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With the rapid development of sharing economy, travelers are facing choices between conventional hotels and the peer-to-peer sharing accommodation in urban tourism. The purpose of this study is to examine how travelers form their preferences in such choice situations and whether/how their preference formation mode would change with the COVID-19 pandemic.

A relative preference model was constructed and estimated for both domestic and outbound tourists, based on two waves of survey data collected before and after the COVID-19. The results of this study were compared to derive the evolution of preference formation patterns.

A set of 15 key value attributes and personal traits was identified, together with their differential effects with the pandemic. Their divergent effects between domestic and outbound trips were also delineated. Based on these findings, the competitive edges and advantageous market profiles were depicted for both hotel and sharing accommodation sectors.

This study contributes to the knowledge of tourists’ preference between accommodation types and adds empirical evidences to the impact of the pandemic on tourist behavior patterns. Both hotel and sharing accommodation practitioners can benefit from the findings to enhance their competitiveness.