Relaxation station: Online travel agencies will fuel competition, hurting industry participation
Before the COVID-19 outbreak, interest in hostels and bed-and-breakfast lodgings grew substantially, bolstered by the expansions of both domestic and international travelers. Also, retirees and price-conscious millennials are the major demand drivers, leading to the growth of hostels nationwide. Nonetheless, the industry contended with challenges stemming from the pandemic in 2020, which caused travel rates to decline drastically. Overall, industry revenue grew at a CAGR of 3.5% to $2.9 billion through 2023, including 11.5% growth in 2023 alone.
The Bed and Breakfast and Hostel Accommodations industry comprises businesses that are primarily engaged in providing short-term lodging. Hotels, motels and casino hotels are excluded from this industry.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
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