens, Postma, & Papp, 2018). These correlations are likely
to occur before the neighbourhood reaches its optimal
density level.
Short-term stays are however also reported to negatively
impact the quality of life. The rise of short-term stays
is argued to be related to a potential loss of amenities
aimed at residents (e.g. corner shops) and a general“touristification” of the neighbourhood. Common
complaints include noise by visitors, issues with traffic
and parking as well as insufficient waste management of© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

19

02 Geographic dispersion
Scope

Value chain
Booking.com
operations

Property partners
and tourism

This geographic dispersion of tourism has a number ofimpacts on local communities and the environment. The
rise in tourism helps improve the quality of life as seenin the previous section. Local businesses also thrive as
tourism increases in areas less explored. The dispersion
reduces pressure on the environment and the community
in tourist hotspots, by distributing it across various
locations, thereby, increasing the restoration capability
and resilience of these locations (Szromek, Hysa, &Karasek, 2019).

Affected Stakeholders:
Local
Community
As described in the previous section, the rise in tourism
has resulted in some locations becoming tourism
hotspots. While the increase in tourism is beneficial to local
communities to a certain point this fine line is sometimes
crossed. This can lead to converting tourist locations tohotspots and bringing along with it the negative impactsof over-tourism, which in turn reduces the quality of lifeand environment. The UN World Tourism Organization
defines over-tourism as “the impact of tourism on adestination, or parts thereof, that excessively influences
perceived quality of life of citizens and/or quality of visitor
experiences in a negative way”
(S. Carvão, 2018).
Online travel platforms enable accommodation
providers to market their properties to a global
audience. This includes chain hotels that are mainly
centred in cities and tourist hotspots, as well as
alternative accommodation options such as bed &breakfasts, smaller independent hotels, lodges, etc.,that are more spread out across the urban and rurallandscape. By providing these varied options to thecustomer, online travel platforms such as Booking.com
help reduce the pressures of over-tourism on certain
locations and help disperse tourists geographically tolocations less visited (Oxford Economics and Booking.
com, 2022).

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

20

03 Attracting

international talents

Scope

Value chain
Booking.com
operations

For example, in 2020-2021, 68% of its total attrition moved
on to other firms within the Netherlands, and 43% of its
total attrition stayed in the Internet, Computer Software orInformation Technology Industries. While Booking.com’s
contribution to the Dutch tech talent ecosystem and to
the economy is recognizable, it is currently challenging toquantify due to lack of data.

Property partners
and tourism

Affected Stakeholders:
Employees(and theirfamilies)

Dutch Economy
and companies

The Netherlands is experiencing a rising talent shortagedue to factors including declining birth rates and therise in early retirees. For example, as noted from Centraal
Bureau voor de Statistiek (2023), there are 121 vacancies
per 100 unemployed people. The Information Technology
sector experiences one of the highest talent shortages
across the different sectors, where 66% of employers
are unable to find the employees they need (Manpower
Group, 2022). Talent shortage could suppress the
economic output of a company and broader economy as
there are not enough people taking up the jobs to realize
the output potential (Barnow, Trutko, & Piatak, 2013). At
the same time, talent shortage might increase expenses of
the company as it is pressured to increase remuneration asa means to attract or retain its employees (Barnow, Trutko,& Piatak, 2013).
Booking.com plays an active role in attracting international
talents to the Netherlands:•

Partnering with LinkedIn to find and analyze data on
hiring potential in different regions of the world aspart of their efforts to recruit globally (Linkedin, 2016)•

Collaborating with governmental agencies such as
Gemeente Amsterdam and Amsterdam Economic
Board to identify current demand and supply of techtalent, looking into what the Amsterdam Metropolitan
Area can do and inform other Dutch cities (Gemeente
Amsterdam; Amsterdam Economic Board; Startup
Amsterdam, 2017)

Booking.com extensively hires international talents which
later feed the Dutch tech talent ecosystem and contributeto the economy.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

21

Conclusion
Booking.com is one of the most successful companies founded and headquartered in the
Netherlands, and a global leader in travel. It is committed to making a net positive contribution tosociety and to creating a more sustainable travel sector. This report is testament to this ambitionand provides a comprehensive impact analysis of Booking.com’s economic, environmental andsocial impacts created in the Netherlands.
Based on KPMG’s True Value methodology, this report quantifies Booking.com’s impact in the Netherlands – both positive
and negative. By assigning a monetary value to the natural and social dimensions of Booking.com’s business model, it
makes tangible costs and benefits that otherwise might be overlooked and allows for a more holistic understanding ofBooking.com’s net contribution to the Dutch economy, society, and natural environment.
Booking.com’s operations create significant positive economic and social impact in the Netherlands.This includes the company’s Dutch tax contributions and above-average wages paid to local employees. On the other hand, the most significant
negative effect arises from greenhouse gas (GHG) emissions. Booking.com also creates socio-economic impact which isbased on qualitative research. This includes Booking.com enabling geographic dispersion and thereby reducing the pressures of over-tourism on certain locations. Additionally, Booking.com plays an active role in attracting international talents
which positively impacts the talent shortage in the Netherlands, especially in the Information Technology sector.
This True Value analysis provides a first approximation of Booking.com’s impact in the Netherlands as well as a baseline
for benchmarking of future results. The insights in this report are meant to inform Booking.com’s stakeholders for steering
decision-making in a more sustainable direction, for instance by collaborating with key stakeholders and leveraging theunique role that Booking.com plays in this industry.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

