Hostels Global Market Report 2023

NEW YORK, Feb. 20, 2023 /PRNewswire/ -- 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 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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The hostels market is expected to grow from $7.65 billion in 2027 at a CAGR of 4.8%.

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.

In April 2021, Collective Hospitality (CH), the owner and operator of Slumber Party Hostels (SHG), Path, and Socialtel brands, completed the acquisition of Bodega Hostels for an undisclosed amount.The deal was a strategic move aimed at growing Collective Hospitality's market share, and the acquisition has made it the largest hostel company in South East Asia and fourth-largest globally, with 25 properties and more than 2,500 beds across Thailand, Indonesia, and Cambodia.

Bodega Hostels was founded in 2013 and currently manages nine hostels in significant tourist areas in Thailand, including two in Bangkok (Khaosan and Sukhumvit Road), two in Chiang Mai (Old Town and Thapae), and one each in Koh Phangan, Mae Hong Son, Phuket, Ao Nang, and Siem Reap.

The countries covered in the hostels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD (cash)?unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The hostel market research report is one of a series of new reports that provides hostel market statistics, including global market size, regional shares, competitors with a hostel market share, detailed hostel market segments, market trends and opportunities, and any further data you may need to thrive in the hostel industry. This hostel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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