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Hostels Global Market Report 2022

·4 min read

Major players in the hostels market 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.

New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hostels Global Market Report 2022" - https://www.reportlinker.com/p06193683/?utm_source=GNW

The global hostels market is expected 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 the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $840.27 billion in 2026 at a CAGR of 16.8%.

The hostels market consists of sales of hostels and related services.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 travellers, 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 a hotel.

The main types of hostels are students, workers, and others.A student hostel is a structure used by educational institutions to house their enrolled students.

The different modes of booking involve online bookings, direct bookings, others and the price point of the services includes economy, mid-range, and luxury.

The rise of solo travel is a key factor driving the growth of the hostels 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 research conducted by Hostelworld in 2019, three-quarters (75%) of women and two-thirds (67%) of men have gone on or are planning solo travel adventures around the world.In the United States, women take 45 percent more long-term hostel trips than males.

Moreover, 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 driven by 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 hostels market.To satisfy young urban professional travelers, hybrid hostels combines the affordability and sociability of dorm-accommodation with the upscale facilities of traditional hotels.

For instance, Stay Hybrid Hostel is centrally located in Thessaloniki, near the Ladadika and Valaoritou areas.Every room at Stay Hybrid Hostel is air-conditioned, with exclusive music references.

They offer personal rooms with personal facilities, tables for beds, a small desk, a wardrobe and a flat-screen TV.

Misconceptions held by the population is the major factor restraining the hostels market.There are many misconceptions held about hostels globally, that often lead to people create a negative opinion on them.

Generally, people assume hostels are only for young people, some feel that the hostels are unhygienic, and they’re not safe.In addition, people who had bad experience in hostels have generalized the notion for all the hostels and refrain from using them.

Such misconceptions limit the growth of the hostels market.

In April 2021, Collective Hospitality (CH), the owner and operator of 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 growing Collective Hospitality market share and the acquisition has made it the largest hostel company in South East Asia and fourth-largest globally, with 25 properties and more than 2,500 beds across Thailand, Indonesia, and Cambodia.

Bodega Hostels was founded in 2013 and currently manages nine hostels in significant 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 and Africa.

The countries covered in the hostels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

Read the full report: https://www.reportlinker.com/p06193683/?utm_source=GNW

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