22Appendix – Methodology
Handbook
True Value Methodology
The True Value methodology is an approach developed by KPMG to assess, manage and transform corporate and societal
impact. The methodology provides insights into the non-financial performance of institutions . It does so by quantifying
and monetizing formerly unknown or unacknowledged societal impacts in order to determine the ‘true value’ of an activity.
The approach can be used to perform a comprehensive impact assessment of a country, enterprise, organization, region,
division or product. The methodology brings together global expertise from a great number of disciplines to deliver acredible and transparent method of quantification, monetization and management (i.e. analytical prediction of future costs
and benefits, and proposed strategic responses).

A three-step process
KPMG’s True Value approach is a three-step process. The first step begins with identifying a company’s positive and negative,
socioeconomic and environmental externalities. An externality is a consequence of an industrial or commercial activity which
affects other parties without this being reflected in market prices; this can either be a cost or a benefit. In the second step avaluation is performed for each externality, by calculating the expected risk and rate of internalization as a result of regulation andstandards, stakeholder actions, and market dynamics. In the third step business cases to create greater corporate value, societal
value and competitive advantage are evaluated. In this manner the approach informs investment decision making, corporate
strategy and business model transformation.

1. Assess ‘true’ costs(and earnings)
by identifying andquantifying material
externalities (economic,
environmental and social)

2. Understand future
earnings at riskby analyzing exposure to theforces of internalization

3. Create corporate andsocietal value
by developing and evaluating
business cases that capture
value, create opportunities andreduce risk

02
01

Identify and quantify positive andnegative externalities to assess
the company’s true earnings

Externalities
Economic

Economic

SocialSocialEnvironmetntal

Environmetntal

Analyze drvers of internalization
to understand risks to future
earnings

Drivers of internalization• Regulations & standards• Stakeholder action• Market dynamics

Corporate value
Cash flow/
earnings• Investment opportunities togrow revenue and cut costs• Reduce risk
• Increase positive externalities• Reduce negative externalities

Revenue

Risk

Cost

Investment

Strategic response

03

Develop business cases to build
corporate and societal value

Not included in this report© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

23

Limitations of the methodology
The challenge to establish standard criteria in this space should come as no surprise. It took over a century to develop
adequate standards for accounting, and yet progress towards one set of global financial reporting standards remains slow
and uncertain. The spirit behind the True Value methodology, and other efforts contributing to the development of global
standards for a financial, environmental and societal profit and loss statement , is that optimal standards will only emerge
through ongoing trials and pilots such as this one.
In undertaking this challenge we are manoeuvring into a field of uncertainty, where success requires that we make useof the best thinking and tools currently available. While the outcomes may not be perfect, they do represent some of thecurrent best thinking of international experts, and with continued open exchange and iterations we are confident that
more best practices will emerge. Openly communicating the limitations and assumptions underlying the quantification of
externalities, while at the same time making use of open source data wherever possible, offer stakeholders the opportunity
to comment and even contribute to the development of the methodology.

Environmental Impacts
GHG emissions
Greenhouse gases are emitted by Booking.com and its property partners through their daily operations such as energy use,purchase of a variety of good and services etc. This contributes to climate change and negatively impacts the environmentand society at large. The damage caused by the release of these gases is calculated through the social cost of carbon (SCC),
which is the net present value of future economic damages that result from emitting one additional ton of GHGs into theatmosphere today.

Impact pathway:

01

02

03

04

Inputs& activities

Outputs &outcomes

Stakeholders
affected

Impacts tosociety

Client’s energy
use and resourceuse

GHG’s contributing toclimate change andocean acidification

Local and global
communities’ businesses,
customers

Impacts onhuman health andecosystems© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

24ScopeValue chain
Booking.com
operations

Property partners
and tourism

Scope

Coverage

Scope 1 –Booking.
com HQ

Direct emissions from owned or
directly controlled operations: facilities,
installations and company-owned
vehicles.
Indirect emissions due to purchased
electricity, steam, heat or cooling
consumed.

Scope 2–
Booking.
com HQ
Scope 3–
Booking.
com HQAll other indirect emissions including
Purchased Goods and Services, BusinessTravel and Employee Commuting.

Property
partners

Third-party accommodation provider
partners emissions, related to use of
facilities attributed to Booking.com,
were estimated to be average emissionsin accommodations based on publicly
available data on emissions in different
types of accommodations (Wang K.-T. H.C., 2015) (Filimonau, 2021).

This impact includes Booking.com’s operations in the Netherlands as well as the total incremental nights booked atproperties in the Netherlands induced by Booking.com and is quantified on a yearly basis from 2019-2021.

Monetization
approach

Methodology Approach:

Volume of GHG
emissionsSocial cost ofcarbonMonetized GHG
emissions

Booking.com’s input
External data source
Calculation output

Terms

Definition

Volume of GHG emissions

Volume of GHG emissions emitted due to Booking.com’s operations as wellas emissions by its value chain partners including property partners thatcan be attributed to Booking.com.

