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, OPERA Property Management System (PMS), Hotelogix PMS, Maestro PMS, MSI CloudPM, Frontdesk Anywhere, Rezlynx PMS, RoomMaster, Safestay plc and eZee Frontdesk.
New York, December 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the “Hostels Global Market Report 2022” – https://www.reportlinker.com/p06193683/?utm_source=GNW
The global youth 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 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 $ 840.27 billion in 2026 at a CAGR of 16.8%.
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 creating a sociable atmosphere and are much cheaper than a hotel.
The main types of homes are students, workers and others. A student hostel is a structure used by educational institutions to house their registered students.
The different booking methods involve online bookings, direct bookings, others and the price of the services includes economy, mid-range and luxury.
The boom in solo travel is a key factor in the growth of the hostel market. Due to their low cost, value for money, experience-based accommodation, convenient locations, and opportunities to meet other travelers, solo travelers opt for hostels.
For example, according to a study conducted by Hostelworld in 2019, three-quarters (75%) of women and two-thirds (67%) of men have started or plan to go on a solo adventure across the world. In the United States, women make 45% more hostel trips than men.
Additionally, 20% of solo travel bookings were made by American women, followed by Germany (11%), 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 the world as much as possible.
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 high-end amenities of traditional hotels.
For example, the 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 bedrooms with personal amenities, tables for the beds, a small desk, a wardrobe and a flat screen TV.
Common misconceptions are the main factor limiting the hostel market. There are many misconceptions about hostels around the world that often lead people to create a negative opinion of them.
Usually 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.
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 agreement was a strategic decision to develop collective hospitality. market share and the acquisition made it the largest hostel company in Southeast Asia and the fourth in the world, with 25 properties and over 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 each in Koh Phangan, Mae Hong Son, Phuket, Ao Nang and Siem Reap.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
Countries Covered in the Hostels Market Report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom United and the United States.
Read the full report: https://www.reportlinker.com/p06193683/?utm_source=GNW
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