Dublin, April 06, 2023 (GLOBE NEWSWIRE) -- The "Hostels Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global hostels market will grow from $6.04 billion in 2022 to $6.35 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The hostels market is expected to grow from $7.65 billion in 2027 at a CAGR of 4.8%.
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.
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The hostel market consists of revenues earned by entities by providing hostels and related services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.
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.
Asia-Pacific is the largest region in the hostels market in 2022. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hostels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of hostels are for 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, and 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 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 advices 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.
The major misconceptions held by the population are the major factors restraining the hostel market. There are many misconceptions held about hostels globally that often lead to people creating a negative opinion about 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 experiences in hostels have generalized the notion to all the hostels and refrain from using them. Such misconceptions limit the growth of the hostel market.
The introduction of hybrid hostels is a key trend in the hostel market. To satisfy young urban professional travelers, hybrid hostels combine 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.
The countries covered in the hostels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Key Topics Covered:
1. Executive Summary
2. Hostels Market Characteristics
3. Hostels Market Trends And Strategies
4. Hostels Market - Macro Economic Scenario
4.1 COVID-19 Impact On Hostels Market
4.2 Ukraine-Russia War Impact On Hostels Market
4.3 Impact Of High Inflation On Hostels Market
5. Hostels Market Size And Growth
5.1. Global Hostels Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Hostels Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Hostels Market Segmentation
6.1. Global Hostels Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Students
- Workers
- Other Types
6.2. Global Hostels Market, Segmentation By Price Point, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Economy
- Mid-Range
- Luxury
6.3. Global Hostels Market, Segmentation By Mode of Booking, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Online Bookings
- Direct Bookings
- Other Mode Of Booking
7. Hostels Market Regional And Country Analysis
7.1. Global Hostels Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Hostels Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/k3vct6
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