Social cost of carbon (Interagency
Working Group on Social Cost ofGreenhouse Gases, 2021)

The net present value of future economic damages that result fromemitting one additional ton of GHGs into the atmosphere today. The
effects of the greenhouse gases impact society on a global scale regardlessof where they are emitted, and hence, a global monetization factor is used.

MMonetized GHG emissions

The total monetized value of all GHG emissions due to Booking.com’s
operations.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

25

Assumptions and limitations:•Due to the lack of primary data, the emissions at property partners were estimated taking the total incrementalnights booked at properties in the Netherlands induced by Booking.com, and multiplying it with the average
emissions in accommodations based on publicly available data on emissions in different types of accommodations(Wang K.-T. H.-C., 2015), (Filimonau, 2021).

•

Attribution: Due to the lack of granular data for Booking.com’s Netherlands GHG emissions, Booking Holdings’
data in the annual sustainability reports was scaled and attributed to Booking.com’s Netherlands stays business. The
method of attribution is detailed in the below table.

• ScopeCoverage

Method of attribution of impact to Booking.com

Scope 1

Direct emissions

Based on ratio of employees working in the Netherlands andworldwide under Booking Holding.

Scope 2

Indirect emissions due to purchased
energyBased on ratio of employees working in the Netherlands andworldwide under Booking Holding.

Scope 3All other indirect emissions

The part related to Purchased Goods and Services andData centres is based on ratio of number of nights bookedon Booking.com in the Netherlands and number of nights
booked on Booking.com worldwide.
The part related to office use, employees commuting
and traveling is based on employees ratio as described
previously.

Water consumption
Booking.com and its value chain partners consume water in their offices, factories and properties to optimally run theiroperations. This water is withdrawn from water sources and will not be returned to this source in its original, pristine state. The
monetized impact of water consumption reflects the social impact of using water at specific location. This cost is based on the
scarcity of water at the source of origin and hence, it captures the idea that consuming water in a water scarce location is more
impactful than doing so in a place without scarcity issues.

Impact pathway:

01

02

03

04

Inputs& activities

Outputs &outcomes

Stakeholders
affected

Impacts tosocietyFreshwaterleading to water
consumption

Reduced availability
for food production,
domestic use, andgroundwater
depletion

Local
communities,
ecosystems

Impacts onrecreation, biodiversity,
groundwater
recharge© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

26ScopeValue chain
Booking.com
operations

Property partners
and tourism

This impact includes all offices of Booking.com in the
Netherlands as well as total incremental nights booked atproperties in the Netherlands induced by Booking.com
and is quantified on a yearly basis from 2019-2021.

Monetization
approach

Methodology Approach:

Volume of water
consumed

Cost of water use
per scarcity

Monetized water
consumption

Booking.com’s input
External data source
Calculation output

Terms

Definition

Volume of water consumed

Amount of water [m3] consumed i.e. withdrawn and not returned tothe original source.

Social cost of water use based onwater scarcity

Social cost of water use based on location-specific scarcity. This
allows for valuing water sourced in countries where water is scarcer,
and thereby assigning higher impact to its consumption.

Monetized water consumption

The social cost of water determined by Capitals Coalition entail
direct non-consumptive use and indirect use values. Specifically,values for recreation, biodiversity, groundwater recharge, and otherbenefits including navigation were linked to water scarcity in each,to create a social cost of water relative to scarcity.

Assumptions and limitations:•

Water consumption data at Booking.com’s offices is not reported and therefore only the property partners’ water
consumption is included in this analysis. An average value of the water use across different types of accommodation
options is used (Pensiri, 2016).

•

Multiplier: Water consumption data at partners’ was attributed to the scope of this study based on total incrementalnights booked at properties in the Netherlands induced by Booking.com© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

27Waste generation
Booking.com and its value chain partners generate waste as by-products of their operations. The waste generated has anegative impact on the environment and on society. This impact aims to calculate the cost of externalities that are a causeof landfilling and incineration of waste. The monetized value represents the cost of implementing corrective measures toreduce these externalities.

Impact pathway:

01

02

03

04

Inputs& activities

Outputs &outcomes

Stakeholders
affected

Impacts tosociety

Client’s waste
production

Emissions to air, noise,odour and leachate

Local
communities,
ecosystems

Impacts on humanhealth, disamenity

Scope

Value chain
Booking.com
operations

Property partners
and tourism

This impact includes all offices of Booking.com in the
Netherlands as well as total incremental nights booked atproperties in the Netherlands induced by Booking.com
and is quantified on a yearly basis from 2019-2021.

Monetization
approach

Methodology Approach:

Volume ofwaste

Social Costof waterMonetized water
consumption

Booking.com’s input
External data source
Calculation output

Figure 11 – Monetization approach for waste generation

Terms

Definition

Volume of waste

Volume of waste that is generated by Booking.com and its property
partners.

Social cost of waste

Monetization factor representing the cost of reducing and correcting
these externalities due to landfilling and incineration. Recycling
impacts are excluded from scope.

