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Last updated: 06:00 PM ET, Thu May 05 2016
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Examining the State of the Hostel Industry
HOTEL & RESORT | PATRICK CLARKE | MAY 05, 2016
PHOTO: Freehand Miami. (Photo courtesy of Hostelworld).
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Egyptian Military Reports EgyptAir The hostel industry is currently valued at more than $5 billion and projected to grow seven to eight percent year-over-year. That's in large part because of hostels' popularity among young people.
According to Hostelworld's Hostel Trend Report, 70 percent of hostel travelers are millennials (aged 18-35).
In addition to being young, the industry's clientele is dedicated, with nearly nine out of 10 surveyed millennial hostel travellers saying they plan to travel as much of the world as they can (86 percent) and consider travel a critical part of their lifestyle (87 percent).