3.28.2024
Cloudbeds, the hospitality management platform powering more reservations and happier guests for independent lodging businesses around the globe, has released its inaugural State of Hostels report.
The first-of-its-kind report draws on extensive data, research, as well as daily interactions with hostels around the world to share insights and trends in travel for 2024.
Stephan Leuenberger, Head of Market Development, Hostels, at Cloudbeds, said: “Over the last few years, we’ve seen hostelers navigate the pandemic and push toward full recovery amid rising costs and inflation. Despite higher prices, consumers have demonstrated a determination to travel and a desire for distinctive experiences only hostels can provide.
“As our findings reveal, 2024 will be the year of chasing demand for hostels. This means monitoring market trends and travel patterns closely to determine who is traveling and how best to capture the business.
“Having powered hostels for over a decade, we’re honored to serve this segment of the lodging industry and reveal what it will take for hostels to grow their market share and boost profitability in 2024.”
Key findings from the report include:
- Hostels are outpacing other types of accommodations in terms of occupancy rates, as economic uncertainty and inflation drive travelers to more budget-friendly options.
- Average daily rates (ADR) for private rooms have grown across all regions, while LATAM saw a decrease in dorm ADR as private rooms became more affordable for North American and European travelers.
- Globally, revenue per available bed (RevPAB) has outperformed revenue per available room (RevPAR) in terms of growth, indicating the value of shared spaces and their rising popularity among travelers.
Leveraging a wealth of aggregated and anonymized data from across the globe, Cloudbeds has also identified six emerging trends poised to reshape the travel landscape for hostelers and the wider lodging industry in 2024.
These include a resurgence in lagging market segments, an uptick in inflation-busting travel hacks, and new spins on experiential travel. In addition, Cloudbeds anticipates 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 hostelers.
Cloudbeds’ insights are underpinned by data from 3,000 properties across 95+ countries, in 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 through 2023.
To download a free copy of Cloudbeds’ 2024 State of Hostels report, click here.
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