To deal with safety risks in a peer-to-peer (P2P) trading economy platform, later customers may consider the decision of prior customers, constituting an environment where herding behavior may occur. This study intends to investigate herding behavior in such platforms and explore the boundary conditions. The study identifies the following findings: (1) The number of prior bookings for accommodation is positively associated with the number of future bookings. (2) As more prior customers use self-defined rather than default names or photos, the positive effect of the number of prior bookings is strengthened. (3) For a host with a self-defined name or photo, a large number of prior bookings can lead to more future bookings. This study suggests that P2P trading economy platforms can identify high-quality reviews, motivate users to upload self-defined names or photos, and encourage hosts to use their names and phones to attract more bookings.