Worldwide Hostels Market to Reach $7.27 Billion by 2026 at a CAGR of 4.9%
, 2022-11-30 14:30:00,
DUBLIN, Nov. 30, 2022 /PRNewswire/ — The “Hostels Global Market Opportunities And Strategies To 2031” report has been added to ResearchAndMarkets.com’s offering.
The global hostels market reached a value of nearly $5,741.3 million in 2021, having grown at a compound annual growth rate (CAGR) of 1.5% since 2016. The market is expected to grow from $5,741.3 million in 2021 to $7,278.7 million in 2026 at a rate of 4.9%. The market is then expected to grow at a CAGR of 5.5% from 2026 and reach $9,502.8 million in 2031.
Growth in the historic period resulted from strong economic growth in emerging markets, growth in world population, a rise in disposable income, acceptance of solo travel and an increase in paid leaves globally.
Going forward, millennial travelers, rising spend on leisure, shift in travel trends, the resurgence of staycations, government initiatives, increasing internet penetration and smartphone usage and an increase in budget-conscious travelers will drive the growth. Factors that could hinder the growth of the hostels market in the future include communal lodging Issues and the Russian-Ukrainian war.
The hostels market is segmented by type into students, workers and other types. The students market was the largest segment of the hostels market segmented by type, accounting for 79.1% of the total in 2021. Going forward, the workers market is expected to be the fastest growing segment in the hostels market segmented by type, at a CAGR of 5.2% during…
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