Dublin, Aug. 16, 2022 (GLOBE NEWSWIRE) — The “Global Hostel Market: Analysis by Booking Channel (Online Travel Agencies (OTAs), Offline Intermediaries, Offline Direct, Hostel Websites), by region size and trends with impact of COVID -19 and forecast till 2027″ report has been added to from ResearchAndMarkets.com offer.
A hostel is a low-cost, short-term type of shared friendly accommodation where guests can rent a bed, usually a bunk bed in a dorm, as well as shared use of a living room and, sometimes, a a kitchen. Hostels offer benefits such as reduced expenses and the ability to meet people from all over the world, find travel partners and share travel ideas. Some hostels, like Zostel in India or Hostelling International, cater to a certain group of tourists. In 2021, the global hostel market was valued at 4.98 billion US$ and is expected to reach 8.89 billion US$ by 2027. The global hostel market volume reached 23.44 thousand in 2021 and is expected to increase to 37.51 thousand in 2027.
The growth of hostels exceeded that of hotels, mainly due to the increase in the millennial population. Other tailwinds were the trend towards third-party booking platforms, the growing number of international travelers and the growth of young people and solo travellers. The hostel market is expected to grow at a CAGR of 10.12%, during the forecast period 2022-2027.
Market Segmentation Analysis:
- By booking channel: The report divides the global hostel market into four different booking channels: online travel agencies (OTAs), hostel websites, direct and offline offline intermediaries. The online travel agency (OTA) segment held more than 50% of the hostel market share in 2021. The increase in the millennial population has acted as a crucial growth driver for the OTA hostel market due to their technological nature. This segment of the population is a heavy user of mobile apps to book accommodation, using information found on social media platforms, and is influenced by the experiences of other travellers. Therefore, OTA has become a very important hostel booking channel, especially for millennials.
- By Region: According to this report, the global hostel market can be divided into six major regions: Asia (China, Japan, India and Rest of Asia), North America (United States, Mexico and Canada), Western Europe (Germany, UK, France and Rest of Western Europe), Australia and New Zealand, Latin America and Rest of the World. The hostel market in Western Europe recorded a market share of 34% in 2021, mainly due to the presence of tourist sites in a number of European cities.
- As London continues to be a major driver of UK tourism, accounting for a large share of total visitation, UK regional markets have grown in popularity with tourists and investors. Along with this, the UK hostel market is also expected to grow significantly among other countries owing to the emergence of hybrid hostels as a significant trend in the hostel industry.
Dynamics of the global hostel market:
- Millennials spending on the rise
- Growing interest in travel
- Growing middle class population
- Growing role of online travel agencies (OTAs)
- Growing popularity of solo travel
- Increase investment in the hospitality industry
- Overcrowding in hostels
- Misconceptions about hostels
- Rise of budget and mid-range hotels
- Growing interest in sustainable travel
- Growing number of mobile bookings
- Evolution of consumer preferences towards shared experiences
- Growing demand for luxury hostels
- Growing importance of social interaction for travelers
- Introduction of hybrid hostels
Competitive landscape and recent developments:
The youth hostel market is fragmented, with the presence of a large number of players. The main players in the youth hostels market are:
- Hostelworld Group
- Safestay plc.
- A&O Hotels and Inns
- Hostelling International (HI)
- Hostels Generator
- London backpackers
- Wombat’s Inn
- Newquay International Backpackers
- Hostel Maestro
- Green Turtle Inn
Main topics covered:
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of Covid-19
6. Market dynamics
7. Competitive landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/rhgjd8