Monetized waste impact

Total monetized impact of landfilling and incinerating waste
generated by Booking.com and its partners.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

28

Assumptions and limitations:•

We exclude the amount of impact generated fromthe recycling part of waste, as the source used tovalue impacts of waste does not report the impact on
recycling, and valuable correction/proxy factors to get
to a valuation of recycling from there would not berobust.

•

The amount of waste generated at property partners
was estimated as an average amount of waste acrossdifferent accommodation types (Matsui, 2018).

•

Due to lack of data regarding waste produced atproperty partners, attribution of waste to property
partners was based on the total incremental nights
booked at properties in the Netherlands induced byBooking.com.

•

This analysis is based on a study in Australia, thatputs a cost on the generation of waste based on the
direct cost of treatment, transport and disposal of
the waste as well as indirect costs such as regulatory
costs, workplace injury and illness and environmental
and social costs of landfilling. It was used because ofwell-defined indirect and non-market costs (Marsden
Jacob Associates, 2014). The values for other countries
have been extrapolated based on the country’s GDP.

•

All waste was assumed to be non-hazardous.

•

The amount of waste generated at Booking.com
facilities was estimated based on the payments madeto waste managers.

Social Impacts
Living wage
A living wage enables employees and their families to have a decent standard of living. Employers are expected to pay
all of their employees a living wage at the least to enable them to afford a decent standard of living. This living wage andstandard of living is location specific. This calculation provides a comparative estimate of the impact of paying employees aparticular salary against that of paying a living wage.

Impact pathway:

01

02

03

04

Inputs& activities

Outputs &outcomes

Stakeholders
affected

Impacts tosociety

Booking.com pays its
employees salaries
for their work

Change in salary paid
to employees andthereby, on standardof living

Employees

Impact on
wellbeing, economic
contribution and
HUI per country© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

29ScopeValue chain
Booking.com
operations

Property partners
and tourism

This impact includes all employees of Booking.com in the
Netherlands and is quantified on a yearly basis from 20192021.

Methodology Approach:Monetization
approachGap between
average wage andliving wage

QALY

Booking.com’s input

Health utilityof incomeValue of QALYQALYExternal data source
Calculation output

Number ofpeople employed

Monetized societal
impact of income

Terms

Definition

Increase in salary

Difference between the salary paid to the employee and the living
wage of the country where salary is paid.

Health utility of income

The contribution of income to the well-being of an individual atcountry level. It translates the effects related to income into thechange of an individual’s quality of life. It also increases with GDP.

QALY

Quality- adjusted life years, and represents the amount (fraction) ofyears that the stakeholders are experiencing a higher quality of life
compared to country average, in relation to each USD earned above
living wage. It is expressed in fraction of years/ USD gained.

Value of QALYQALY value expresses the monetary value of increased quality of life.
is determined though a fixed value of a statistical life (VSL) and thegained quality of each additional life year.

Number of people employed

Totral number of people employed at Booking.com and value chain
steps in scope i.e. own operations of.

Monetized societal impact of income

The monetized impacts as a result of paying living wages.

Assumptions and limitations:•

As QALY can have different values depending on the valuation approach of life, multiple estimates exist in literature.
We decide to align with the OECD methodology which adopts quite a high-end number as the value of QALY.

•

Multiplier: employees working in the Netherlands which receive a salary above the living wage.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

30Gender wage gap
Booking.com pays its employees’ salaries as remuneration for the work that they perform for the company. Gender
discrimination may result in unequal pay for the same work for employees of different genders. The monetized impact
will represent the cost of restoration of lost wages due to gender discrimination as well as costs to prevent gender
discrimination in the future.

Impact pathway:

01

02

03

04

Inputs& activities

Outputs &outcomes

Stakeholders
affected

Impacts tosociety

Booking.com pays
its employees
salaries for theirwork

Gender discrimination
leads to loss inwages for some
employees

Employees­­‑women
employees inthis case

Lower well-being
for those facing
discrimination

Scope
The scope of this impact only covers Booking.com’s own
operations and employees working on these operations.

Value chain
Booking.com
operations

Property partners
and tourism

This impact includes all employees of Booking.com in the
Netherlands and is quantified on a yearly basis from2019-2021.

Methodology Approach:Monetization
approach

Booking.com’s input

Wage gap-delta of
average man andwoman salary# of women
impacted by thewage gap

External data source

Sacial cost of
wage gap

Calculation output

Monetized Wage
gap from gender
discrimination

Figure 13 – Monetization approach for Gender Wage Gap

Terms

Definition

Wage gap

The difference between the average salary of a of man and woman
salary.

Social cost of wage gap

The cost of restoration of lost wages due to gender discrimination as
well as costs to prevent gender discrimination in the future.

Monetized wage gap from gender
discrimination

The monetized impact of not paying men and women employees
equally for the same job as a result of gender discrimination.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

31

Assumptions and limitations:•This impact is calculated using the average base pay reported by HR at Booking.com and multiplying it to all
potentially impacted people. In this specific case, we assume this corresponds to all women. Using more granular data,
e.g. salaries per gender per position, to calculate the impact would provide more representative results.

