Airbnb has grown very rapidly over the past several years, with millions of tourists having used the service. The purpose of this study was to investigate tourists’ motivations for using Airbnb and to segment them accordingly. The study involved an online survey completed in 2015 by more than 800 tourists who had stayed in Airbnb accommodation during the previous 12 months. Aggregate results indicated that respondents were most strongly attracted to Airbnb by its practical attributes, and somewhat less so by its experiential attributes. An exploratory factor analysis identified five motivating factors—Interaction, Home Benefits, Novelty, Sharing Economy Ethos, and Local Authenticity. A subsequent cluster analysis divided the respondents into five segments—Money Savers, Home Seekers, Collaborative Consumers, Pragmatic Novelty Seekers, and Interactive Novelty Seekers. Profiling of the segments revealed numerous distinctive characteristics. Various practical and conceptual implications of the findings are discussed.