The phrase “hostel” brings up the image of a modest, affordable one-bedroom flat, perfect for travellers on a budget. Today’s hostels come equipped with individual rooms and other hotel-style amenities. While it is true that travellers can find lodging elsewhere for less money, this area of travel is also undergoing significant transformation in order to carve out its own position in the hotel industry and today caters to the demands of travellers all over the world, dispelling the stereotype of the dorm-style hostel.
According to SPER market research, ‘Hostels Market Size– By Type, By Price Point, By Mode of Booking- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Hostels Market is predicted to reach USD 12.95 billion by 2032 with a CAGR of 11.2%.
In the upcoming years, the hostels market is anticipated to expand steadily. Recovery from the effects of COVID-19, which previously necessitated severe containment measures involving social estrangement, remote work, and business closures that resulted in operational issues, is the primary driver of growth. The millennial generation’s (ages 18 to 35) rising travel spending is a major driver of the hostel market’s expansion. Other travellers choose hostels because of their affordability, value for money, experience-based lodging, handy locations, and chances to meet millennials. The millennial traveller (ages 18 to 35), who wants to spend more money on longer journeys and see as much of the world as possible, has propelled the hostel industry’s rapid rise. The primary growth driver in the hospitality market is online channels.
However, hostels no longer believe they merely offer bunk beds; they instead feature individual rooms with vibrant cocktail bars, yoga sessions, and plush decor. The main barrier to the market for youth hostels is general misunderstanding. Hostels are often misunderstood, and as a result, many people have unfavourable perceptions of them. Most people think that shelters are only for children, and some think that they are unclean or dangerous. Additionally, those who had a negative shelter experience generalised the situation to all shelters and stopped utilising them. These false beliefs prevent the market for youth hostels from expanding. However, a lack of knowledge and misunderstandings are the key challenges that expansion will likely face.
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Additionally, numerous people have been infected with the global pandemic-coronavirus (COVID-19), causing concern on a global scale. The tourist and hospitality industry are significantly impacted by the COVID-19. The pandemic is expected to cause job losses in the travel and tourism industry. The epidemic has had an effect on them socially, politically, and economically. As the number of infected cases increases across the country and with the implementation of specific measures and campaigns like social distance, community closures, working from home, staying at home, automatic or mandatory quarantine, reduction of overcrowding, etc., there is pressure to shut down the tourism industry/business. This alteration to the current system resulted in recession and depression, which generated calls for a fundamental change in society.
Geographically, throughout the projected period, the market for hostels in North America is anticipated to expand significantly. This is a result of the hostel’s widespread use and features, which include robust and effective management of student housing, automatic attendance tracking, and support for several sites. During the forecast period, Asia-Pacific is also anticipated to be a lucrative area for the hostel industry. Additionally, some of the market key players are A&O Hostels, Astor Hostels, Bohemian Hostels, Clink Hostels, Destination Hostels, Equity Point Hostels, Funky Hostels, Others, Others.
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