The poshtels market is estimated at USD 200.0 million in 2022 and is projected to reach USD 358.17 million by 2032, at a CAGR of 6.0% from 2022 to 2032.
The poshtel are the better version of hostels. It is built with sense of fun, energy and passion. Poshtels often occupy interesting building structures, focus more on design, offer spacious rooms, perks and amenities and various other services such as rooftop longue, pools, bars, travel services, tours, etc. Every poshtel try to create something creative that will lead their business in the market. Today many poshtels are taking certain initiatives to design and offer some unique experience to their travellers such as:
Generators Paris, the interiors of the poshtel is inspired by the cinematic experience rolling through the city, the rooms are designed with terrace and bathrooms, the vibrant café serve French dishes, burgers, salads, sandwich, regional wines and cocktails such as Le Macaron. Also they have a rooftop terrace overlooking Montmartre and Sacre-Coeur.
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Space Hotel, Melbourne, Australia has spacious bedroom that can accommodate up to 8 beds all with reading lamps, attached balconies to the suite and long posturepedic mattresses. The rooms also have iPod docking stations, televisions and spa baths. The poshtel has an in-house theatre and gym, master chef style kitchen, popular restaurant Blue Moon and a rooftop with barbeque, spa and a Jacuzzi giving 270-degree view of the entire city.
Such unique features create a difference in the market and help poshtels to stay competitive in the market.
As such, the global poshtels market is estimated to expand at a CAGR of over 6.0% throughout the forecast period of 2022-2032, to be valued at US$ 358.17 Bn by the end of 2032.
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Key Takeaways from the Poshtels Market Study
- Poshtels the concept and its features are attracting travellers around the world. In upcoming years, the international tourists are expected to increase especially the youths to travel the poshtels. With increasing trends of outdoor activities, the youths are traveling more to explore and experience different parts of the world. Hence there will be more demand for poshtels.
- Many poshtels are taking preventive measures to make eco-friendly poshtels. Poshtel owners are taking adaptive measure by developing eco-friendly infrastructure, using renewable resources, waste recycling, others. Furthermore, poshtel owners are buying goods and raw materials from local vendors to save fuel energy and to save cost.
Impact of COVID-19 on the Market
The poshtels market faced a hard hit during the covid-19 pandemic. According to our analysis the poshtel market was impacted by 80% during the time of the pandemic. Even in the recovery phase when government lift lockdowns in stages poshtels continue to face the loss of customers. The primary customers of poshtels are the youths travelling from one region to another for activities.
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As the government imposed lockdowns on regional boundaries and due to delay in availability of vaccination for youths there was less number of youth travelling across the world. According to WYSE Travel Confederation (WYSETC) the social distancing equates to a 66% drop in revenue for youth travel accommodation which includes poshtels. Furthermore, the reports also state the highest fall of revenue and sales was in Asia, America and Oceania regions. In post pandemic situations the poshtels were anticipating the effects of distancing on their business.
Who is winning?
Leading manufacturers of Poshtel Market are focused on promotional strategies, upgradations and technological development, and new merger strategies that have driven sales growth of poshtel market globally.
Major players present in the poshtels market are Plas Cruig Hostel, Generator Hostel, NY Loft Hostel, Space Hostel, Maverick Hostel and Maverick City Lodge, Casa Gracia Barcelona Hostel, Charpoi, Freehand, St. Christopher’s Inn., 33 Poshtel, One 80 Hostel, Luxury Backpackers, CODE Hostel, Florentine House, Bandai Poshtel, Siri Poshtel, U Hostels, Ecomama are among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global poshtels market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the poshtel market based on the Accommodation Type (Private Room, Twin Sharing, Family Room, Suites, Others), Booking Channel (Online Booking & In Person Booking) Tourist Type (Domestic & International) Tour Type (Independent Traveller, Group Trip, Family trip, Student Trip) Consumer Orientation (Men, Women & Children) Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years) across seven major regions.
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