How Global Hostels Market Players Should Strategize For 2022-2031

6 Jan, 2022

The global hostels market size is expected grow from $364.32 billion in 2021 to $451.99 billion in 2022 at a compound annual growth rate (CAGR) of 24.1%. The growth in the hostels market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hostels market is expected to reach $840.27 billion in 2026 at a CAGR of 16.8%.

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What is the Global Hostels Market?

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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What drives the Global Hostels Market?

The rise of solo travel 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’ solo travelers are opting for hostels. In the United States, women take 45 percent more long-term hostel trips than males. Moreover, 20% of solo travel bookings were made by American women, followed by Germany (11%), the UK (10%), and Australia (8%). The hostel industry has seen strong growth driven by solo travelers looking to spend more money on longer trips and see the world as much as possible.

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Global Hostels Market Segments
The global hostels market is segmented:
By Type: Students, Workers, Others
By Price Point: Economy, Mid-Range, Luxury
By Mode of Booking: Online Bookings, Direct Bookings, Others
By Geography: The regions covered in the hostels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Hostels Global Market Report 2022provides market size and growth forecasts for the global hostels market, global hostels market share, hostels market segments and geographies, hostels market competitive landscape including leading competitors’ revenues, profiles and market shares. The hostels market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Hostels Industry Playersinclude Hostelworld, Hosteling 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.