•

Valuation price comprises a combination of restoration and prevention costs. The restoration cost represents therestitution of wage lost due to gender discrimination, the prevention cost expresses the cost of generic auditing setup
to prevent future instances of discrimination (True Price, 2021). While these are the major costs involved, the valuation
price is not fully comprehensive of other aspects of discrimination and other type of costs involved.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

32Economic impacts from Booking.com’s operations
An important component of the True Value assessment is the quantification of the economic impact associated with
Booking.com’s spend in the Netherlands. The economic impact methodology2 extends beyond the financial or accounting
impact since it considers the impact of its ongoing activities on various sectors of the economy and its subsequent
contributions to the GDP, tax revenues and employment. The economic impact of Booking.com operations over a period
are calculated as the sum of the direct3 and indirect4 economic impacts of its revenue and expenditure from 2019
- 2021.

Impact pathway:

01

02

03

04

Inputs& activities

Outputs &outcomes

Stakeholders
affected

Impacts tosociety

Booking.com’s
operations which
necessitate spending
and revenue
generation

Generated revenue
and incurs
capital and operating
expenditure

Dutch economy
government andsociety

Increase GDP, tax
revenues andemployment

Scope

Value chain
Booking.com
operations

Property partners
and tourism

This impact includes Booking.com’s operations in the
Netherlands and is quantified on a yearly basis from2019-2021.

Approach

Methodology Approach:DirectimpactIndirect
impactInducedimpactTotal
economic
impacts

External data source
Calculation output

Terms

Definition

Direct impact

Economic impact that results from the revenue and expenditure generated by Booking.com inmanaging its daily business activities.

Indirect impact

Economic impact that results from the added expenditure on purchases of goods and services ofBooking.com’s supply chain.

Induced impact

Economic impact that is generated when employees of either Booking.com or from its supply chain
spend their income on goods and services.

Note that only the immediate impacts of Booking.com’s operations in the Netherlands have been determined here, while
the substantial economic impacts from tourism spend are estimated in separate sections.
A Leontief Input-Output models is a general equilibrium model that examines the amount of one sector’s output required for the production of output in anothersector. While the IO Model contains the production accounts of the economy, other accounts like factors of production, institutions, capital and the rest of the world are
not fully captured in these models.
3
The additional expenditure and any additional capacity required in terms of construction or operational activity that contributes directly to gross value-added creation.
Any additional employment as well as consumer income and expenditure and trade will also be captured as part of the direct impact.
4
Measures both additional production and employment that results for the businesses located along the value chain of the company undertaking the new or additional
expenditure and also includes the additional increases in aggregate demand due to the increased consumption expenditure resulting from the increase employment in
the supply chain.
2© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

33

1

GDP Impact

3

Tax revenue

To derive an estimate for these values, one calculates the
economic multipliers applicable to each sector of theeconomy using data contained within the input-output
table (I/O) for a particular economy for a year. The inputoutput matrix represents the value of the flows of goods
and services between the various sectors of the economy
in matrix form and can include production, consumption,
trade with the rest of the world, private and public sectors
etc. The total of all the flows between all sectors of theeconomy therefore provides a disaggregated view of GDP
for a particular country.

Tax revenue included in this model pertains to the actual
income tax paid by Booking.com in the Netherlands basedon the revenue generated across its business segments
globally and actual tax paid on other business activities(e.g. VAT).

The result of an expenditure of say EUR 1M in sector X
creates, on average, an impact on the economy’s GDP of Y
depending on all the relationship between sector X and allother sectors of the economy as captured by the inputoutput matrix.

5

In the case of operational expenditure, we need toestimate the economic impact of generating a revenue of
EUR 98,8M for 2021 within the sector in which Booking.
com would operate i.e. Information Service Activities.
We then use the derived multipliers between this sector
and all others in the economy to estimate the economic
impact on GDP.
In the case of capital expenditure, one first needs totake account of the proportion of expenditure madedomestically versus imports from abroad, since only
domestic expenditure will generate a local multipliereffect. All capital expenditure was assumed to be domestic
for this project. The capital expenditure can be allocatedto different sectors of the economy to gain a moredisaggregated view of resulting impact e.g. for 2021 we
divided the EUR 136,1K between information services,computer programming and consultancy services,financial services and other professional, scientific andtechnical activities. As with the operational impact weagain use the derived multipliers between these sectors
and the rest of the economy to estimate the impact on
GDP.

2

Employment impact

The employment impact is based on an employment
multiplier derived for each sector of the economy using
sector value added and total employment for that sector.
The result is a set of multipliers that estimate the numberof employment opportunities created for each sector per
EUR 1M economic value of GDP generated.
The calculated GDP impacts are used with theemployment multipliers to derive the estimatedemployment impact.

4

Sectors included in the Dutch I/O
model

The I/O table consists of 81 sectors for the Dutch economy
including number 50 Information Service Activities, inwhich Booking.com would operate.

