This Hostel place Sector Overview market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Hostel place Sector Overview market.
The word ‘hostel’ brings to mind dorm style, small and budget accommodation for people who want to adjust themselves in a cheap stay. However, hostel marketplace is completely opposite of this misconception. Hostels now-a-days include private rooms and all hotel-like amenities. It is true that travellers will get accommodation at other places at cheaper rates but this segment of travel is also undergoing big changes to form its own place in the hospitality industry and is now catering to the needs of travel buffs all over the world, replacing the dormitory hostel image of the past.
Hostel Marketplace: Benefits
Market Growth Analysis
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
Hostel Marketplace: Drivers and Restraints
Online channels are the main driving factor for the growth of hostel marketplaces. More than 70% of bookings are made through online travel agencies which is increasing the growth of the hostel marketplace sector. Leaving behind its old concept which used to provide only bunk-bed options, hostels today are providing private rooms with vibrant bars with cocktails, yoga classes and luxurious interior designs. This is creating robust development in hostel marketplace sector. Shifting customer base is also creating good business environment for the hostel marketplace sector to grow. Not only youth but now travellers above 50 years of age are also turning up to stay in hostels. The increasing craze about solo trips is also creating a favourable environment for the growth and development of the hostel marketplace sector. Solo travellers mostly prefer pocket friendly places to stay, which is further boosting the hostel marketplace sector. However, inadequate awareness and misconceptions are the major restraints that are likely to hamper the growth of the hostel marketplace sector.
Hostel Marketplace: Outlook
Most hostel owners have realised that visual appeal is important considering the growth of the hostel marketplace sector. Most of the hostels are now using an online marketing strategy that can create a promising future for the hostel marketplace sector. Use of social media and a leverage on local search optimisation will further create a positive impact on the hostel marketplace sector. The idea of hostel marketplaces will particularly flourish in the U.S due to the increasing need for a social atmosphere and to meet more people than is possible in a traditional hotel setup.
Companies Providing Hostel Facilities
Hostelworld, Hostelling International, Green Tortoise Hostel, London Backpackers, Newquay Backpackers, and Canada Hostels are some of the leading hostels across the world that provide accommodation and all the necessary amenities to global travellers at reasonable rates.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
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What Can Readers Expect from this Report?
- An overview of the sector, including the key factors that have shaped patterns and demand
- Not just data, but insights that you can incorporate in your strategic decision making
- Nuanced underlying factors that influence consumer behaviour
- Data points to understand the past, analyse the present, and project the future
- Trends that will impact the sector in the short- and long-term
- Deeper understanding of the target audience, their motivations, aspirations, and expectations from service providers
Frequently Asked Questions
What research methodology is used to develop the Hostel Marketplace Sector Overview report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Hostel Marketplace Sector Overview. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Hostel Marketplace Sector Overview report?
In addition to up-to-date market figures and customized of the Hostel Marketplace Sector Overview, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.