The Hostels Markets was at USD 4.37 billion in 2021 and is foreseen to develop over USD 5.2 billion, garnering a CAGR of 19% throughout the conjecture period (2021-2026).
The word "hostel" evokes the style of a one bedroom, a small and inexpensive accommodation for people who want to adapt to a cheap stay. Hostels today include private rooms and all the hotel-like amenities. It is true that travelers will find accommodation elsewhere at cheaper prices, but this travel segment is also undergoing major changes to form its own niche in the hotel industry and now meets the needs of travel enthusiasts around the world, replacing the dormitory hostel image of the past.
The recent coronavirus (COVID-19) sparked global concern in early January 2020, and by the end of March 2020, the pandemic had infected several people around the world (WHO, 2020). The severity of the pandemic can be assessed based on the numbers of past events, such as SARS, the Spanish flu, etc. Tourism and hospitality companies are deeply affected by COVID-19, which was declared a pandemic on March 12, 2020 (WHO, 2020). Due to the pandemic, job losses in the travel and tourism industry are expected to be 100.08 million worldwide (Statista, 2020). The pandemic has affected not only economically but also politically and socially (Cohen, 2012).
As the number of infected cases increases throughout the country and with the implementation of certain measures and campaigns such as social distancing, community closures, working from home, staying at home, automatic or mandatory quarantine, reduction of overcrowding, etc. , pressure is created to close the tourism industry / business (Gretzel et al., 2020; Sigala, 2020). This change in the current system caused the onset of recession and depression, seeking a transformative change in society. According to a report, the fastest growing sector is the tourism industry which benefits many other sectors such as accommodation, catering, transport, retail, entertainment, etc., contributing to economic growth and global recovery.
Recent Developments
Drivers and Restraints of Hostels Market:
Growth is primarily driven by resuming business and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote work, and business closures which resulted in operational challenges. Increasing spending by millennials (ages 18-35) on travel is a key factor in the growth of the hostel market. Due to low cost, value for money, experience-based accommodation, convenient locations, and opportunities to meet millennials, other travelers opt for hostels. More than 70% of hostel travelers are millennials, 15% of whom have spent the last 12 months in a hostel. In the United States, 85% of travelers to millennial hostels have taken a trip abroad in the past 12 months, compared to just 33% of all leisure travelers in the US. The hostel industry has seen strong growth driven by millennial travelers (ages 18-35) looking to spend more money on longer trips and see the world as much as possible. Online channels are the main growth engine in the hospitality markets.
Leaving behind their old notion that they previously only provided bunk beds, hostels today offer private rooms with lively cocktail bars, yoga classes and luxurious interiors. Popular misconceptions are the biggest limiting factor in the youth hostel market. There are many misconceptions about hostels around the world that often lead people to create a negative opinion about them. In general, people assume that shelters are only for young people, some feel that the shelters are not hygienic or unsafe. Also, people who had a bad experience in a shelter generalized the notion to all shelters and refrained from using them. Such misconceptions limit the growth of the youth hostel market. However, inadequate awareness and misconceptions are the main obstacles likely to hamper the growth of the hostel market.
Hostels Market – By Implementation:
cloud
Hostels Market – By Solution:
Hostels Market – By Company Size:
Hostels Market – By Regions:
The North American hostel market is expected to grow at a substantial rate during the forecast period. This is due to the strong adoption of hostel due to its features such as powerful and efficient management of student accommodation, automated hostel attendance records, and multi-site user support. Asia-Pacific is expected to be a lucrative region of the hostel market during the outlook period. The adoption of hostel in the region is likely to be high as the software is easy to use and efficient and offers many useful features. The software offers innovative solutions for hostel, school, dorm, and university businesses.
Leading Company
Hostelworld had the largest share of the Hostels Markets in terms of sales and revenue in 2020.
Key Players
Significant players in the Hostels Markets include eZee Frontdesk, Hostelworld, Safestay plc, RoomMaster, Rezlynx PMS, Frontdesk Anywhere, MSI CloudPM, Maestro PMS, Hotelogix PMS, OPERA Property Management System (PMS), A&O Hotels and Hostels, Cloudbeds, WOKSEN, Canada Hostels, Newquay Backpackers, London Backpackers, Green Tortoise Hostel, and Hostelling International.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Hostels Market, By Deployment
6.1.1 Hybrid
6.1.2 Cloud
6.1.3 On-Premises
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Hostels Market, By Solution
6.2.1 Channel Manager
6.2.2 Production Reports
6.2.3 Daily Activity Report
6.2.4 Room Management
6.2.5 Canteen Management
6.2.6 Invoice Management
6.2.7 Hostel Member Management
6.2.8 Market Size Estimations & Forecasts (2021-2026)
6.2.9 Y-o-Y Growth Rate Analysis
6.2.10 Market Attractiveness Index
6.3 Hostels Market, By Enterprise
6.3.1 Small and Medium Enterprises
6.3.2 Large Enterprises
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Deployment
7.2.3 By Solution
7.2.4 By Enterprise
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Deployment
7.3.3 By Solution
7.3.4 By Enterprise
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Deployment
7.4.3 By Solution
7.4.4 By Enterprise
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Deployment
7.5.3 By Solution
7.5.4 By Enterprise
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Deployment
7.6.3 By Solution
7.6.4 By Enterprise
8. Key Player Analysis
8.1 eZee Frontdesk
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Hostelworld
8.3 Safestay plc
8.4 RoomMaster
8.5 Rezlynx PMS
8.6 Frontdesk Anywhere
8.7 MSI CloudPM
8.8 Maestro PMS
8.9 OPERA Property Management System
8.10 A&O Hotels and Hostels
9. Market Outlook & Investment Opportunities
10. Appendix
List of Tables
List of Figures