Technical background on using
input-output matric to derive
economic impacts

An economic-impact model is built based on the National
Input Output model for the Netherlands, where a fixedstructure, Leontief inverse matrix is used. The basic
Leontief methodology (SNA 2008:512; Jensen 2001) shows
that:

1

D=X-AX

where demand is equal to total production minus the
production needed by other industries as inputs.
• D = Demand• X = Production vector• AX = Production needed by other industries as inputs• A being the technology matrix, which shows how much
input from each industry is required to produce EU1 of
output for each industry.
The goal of a Leontief-based economic-impact model is tosolve X for this equation, that is, find the total production
for each goods and services needed to satisfy a certain
demand.
If a matrix I is an identity matrix, then IX=X. That is:
D=IX-AX

2

Factoring out the production vector X:
D=(I-A)X

3

Multiply through by inverse (I-A)^(-1):(I-A)^(-1) D=(I-A)^(-1) (I-A)X

4

And since (I-A)^(-1) (I-A) =I, it follows that:(I-A)^(-1) D=IX

5

And solving for production vector yields:
X= (I-A)^(-1) D

6

The result is a set of linear multipliers summarizing thelinkages between all sectors of the economy in termsof value added or GDP that can be used to estimate theimpact of a particular investment or expenditure.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

34Tourism spend
The increased competition in the tourism accommodation market due to increased transparency by providing customers
with access to information regarding prices and offerings, results in a decrease in prices and increase in value for thecustomer. This translates directly to an increase in overnight stays by tourists. The impacts of the increased number ofovernight stays and the resulting increase in spending by tourists can be measured by:••

Change in GDP due to tourism: Incremental spending on accommodation and at local businesses
Living wage impact of increase in jobs: Increase in number of jobs at local business and support businesses due toincreased demand.

Impact pathway:

01

02

03

04

Inputs& activities

Outputs &outcomes

Stakeholders
affected

Impacts tosociety

Platform to advertisebusinesses

Increased numberof overnight
stays

Property partners,
Local businesses andcommunities

Increased GDP andjobs due to moretourist spending at local
businesses & property
partners

Scope

Value chain
Booking.com
operations

Property partners
and tourism

This impact includes all properties in the Netherlands and is quantified on a yearly basis from 2019-2021.

Methodology Approach:
The additional nights and reduced average daily rate attributable to Booking.com were converted into an overall tourism spend impact.
Relevant spend/ GDP ratios, productivity estimates and multipliers were then applied to the tourism spend to identify total GDP and
employment estimates. This methodology and calculations have been developed by Oxford Economics.

Monetization
approach

Further, in order to identify a monetary value associated with the number of jobs generated from the tourism spend, it has been assumed
that these jobs pay the average Dutch salaries. These average salaries were then compared with the living wage of the Netherlands toidentify the value of the societal impact generated to the employees and their families. This approach undertaken is similar to how theliving wage impact is calculated from the jobs directly provided by Booking.com as an employer.

Gap between
average wage andliving wage

QALY

Booking.com’s input

Health utilityof incomeValue of Qaly

QALY

External data source
Calculation output

Number ofpeople employed© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Monetized
societal impact
of incomeThe impact of Booking.com
in the Netherlands

35

TermsDefinition

Increase in number of jobs

Incremental increase in number of jobs due to increase in tourism,
attributed to Booking.com

Impact on wellbeing

Impact on wellbeing (QALY/year) based on the average wage andliving wage in the Netherlands as well as the National Health Utility ofIncome of the Netherlands

Monetized value of QDALY

Monetization factor for QDALY

Living wage impact of increase in jobs

The total amount of living wage calculated based on the numberof additional jobs arising from the tourism spend attributable toBooking.com

Assumptions and limitations:• It was assumed that the additional jobs created paid the averages wages of the Netherlands, which is higher thanthe living wage

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

36Tourist taxes
Increased tourism often takes a toll on the communities and the environment of the host destinations. In order to remunerate for thesenegative impacts and ensure that facilities and infrastructure are well-maintained to support tourism, governments collect tourism taxes
in various ways. The tourist tax acts as a proxy to encapsulate the more difficult to quantify cascading or knock-on effects of tourism on
local communities and the environment. This impact estimates the contribution of Booking.com to collection of tourist tax through thetotal incremental nights booked at properties in the Netherlands induced by Booking.com.

01

02

03

04

Inputs& activities

Outputs &outcomes

Stakeholders
affected

Impacts tosociety

Platform toadvertisebusinesses

Introduction
of/Increase intourist tax

Local
communities,
ecosystems

Reduction of
externalities andimprovement offacilities

Scope

Value chain
Booking.com
operations

Property partners
and tourism

This impact includes all properties in the Netherlands andis quantified on a yearly basis from 2019-2021.

Approach

Methodology Approach:Total amountof tourist tax
collected

Increase inoccupancy due
to platform

Tourist tax
attributed toBooking.com

Booking.com’s input
External data source
Calculation output

Terms

Definition

Total amount of tourist tax collected

Sum of tourist tax collected across the Netherlands at all types ofproperties in one year

Increase in occupancy due to platform

Percentage increase in the number of nights booked, attributed toBooking.com

Tourist tax attributed

Tourist tax collected, attributed to Booking.com

Assumptions and limitations:• Attribution: The tourist taxes are attributed to Booking.com based on the total incremental nights booked at properties in the
Netherlands induced by Booking.com© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

