New York, 30 Dec. 2021 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Hostels Global Market Report 2022” – https://www.reportlinker.com/p06193683/?utm_source=GNW
The global hostel market is expected to grow from $364.32 billion in 2021 to $451.99 billion in 2022 at a compound annual growth rate (CAGR) of 24.1%. The growth is primarily due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote work and the closure of business activities that have resulted in operational challenges. The market is expected to reach $840.27 billion in 2026 with a CAGR of 16.8%.
The hostel market consists of the sale of hostels and related services. A hostel can be described as a kind of economical shared accommodation that has a common area.
Hostels usually have dorm-style rooms for travelers, but private rooms and hotel-style facilities are also available these days. Hostels prefer to focus on creating a sociable atmosphere and are much less expensive than a hotel.
The main types of hostels are student, worker and other. A student hostel is a structure used by educational institutions to house their registered students.
The different booking modes involve online bookings, direct bookings, others and the price of the services includes economy, mid-range and luxury.
The rise of solo travel is a key factor in the growth of the hostel market. Due to the low cost, good value, experience-based accommodation, convenient locations, and opportunities to meet other travelers, solo travelers opt for hostels.
For example, according to research conducted by Hostelworld in 2019, three-quarters (75%) of women and two-thirds (67%) of men have undertaken or are planning solo travel adventures around the world. In the United States, women make 45% more long-term stays in hostels than men.
Additionally, 20% of solo travel bookings were made by American women, followed by Germany (11%), the UK (10%) and Australia (8%). The hostel industry has seen strong growth thanks to solo travelers looking to spend more money on longer trips and see as much of the world as possible.
The introduction of hybrid hostels is a key trend in the hostel market. To cater to young urban business travelers, hybrid hostels combine the affordability and sociability of dorm rooms with the upscale facilities of traditional hotels.
For example, Stay Hybrid Hostel is located in the center of Thessaloniki, near Ladadika and Valaoritou districts. Each room at Stay Hybrid Hostel is air-conditioned, with exclusive musical references.
They offer personal rooms with personal amenities, bed tables, small desk, wardrobe and flat-screen TV.
Common misconceptions are the major factor holding back the hostel market. There are many misconceptions about hostels around the world, which often lead people to create a negative opinion about them.
Generally people assume that hostels are only for young people, some think that hostels are unhygienic and unsafe. Also, people who have had a bad experience in hostels have generalized the notion for all hostels and refrain from using them.
Such misconceptions limit the growth of the hostel market.
In April 2021, Collective Hospitality (CH), owner and operator of the Slumber Party Hostels (SHG), Path and Socialtel brands, completed the acquisition of Bodega Hostels for an undisclosed amount. The deal was a strategic move to grow Collective Hospitality. market share and the acquisition made it the largest hostel company in Southeast Asia and the fourth largest in the world, with 25 properties and more than 2,500 beds in Thailand, Indonesia and Cambodia.
Bodega Hostels was founded in 2013 and currently operates nine hostels in major tourist areas in Thailand, including two in Bangkok (Khaosan and Sukhumvit Road), two in Chiang Mai (Old Town and Thapae) and one in Koh Phangan, Mae Hong Son , Phuket, Ao Nang and Siem Reap.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the hostels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06193683/?utm_source=GNW
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