The Business Research Company Global Youth Hostel Market Report 2021: Growth and Change Linked to COVID-19
LONDON, GREATER LONDON, United Kingdom, October 5, 2021 /EINPresswire.com/ – According to the new market research report ‘Global Youth Hostel Market Report 2021: COVID-19 Growth And Change ‘released by The Business Research Company, the size of the 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 primarily driven by businesses 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 increased spending of millennials (aged 18-35) on travel is a key factor in the growth of the hostel market.
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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 creating a sociable atmosphere and are much cheaper than a hotel.
Global Youth Hostel Market Trends
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, 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.
Global Youth Hostel Market Segments:
The global youth hostel market is further segmented on the basis of type, price, method of booking and geography.
By type: students, workers, others
By price level: economy, mid-range, luxury
By reservation method: online reservations, direct reservations, others
By Geography: The global youth hostel market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East, and Africa.
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Hostels Global Market Report 2021 is part of a series of new reports from The Business Research Company that provides global hostels market overviews, analysis and forecast on hostel market size and growth, Global youth hostel market share, youth hostel market players, youth hostel market segments and geographies, revenue, profiles and market share of major competitors in the youth hostel market . The Youth Hostels Market report identifies key countries and segments for opportunities and strategies based on market trends and approaches of key competitors.
Read The Business Research Company’s Global Youth Hostel Market 2021 Report for insight into the following:
Data segments: market size, global, by region and by country; Historical and forecast size, and growth rate for the world, 7 regions and 12 countries
Covered hostel market organizations: 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 Everywhere, Rezlynx PMS, RoomMaster, Safestay plc, eZee Frontdesk.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, United States, South America, Middle East and Africa.
Country: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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