The Business Research Company Global Hostel Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, Feb. 3, 2022 /EINPresswire.com/ — 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 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, bed tables, small desk, wardrobe and flat-screen TV.
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 aimed at increasing 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 2,500 beds in Thailand, Indonesia and Cambodia.
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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 global hostel market size 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%. Growth in the hostel market is primarily driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working and business closures. activities that have resulted in operational difficulties. The market value of hostels is expected to reach $840.27 billion in 2026 with a CAGR of 16.8%.
Major players holding hostel market share include 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.
TBRC’s global hostel market report is segmented by Type into Student, Worker, Other, by Price Tier into Economy, Mid-Range, Luxury, by Booking Method into Online Bookings, Direct Bookings, Other.
Global Youth Hostels Market Report 2022 – By Type (Students, Workers), By Price Tier (Economy, Mid-Range, Luxury), By Booking Method (Online Bookings, Direct Bookings) – Market Size, Global Trends and Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provides an overview of the hostels market, forecasts the size and growth of the hostels market for the overall market, segments of the Hostels Market, Geographies, Hostels Market Trends, Hostels Market Drivers, Restraints, Key Competitors. revenues, profiles and market shares.
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