The global hostels market is expected to grow from $6.08 billion in 2019 and to $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 $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.
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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.
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).
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