Dublin, May 14, 2021 (GLOBE NEWSWIRE) – The “Global Youth Hostel Market Report 2021: Growth and Change in COVID-19 through 2030” the report was added to ResearchAndMarkets.com offer.
This report focuses on the high growth youth hostel market. The report gives a guide to the hostel market that will shape and change our lives over the next ten years and beyond, including the market response to the challenge of the global pandemic.
The main players in the youth hostel market are Hostelworld, Hostelling International, Green Tortoise Hostel, London Backpackers, Newquay Backpackers, Canada Hostels, WOKSEN, Cloudbeds, A&O Hotels and Hostels and OPERA Property Management System (PMS).
The global youth hostel market is expected to grow from $ 4.37 billion in 2020 to $ 5.2 billion in 2021 at a compound annual growth rate (CAGR) of 19%.
The growth is mainly due to companies resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges.
The market is expected to reach $ 5.99 billion in 2025 at a CAGR of 4%.
The hostel market consists of hostel sales and related services. A hostel can be described as a kind of budget shared accommodation with a common space. Hostels usually have dormitory-style rooms for travelers, but private rooms and hotel-style facilities are also available these days. Hostels prefer to focus on building a sociable atmosphere and are much cheaper than a hotel.
Common misconceptions are the main factor limiting the youth hostel market. There are many misconceptions about hostels around the world that often lead people to create a negative opinion of them. Generally people assume hostels are for young people only, some think hostels are not hygienic and unsafe. In addition, people who had a bad hostel experience generalized the notion to all hostels and refrain from using them. Such misconceptions limit the growth of the youth hostel market.
The introduction of hybrid hostels is a key trend in the hostel market. To satisfy young urban business travelers, hybrid hostels combine the affordability and sociability of dormitory accommodation with the upscale facilities of traditional hotels.
For example, Stay Hybrid Hostel is located in the center of Thessaloniki, near the districts of Ladadika and Valaoritou. Each room at the Stay Hybrid Hostel is air conditioned, with exclusive musical references. They offer personal rooms with personal amenities, tables for the beds, a small desk, a wardrobe and a flat screen TV.
The increased spending of millennials (aged 18-35) on travel is a key factor in the growth of the hostel market. Because of the low cost, good value for money, experience-based accommodation, convenient locations, and opportunities to meet other travelers’ millennials, opt for hostels. Over 70% of hostel travelers are millennials, 15% of whom have spent the past 12 months in a hostel.
In the United States, 85% of Millennial hostel travelers have taken an overseas trip in the past 12 months, compared to just 33% of all leisure travelers to the United States. The hostel industry has seen strong growth driven by millennial travelers (ages 18-35) looking to spend more money on longer trips and see the world as much as possible.
Main topics covered:
2. Characteristics of the hostel market
3. Trends and strategies in the youth hostel market
4. Impact of COVID-19 on hostels
5. Size and growth of the youth hostel market
5.1. Historical global youth hostel market, 2015-2020, billion dollars
5.1.1. Market drivers
5.1.2. Market restrictions
5.2. Global Hostel Forecast Market, 2020-2025F, 2030F, Billion USD
5.2.1. Market drivers
5.2.2. Market constraints
6. Segmentation of the youth hostel market
6.1. Global youth hostel market, segmentation by type, history and forecast, 2015-2020, 2020-2025F, 2030F, in USD billion
6.2. Global youth hostel market, segmentation by price, history and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
6.3. Global youth hostel market, segmentation by booking method, history and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
7. Regional and national analysis of the youth hostel market
7.1. Global youth hostel market, divided by region, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
7.2. Global youth hostel market, divided by country, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
For more information on this report, visit https://www.researchandmarkets.com/r/1ujde2
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