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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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Often overlooked by the average traveler, hostels provide guests with an opportunity to save money and make new friends all while experiencing a brand new destination.
So it should come as little surprise that these alternative accommodations are on the rise as more younger travelers seek more travel experiences. According to the Hostel Trend Report released by hostel booking platform Hostelworld, the industry's future is bright.
The report, commissioned by travel research company Phocuswright, sheds light on the current state of the hostel industry and examines where its headed.
Millennials Fueling Growth
PHOTO: Ostello Bello Grande. (Photo courtesy of Hostelworld).
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).
Sign In / Register||US EditionSUBSCRIBENEWSARTICLESOFFERSVIDEOOPINIONTRENDINGSUPPLIERSDESTINATIONSMAGAZINESTRAINING & TOOLSLast updated: 06:00 PM ET, Thu May 05 201690inShareEmailExamining the State of the Hostel IndustryHOTEL & RESORT | PATRICK CLARKE | MAY 05, 2016PHOTO: Freehand Miami. (Photo courtesy of Hostelworld).YOU MAY ALSO LIKETech of the Week: Voyagic Solves That Itinerary...TRAVEL TECHNOLOGYIs A Better Airport Experience Coming to A Hub Near You?AIRLINES & AIRPORTSEgyptian Military Reports EgyptAir Flight 804 Wreckage...IMPACTING TRAVELDespite Recent Crash Flying Safer Than Ever: Airline...AIRLINES & AIRPORTS50 Cent Promotes Hostelworld: Hotel and Resort Industry...HOTEL & RESORTOften overlooked by the average traveler, hostels provide guests with an opportunity to save money and make new friends all while experiencing a brand new destination.So it should come as little surprise that these alternative accommodations are on the rise as more younger travelers seek more travel experiences. According to the Hostel Trend Report released by hostel booking platform Hostelworld, the industry's future is bright.The report, commissioned by travel research company Phocuswright, sheds light on the current state of the hostel industry and examines where its headed.Millennials Fueling GrowthPHOTO: Ostello Bello Grande. (Photo courtesy of Hostelworld).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).
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