37References
2014 blev ännu ett år med låg elanvändning och stor
elexport. (2015, 02 11). (Energimyndigheten) Retrieved
05 16, 2015, from https://www.energimyndigheten.se/
Press/Pressmeddelanden/2014-blev-annu-ett-ar-med-lagelanvandning-och-stor-elexport/
Affairs, B. P. (2022). Sustainability agenda: how online travel
agencies help disperse tourism. Retrieved from Medium:https://www.aworldworthexperiencing.com/sustainabilityagenda-how-online-travel-agencies-help-disperse-tourism684bb863030b
ASEK. (2015, 04 01). Kapitel 20 English summary of the ASEK
Guidelines. Retrieved 05 16, 2015, from http://www.trafikverket.
se/contentassets/13c6f625c3324bc4b34a59c9f4594703/20_
english_summary_a52.pdf
Associates, M. J. (2014). Estimate of the cost of hazardous waste
in Australia.
bank, W. (2010). Energy production (kt of oil equivalent) in
Sweden. (Trading Economics) Retrieved 05 16, 2015, from http://
www.tradingeconomics.com/sweden/energy-production-kt-ofoil-equivalent-wb-data.html
Barnow, B., Trutko, J., & Piatak, J. (2013). Occupational Labor
Shortages: Concepts, Causes, Consequences, and Cures.
Research Gate.
Berry, J., Holland, M., Watkiss, P., Boyd, R., & Stephenson,
W. (1998, 6). Power Generation and the Environment - a
UK perspective. (AEA Technology) Retrieved 05 16, 2015,
from http://www.regie-energie.qc.ca/audiences/3526-04/
MemoiresParticip3526/Memoire_CCVK_81_Externe_
UnitedKingdom.pdf
Booking.com Public Affairs. (2022). Sustainability agenda: howonline travel agencies help disperse tourism. Retrieved from
Medium.com: https://www.aworldworthexperiencing.com/
sustainability-agenda-how-online-travel-agencies-help-dispersetourism-684bb863030b
Brunekreef, B., & Holgate, S. H. (2002). Air pollution and health.
The Lancet, 360, 1233-1242.
BSO/Origin. (1990). Ex’tax Tax Resources. Retrieved fromhttp://www.ex-tax.com/files/1113/6016/6545/BSOOrigin_
Environmental_Report_1990_excl._fin._statement.pdf
Buckley, J. (2019). Amsterdam raises tourist tax to the ‘highest
in Europe’. Retrieved from CNN: https://edition.cnn.com/travel/
article/amsterdam-tourist-tax-increase/index.html
Centraal Bureau voor de Statistiek. (2023). Labour Market
Dashboard. Retrieved from https://www.cbs.nl/en-gb/
visualisations/labour-market-dashboard
Cheung, K. S., & Chung, Y. Y. (2022). The paradox of airbnb,
crime and house prices: A reconciliation. SAGE Journals.

Companen BV. (2022). Woontoegankelijkheidsmonitor van BLG
Wonen maakt .
Conca, & James. (2012, 12 6). How Deadly Is Your Kilowatt? We
Rank The Killer Energy Sources. (Forbes) Retrieved 05 16, 2015,
from http://www.forbes.com/sites/jamesconca/2012/06/10/
energys-deathprint-a-price-always-paid/
Eurostat. (2015, 05 12). Eurostat data bases. Retrieved fromhttp://ec.europa.eu/eurostat/web/transport/data/database
Filimonau, J. K. (2021). Carbon footprint assessment of homestays in Thailand. Resources, Conservation and Recycling.
G4 Sustainability Reporting Guidelines. (2015, July 08).
Retrieved from Global Reporting Initiative: https://www.
globalreporting.org/Pages/default.aspx
Gemeente Amsterdam; Amsterdam Economic Board; Startup
Amsterdam. (2017). Fighting the odds - A deep dive into the“war on talent” in Amsterdam’s tech scene and the role oflocal government. Amsterdam.
Gottlieb, C. (2013). Residential Short-Term Rentals: Should Local
Governments Regulate the ‘Industry’? Taylor & Francis
Online, 4-9.
Gurran, N., & Phibbs, P. (2017). When Tourists Move In: How
Should Urban Planners Respond to Airbnb? Journal of theAmerican Planning Association (Taylor & Francis Online).
IER. (1997, 11). ExternE National Implementation Germany.
(The European Commission) Retrieved 05 16, 2015, fromhttp://www.regie-energie.qc.ca/audiences/3526-04/
MemoiresParticip3526/Memoire_CCVK_75_ExternE_Germany.
pdf
ING. (2019). Nieuwe regel verkleint Airbnb prijseffect op
Amsterdamse woningmarkt flink. Amsterdam: ING.
Institute, W. R. (2019). Aqueduct Water Risk Atlas.
Interagency Working Group on Social Cost of Greenhouse Gases,
U. S. (2021). Technical Support Document: Social Cost of Carbon,
Methane, and Nitrous Oxide - Interim Estimates under Executive
Order 13990 .
Jefferson-Jones, J. (2014). Airbnb and the Housing Segmentof the Modern “Sharing Economy”: Are Short-Term Rental
Restrictions an Unconstitutional Taking? Hastings Constitutional
Law Quarterly.
Klin, J., & Medved, M. (2007). Fatal accidents in forestry in some
European countries. Croatian Journal of Forest Engineering ,pp. 55-62.
Koens, J., & Postma, A. (2021). Liveability. SAGE Publications.
Koens, K., Postma, A., & Papp, B. (2018). Is Overtourism Overused?
Understanding the Impact of Tourism in a City Context. MDPI.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

38

KPMG International. (2012). Sustainable Insight, Unlocking thevalue of social investment. Retrieved from KPMG: http://www.
kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/sustainable-insight/Documents/unlocking-value-socialinvestment.pdf
KPMG International. (2014). A New Vision of Value Connecting Corporate and Societal Value Creation.

