Dublin, May 14, 2021 (GLOBE NEWSWIRE) – The “Hostels Global Market Report 2021: COVID-19 Growth and Change to 2030” the report was added to ResearchAndMarkets.com from offer.
This report focuses on the high growth youth hostel market. The report gives a guide to the hostel market that will shape and change our lives over the next ten years and beyond, including the market response to the challenge of the global pandemic.
The main players in the youth hostel 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 youth hostel 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 driven by business resumption and adaptation to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges.
The market is expected to reach $ 5.99 billion in 2025 with a CAGR of 4%.
The youth hostel market consists of hostel sales and related services. A youth hostel can be described as a kind of economical shared apartment with a common space. Hostels usually have dormitory-style rooms for travelers, but private rooms and hotel-style facilities are also available these days. Hostels prefer to focus on creating a friendly atmosphere and are much less expensive than a hotel.
Common misconceptions are the main factor limiting the youth hostel market. There are many misconceptions about hostels around the world that often lead people to create a negative opinion about them. In general, people assume that hostels are for young people only, some feel that hostels are not hygienic and unsafe. In addition, people who had a bad hostel experience generalized the notion to all hostels and refrain from using them. Such misconceptions limit the growth of the youth hostel market.
The introduction of hybrid hostels is a key trend in the youth hostel market. To satisfy young urban business travelers, hybrid hostels combine the accessibility and sociability of dormitories with the high-end amenities of traditional hotels.
For example, Stay Hybrid Hostel is located in the center of Thessaloniki, near the districts of Ladadika and Valaoritou. Each room at the Stay Hybrid Hostel is air conditioned, with exclusive musical references. They offer personal rooms with personal amenities, tables for the beds, a small desk, a wardrobe and a flat-screen TV.
The increased spending of millennials (aged 18-35) on travel is a key factor in the growth of the hostel market. Because of the low cost, value for money, experience-based accommodation, convenient locations and opportunities to meet millennials other travelers opt for hostels. Over 70% of hostel travelers are millennials, 15% of whom have spent the past 12 months in a hostel.
In the United States, 85% of travelers to millennial hostels have taken a trip abroad in the past 12 months, compared to just 33% of all leisure travelers to the United States. The hostel industry has seen strong growth driven by millennial travelers (ages 18-35) looking to spend more money on longer trips and see the world as much as possible.
Main topics covered:
2. Characteristics of the youth hostel market
3. Trends and strategies in the youth hostel market
4. Impact of COVID-19 on hostels
5. Size and growth of the youth hostel market
5.1. Historical global youth hostel market, 2015-2020, in billions of dollars
5.1.1. Market drivers
5.1.2. Market constraints
5.2. Global forecast market for youth hostels, 2020-2025F, 2030F, billion dollars
5.2.1. Market drivers
5.2.2. Market constraints
6. Segmentation of the youth hostel market
6.1. Global youth hostel market, segmentation by type, history and forecast, 2015-2020, 2020-2025F, 2030F, in USD billion
6.2. Global youth hostel market, segmentation by price, history and forecast, 2015-2020, 2020-2025F, 2030F, billion dollars
6.3. Global youth hostel market, segmentation by booking method, history and forecast, 2015-2020, 2020-2025F, 2030F, billion dollars
- Online reservations
- Direct bookings
7. Regional and national analysis of the youth hostel market
7.1. Global youth hostel market, divided by region, history and forecast, 2015-2020, 2020-2025F, 2030F, in USD billion
7.2. Global youth hostel market, divided by country, history and forecast, 2015-2020, 2020-2025F, 2030F, in USD billion
- Hostelling International
- Green Tortoise Hostel
- London Backpackers
- Newquay Backpackers
- Hostels in Canada
- A&O Hotels and Inns
- OPERA Property Management System (PMS)
- Hotelogix PMS
- Maestro PMS
- MSI CloudPM
- Frontdesk everywhere
- Rezlynx PMS
- Safestay plc
- Frontdesk eZee
For more information on this report, visit https://www.researchandmarkets.com/r/1ujde2