Cloudbeds, the hospitality management platform that drives more bookings and happier guests for independent accommodation businesses around the world, has released its inaugural State of Hostels report.
This first-of-its-kind report draws on extensive data and research, as well as daily interactions with hostels around the world, to share travel insights and trends for 2024.
Stephan Leuenberger, Head of Market Development, Hostels, at Cloudbeds, said: "In recent years, we have seen hoteliers navigate the pandemic and push towards full recovery amid rising costs and inflation. Despite From higher prices, consumers have demonstrated their determination to travel and their desire to live unique experiences that only hostels can offer.
"As our findings reveal, 2024 will be the year of chasing demand for hostels. This means closely monitoring market trends and travel patterns to determine who is traveling and how to best capture business."
“Having powered hostels for over a decade, we are honored to serve this segment of the lodging industry and reveal what it will take for hostels to grow market share and increase profitability in 2024.”
The main conclusions of the report include:
Hostels are outperforming other types of accommodation in terms of occupancy rates, as economic uncertainty and inflation drive travelers toward cheaper options.
Average daily rates (ADRs) for private rooms have grown in all regions, while LATAM saw a decline in dormitory ADRs as private rooms became more affordable for North American and European travelers.
Globally, revenue per available bed (RevPAB) has surpassed revenue per available room (RevPAR) in terms of growth, indicating the value of shared spaces and their growing popularity among travelers.
Leveraging a wealth of aggregated and anonymized data from around the world, Cloudbeds has also identified six emerging trends set to reshape the travel landscape for hoteliers and the broader accommodation industry in 2024.
These include the resurgence of lagging market segments, a rebound in inflation-busting travel hacks and new twists on experiential travel. Additionally, Cloudbeds foresees continued growth in the short-term rental sector (despite rumors to the contrary), new efficiencies driven by generative AI, and growing demand for new skills among next-generation hoteliers.
Cloudbeds insights are based on data from 3,000 properties in more than 95 countries, across four regions: North America, Latin America (including Mexico), Europe and Asia-Pacific. The company has tracked key performance metrics over a five-year period, from 2019 to 2023.
Fuente: Belvera Partners.