The "Hostels Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
This report focuses on the hostels market which is experiencing strong growth. The report gives a guide to the hostels market which will be shaping and changing our lives over the next ten years and beyond, including the market's response to the challenge of the global pandemic.
Major players in the hostels market are Hostelworld, Hostelling International, Green Tortoise Hostel, London Backpackers, Newquay Backpackers, Canada Hostels, WOKSEN, Cloudbeds, A&O Hotels and Hostels and OPERA Property Management System (PMS).
The global hostels market is expected to grow from $4.37 billion in 2020 to $5.2 billion in 2021 at a compound annual growth rate (CAGR) of 19%.
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 $5.99 billion in 2025 at a CAGR of 4%.
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 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 a hotel.
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.
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.
The increased spending by millennials (aged 18-35) to 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' millennials are opting hostels. More than 70% of hostel travelers are millennials, of whom 15% have spent the last 12 months in a hostel.
In the USA, 85% of millennial hostel travelers have taken a foreign trip in the past 12 months-compared to just 33% of all the USA leisure travelers. The hostel industry has seen strong growth driven by millennial travelers (aged 18-35) looking to spend more money on longer trips and see the world as much as possible.
Key Topics Covered:
1. Executive Summary
2. Hostels Market Characteristics
3. Hostels Market Trends and Strategies
4. Impact of COVID-19 on Hostels
5. Hostels Market Size and Growth
5.1. Global Hostels Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Hostels Forecast Market, 2020-2025F, 2030F, $ 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, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Hostels Market, Segmentation By Price Point, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Hostels Market, Segmentation By Mode of Booking, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Hostels Market Regional and Country Analysis
7.1. Global Hostels Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Hostels Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Green Tortoise Hostel
A&O Hotels and Hostels
OPERA Property Management System (PMS)
For more information about this report visit https://www.researchandmarkets.com/r/h7st1j
View source version on businesswire.com: https://www.businesswire.com/news/home/20210512005543/en/
Laura Wood, Senior Press Manager
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