DUBLIN–(BUSINESS WIRE)–The “Global Hostel Market (by Booking Channel, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The global hostel market is predicted to record a value of US$6.04 billion in 2023, growing at a CAGR of 10.15%, during the forecast period.
Hostels offer an array of advantages, from budget-friendly accommodations to the opportunity to connect with fellow travelers from around the globe, find travel companions, and exchange travel insights. Some hostels, such as Zostel in India or Hostelling International, cater to specific traveler demographics.
Western Europe dominates the hostel market, driven by its wealth of tourist destinations in various European cities. While London remains a major hub for UK tourism, regional markets across the United Kingdom have gained popularity among both tourists and investors.
The United Kingdom’s hostel market is poised for significant growth, with hybrid hostels emerging as a prominent trend in the industry. The expansion of hostels has surpassed that of hotels, primarily due to the growing millennial population. Additional factors contributing to this growth include the increasing use of third-party booking platforms, a surge in international travelers, and a rise in young solo travelers.
The rise of the millennial population has played a pivotal role in driving growth in the OTA (Online Travel Agency) hostel market. Millennials are known for their tech-savvy nature and heavy reliance on mobile applications for booking accommodations. They gather information from social media platforms and are influenced by the experiences of fellow travelers, making OTA an essential booking channel, particularly for this demographic.
The hostel market features a diverse landscape with a multitude of players. Key industry leaders include Hostelworld Group, Hostelling International (HI), Generator Hostels, Safestay plc., A&O Hotels and Hostels, London Backpackers, Wombat’s Hostel, Green Tortoise Hostel, Newquay International Backpackers, and Maestro Hostel. Explore the exciting possibilities and trends in the hostel market through our comprehensive research report.
Driver: Escalating Popularity of Solo Travel
The increasing popularity of solo traveling is creating a favorable environment for the growth of the travel industry as well as the hostel market. Solo travelers are experience seekers and majority of them travel to collect memories and experience the local culture, as well as to make social connections.
These solo travelers are typically outgoing, curious, and adventurous people who like to meet and connect with new people or like-minded travelers during their tour. Solo travelers mostly prefer hostels with buzzing communal spaces as they are budget-friendly and provide the opportunity to meet other travelers. Owing to the rising preference of solo travelers to book hostels during their trip, the demand for hostels is expected to increase in the coming years.
Challenge: Misconceptions About Hostels
A major barrier to the success of hostel market has been the certain misconceptions associated with the hostel. One of the major misconceptions about the hostels is that the hostels are only for young people. Therefore, majority of the older travelers are reluctant to book hostel for their stay. Another misconception is that the hostels are dirty, resulting in the low demand from many guests.
There are various other misconceptions, including hostels are only for partying & for solo travelers, have no privacy, and are not considered safe. In fact, people also think that unlike many hotels, hostels do not provide any amenities. Hence, the growing misconceptions about the hostels is regarded as a key factor that restrain the growth of the hostel market.
Trend: Rising Demand for Luxury Hostels
One of the major trends that would impact the growth of the hostel market is the rising demand for luxury hostels. The hostel market has undergone a major transformation and now designer hostels with private rooms, vibrant bars, yoga classes and luxurious interior designs are becoming more common.
Luxury hostel accommodations offer the perfect balance of privacy, amenities, and social activities. These luxury hostels are characterized by swimming pools, cocktails, art shows, live music, rooftop bars, yoga classes and luxury suites. Luxury hostels also provide excellent service and maintain clean premises. Therefore, the rising demand for luxury hostels is creating a robust development in the overall hostel market.
The COVID-19 Analysis
During the pandemic, hostel industry witnessed a decline due to the restrictions in travelling all around the world. Many hostel chains were losing money and were forced to close due to the lockdown the integration of technology in hostel apps and online booking channels would open new doors, pave the way for enhancement, and widen the horizons of the hostel business in the next years.
Analysis of Key Players
Global Market Analysis
Global Hostel Market: Booking Channel Analysis
Hostel Overview
Market Dynamics
Growth Driver
Challenges
Market Trends
Competitive Landscape
Company Profiles: Business Overview, Operating Regions, Business Strategy
For more information about this report visit https://www.researchandmarkets.com/r/29171c
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