A hostel can be described as a kind of budget-friendly shared accommodation that has a common area. Hostels typically have dorm-style rooms for travelers, but private rooms and hotel-like facilities are also available nowadays. Hostels prefer to concentrate on building a sociable atmosphere and are much less costly than hotels.
Sizing and Forecast
The hostels market size has grown steadily in recent years. It will grow from $6.35 billion in 2023 to $6.64 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in world population, a rise in disposable income, acceptance of solo travel and an increase in paid leaves globally.
The hostels market size is expected to see steady growth in the next few years. It will grow to $8.06 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to millennial travelers, rising spend on leisure, shift in travel trends, the resurgence of staycations, government initiatives, increasing internet penetration and smartphone usage and an increase in budget-conscious travelers. Major trends in the forecast period include focusing on hybrid hostels, focusing on eco-friendly hostel pattern, focusing on yoga hostels providing health benefits, leveraging digital technology in their hotel management systems and adopting artificial intelligence technology for higher engagement.
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Segmentation & Regional Insights
The hostels market covered in this report is segmented –
1) By Price Point: Economy, Mid-Range, Luxury
2) By Type: Students, Workers, Other Types
3) By Booking: Online Bookings, Direct Bookings, Other Booking Modes
Asia-Pacific is the largest region in the hostels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global hostels market during the forecast period. The regions covered in the hostels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise of solo travel is a key factor driving the growth of the hostel market. Due to low cost, good value, experience-based accommodation, convenient places, and opportunities to meet other travelers, solo travelers are opting for hostels. For instance, according to Solo Travel Statistics and Data: 2021-2022 published by Solo Traveler, a US-based provider of tips and advice on destinations to solo travelers, in the survey, 70% of respondents said they were ready to travel internationally again in 2021. More people, regardless of age, indicated that they typically spend $1,000 to $2,000 per week on travel. This month, Google searches for solo travel since April 2020 quadrupled to a new high, with demand visible across all age groups. Therefore, the rise in solo travel is driving the growth of the hostel market.
Key Industry Players
Major companies operating in the hostels market report are A&O Hotels and Hostels, Che Lagarto, St Christopher’s Inns, Vietnam Backpacker Hostels, Loki Hostels, goSTOPS, MEININGER Hotels, Bohemian Hostels, Hotelogix PMS, Sundance Hostel, Beijing Downtown Travelotel, 11 Youth Hostel, Hostel One, Lijiang Garden Inn, Mad Monkey Hostels, Chengdu Dragon Town Sichuan Style Hostel, The Hosteller, Kunming Cloudland Youth Hostel, Viajero, Grand Pearl Hostel for Boys, New Teddy Hostel, Plus Hostels, Toc Hostel & Suites, OPERA Property Management System (PMS), Backpacker Panda, Generator Hostels, Hostelling International, Posadas Group, YHA England & Wales, Clink Hostels, Mix, Safestay Plc, Combo Hostels, Vedanta Wake Up, Freehand Hotels, Hostelling International Canada, high garden hostels (Nigeria), Canada Hostels, Wombat’s Hostels, Cloudbeds, Pakachere Backpackers Lodge, Hotels. Ng, WOKSEN, Wild Rover, Rodamon Hostel, Gaviota, Atlantica, Hop Inn, Green Tortoise Hostel, Moustache, Safestay, The BIG Backpackers, Dar Surf Hostel, HomeStar – Jumeirah Beach, Nomads, elmenus, Pappi Chulo, International Youth Hostels (YHAI), Azalaï HotelsTented Adventures, The Hostel Crowd
The hostels market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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