True Price. (2021). Monetisation Factors for True Pricing.
TU Delft. (2012). The Model of the Eco-costs / Value
Ratio (EVR). Retrieved from Eco Costs Value: http://www.
ecocostsvalue.com/EVR/model/theory/subject/5-data.html
Value Balancing Alliance. (n.d.). Retrieved from Value Balancing
Alliance: https://www.value-balancing.com/en/downloads.html

Linkedin. (2016). Winning top tech talent. The Netherlands.

Vionnet, S., Friot, D., Haut, S., & Adhikari, R. (2021). Screening
for human rights impact in corporate supply chains - A
methodological proposal for quantitative assessment andvaluation. Valuing Nature.

Manpower Group. (2022). The Netherlands’ 2022 Talent
Shortage. Retrieved from https://go.manpowergroup.com/
hubfs/Talent%20Shortage%202022/MPG_2022_TS_InfographicNetherlands.pdf

Vionnet, S., Friot, D., Haut, S., & Adhikari, R. (2021). Screening
for human rights impact in corporate supply chains - A
methodological proposal for quantitative assessment andvaluation - Novartis case study. Valuing Nature.

Marsden Jacob Associates. (2014). Estimate of the cost ofhazardous waste in Australia.

Wang, B. (2011, 03 11). Deaths per TWh by energy source. (Next
BIG future) Retrieved 05 16, 2015, from http://nextbigfuture.
com/2011/03/deaths-per-twh-by-energy-source.html

Lindelholm Science Park. (2015, 06 08). ElectriCity. Retrieved
from GoteborgElectriCity: http://www.goteborgelectricity.se/en

Matsui, Y. &. (2018). Estimation of the solid waste generation andrecycling potential of the hotel sector: a case study in Hue City,
Vietnam. Journal of Environmental Protection.
Page, S. (2015, June 8). G7 Leaders Agree On Action To Limit
Global Warming To 2 Degrees. Retrieved from Think Progress:
http://thinkprogress.org/climate/2015/06/08/3667069/g7prioritizes-climate-change/

Wang, K.-T. H.-C. (2015). Analysis and benchmarking ofgreenhouse gas emissions of luxury hotels. International Journalof Hospitality Management.
Whittle, P., & Campbell, D. (2015, June 09). Retrieved from
Climate Debate Daily: http://climatedebatedaily.com/
World Resources Institute. (2019). Aqueduct Water Risk Atlas.

Paramati, S. R., & Roca, E. (2019). Does tourism drive house prices
in the OECD economies? Evidence from Augmented MeanGroup estimator. Research Gate.
Pensiri, A. N. (2016). The study of tourists’ behavior in water
usage in hotel business:Case study of Phuket province, Thailand.
International Journal of Industrial and Systems Engineering.
Peri, B. S., Smiljanic, A. R., & Kezic, I. (2022). Role of tourism andhotel accommodation in house prices. Elsevier.
Raiskila, S., & al., e. (2006). Growth Rate and Wood Properties of
Norway Spruce Cutting Clones. Silva Fenica, 40(2).
S. Carvão, K. K. (2018). ‘Overtourism’? – Understanding andManaging Urban Tourism Growth beyond Perceptions. UNWTO
eLibrary.
Setra. (2009). Road noise prediction. Republique France.
Social Value UK. (n.d.). What are the Social Value Principles.
Retrieved from Social Value UK: http://socialvalueuk.org/what-issroi/principles
Stocker, J., Qin, D., Plattner, G.-K., Tignor, M., Allen, S., Boschung,J., . . . (eds.). (2013). Climate Change 2013: The PhysicalScience Basis. Cambridge University Press, Cambridge, United
Kingdom and New York, NY, USA.: IPCC.
Swedish energy Agency. (2012). Basic data on biogas.
Szromek, A., Hysa, B., & Karasek, A. (2019). The Perception ofOvertourism from the Perspective of Different Generations.
Sustainability.
The Volvo Group. (2013). The Volvo Group Sustainability
Report. Gothenburg, Sweden: AB Volvo.

© 2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The impact of Booking.com
in the Netherlands

39

Contact
Maurice Hoogeveen

Crystal Pay

Tessa van Stiphout

Arnoud Walrecht

Senior Manager, Public Affairs NL
maurice.hoogeveen@booking.com
T- 0612763195

Public Affairs Manager NL
tessa.vanstiphout@booking.com
T- 0629444073

Senior Consultant – True Value, KPMG
Pay.Crystal@kpmg.nl

Partner – KPMG
Walrecht.Arnoud@kpmg.nl

Home.kpmg
home.kpmg/socialmedia

Information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.
Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as ofthe date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate
professional advice after a thorough examination of the particular situation.
©2023 KPMG Advisory N.V., a Dutch limited liability company and a member firm of the KPMG global organization of independent
member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.