Major players in the hostels market are Hostel world, Hostelling International, Green Tortoise Hostel, London Backpackers, Newquay Backpackers, Canada Hostels, WOKSEN, Cloud beds, A&O Hotels and Hostels, and OPERA Property Management System (PMS).
The global
hostels market is expected to grow from USD 6.08 billion in 2019 and to
USD 6.13 billion in 2020 at a growth rate of 1%. The slow growth in 2020 is
mainly due to the economic slowdown across countries owing to the COVID-19
outbreak and the measures to contain it. The market is then expected to grow
and reach USD 7.5 billion in 2023 at CAGR of 6.8%.
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.
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. 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. Personal rooms with personal facilities, tables for beds, a small desk, a wardrobe and a flat-screen TV, the vibrant Aristotelous Square is only 601 meters away, from where guests can enjoy fantastic sunset and views of the Thermaikos Gulf.
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 greater spending by millennials
(aged 18-35) 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 U.S., 85% of millennial hostel travelers have
taken a foreign trip in the past 12 months-compared to just 33% of all U.S.
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.
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