PUBLISHER: The Business Research Company | PRODUCT CODE: 1588791
PUBLISHER: The Business Research Company | PRODUCT CODE: 1588791
A youth hostel is a cost-effective lodging option aimed at young travelers, usually featuring shared dormitory-style rooms and communal facilities. Its main purpose is to offer affordable accommodation while promoting social interaction and cultural exchange among guests. Youth hostels frequently provide amenities such as common areas, kitchens, and organized activities to enrich the travel experience.
Youth hostels primarily offer multiple rooms, double rooms, and single rooms. A multiple room is a shared accommodation space designed to accommodate several people simultaneously, making it ideal for group travel and budget-friendly stays. Youth hostels serve men, women, and children, and are suited for both solo trips and group travel.
The youth hostel market research report is one of a series of new reports from The Business Research Company that provides youth hostel market statistics, including youth hostel industry global market size, regional shares, competitors with a youth hostel market share, detailed youth hostel market segments, market trends and opportunities, and any further data you may need to thrive in the youth hostel industry. This youth hostel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The youth hostel market size has grown strongly in recent years. It will grow from $3.94 billion in 2023 to $4.26 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth during the historic period can be attributed to the rising popularity of budget travel, the expansion of solo travel, the increased use of online booking platforms, the influence of travel influencers and social media, and the expansion and branding efforts of major hostel chains.
The youth hostel market size is expected to see strong growth in the next few years. It will grow to $5.82 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth projected for the forecast period can be attributed to increasing environmental awareness, rising demand for green hostels and eco-friendly practices, ongoing focus on hygiene and safety protocols in the post-pandemic era, a stronger emphasis on cultural immersion and community-based tourism, and the stabilization and growth of global economies enhancing travel budgets. Key trends during this period include the adoption of smart technologies such as keyless entry, customizable travel packages, and personalized services, the inclusion of dedicated workspaces and high-speed internet to accommodate digital nomads, the creation and development of vibrant communal areas, and the use of social media platforms for marketing and customer engagement.
The increasing popularity of experiential tourism is expected to drive the growth of the youth hostel market moving forward. Experiential tourism emphasizes providing travelers with immersive, hands-on experiences that engage them in local culture, activities, and environments. This trend is fueled by a growing demand for authentic and personalized travel experiences, a desire for deeper cultural immersion, and the impact of social media in highlighting unique and engaging activities. Experiential tourism leverages youth hostels to offer immersive, budget-friendly lodging that enhances local cultural and adventure experiences for travelers. For example, the United Nations World Tourism Organization (UNWTO) reported in May 2023 that, in the first quarter of 2023, international arrivals reached 80% of pre-pandemic levels, with 235 million tourists traveling, more than double the number from the same period in 2022. Consequently, the rise in experiential tourism is fueling the growth of the youth hostel market.
Key companies in the youth hostel market are focusing on creating innovative solutions, such as eco-friendly accommodation options, integrated travel experiences, and themed hostels, to attract a diverse and youthful audience. Eco-friendly accommodations aim to minimize environmental impact through sustainable practices such as energy efficiency, waste reduction, and the use of renewable resources. For example, in January 2021, Leisure Hotels Group, an India-based hospitality management company, introduced The Hideaway Bedzzz, a new hybrid boutique hostel-hotel. This establishment offers budget-friendly lodging with vibrant decor, social areas such as a rooftop cafe and a games room, and various recreational activities. It aligns well with the youth hostel market's focus on affordability and community by catering to young travelers with varied needs and enhancing local tourism, thereby filling a market gap and encouraging social interaction, which reflects the traditional appeal of youth hostels.
In May 2022, Room007, a hotel chain based in Spain, acquired Bluesock Hostels for an undisclosed sum. This acquisition allows Room007 to expand its hostel business by integrating Bluesock Hostels' properties, aiming to reach a target of 300 rooms and 4,000 beds by the end of 2023. Bluesock Hostels, also based in Spain, operates a range of hostels, including youth hostels.
Major companies operating in the youth hostel market are Arp-Hansen Hotel Group, Hostelworld Group plc, MEININGER Hotels Ltd., Safestay Hostels & Hotels, Urbany Hostels, Generator Hostels LTD., Hostel One, Wombat's City Hostel, Hostelling International, St Christopher's Inns Limited, Freehand Hotel Solutions Ltd, Urban Garden Hostel, The People, Green Tortoise Hostel, K's House Kyoto, Itaca Hostel, City Backpackers Ltd, Eastseven GmbH, Alter Hostel, The London Backpackers Ltd
Europe was the largest region in the youth hostel market in 2023. The regions covered in the youth hostel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the youth hostel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The youth hostel market includes revenues earned by entities by providing services such as laundry services, accommodation, event hosting, guided tours, and tour and activity services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Youth Hostel Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on youth hostel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for youth hostel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The youth hostel market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.