Financial Downswing Increases Demand for Hostel Accommodation

The global financial crisis has meant that many travellers on a restricted budget have been seeking out cheaper forms of accommodation, with hostels being among the most popular.

Recent research conducted by Hostelworld.com, a hostel booking website, in collaboration with Lonely Planet, a travel content providing company, has shown that around 94 percent of respondents are keen to consider hostel accommodation in 2012 due to budget considerations.

The study, which questioned over 5,000 people in 141 countries, found that around 90 percent were unwilling to pay more than £64 per night for accommodation, while around 54 percent of those studied were prepared to reduce their accommodation budget in order to visit a destination of their choice.

Feargal Mooney, the chief executive officer of Hostelworld.com said, ‘We are extremely honoured to be selected as the most trusted hostel booking website. And the message coming through from our survey is loud and clear -people want value for money and they are seeing hostel accommodation as a way to do that.

There has been a renaissance in the way hostels are perceived, driven by exciting new innovations at hostel properties worldwide and by more people looking to stretch their travel budget. This is opening up a new market to the hostel industry and one that we expect to see coming back now they have experienced the high quality of accommodation available.’

Hostel accommodation is generally cheap lodging in single or shared rooms or dormitories, typically catering to individual travellers or groups, for short-term stays. Modern day hostel accommodation often comes with public areas such as restaurants and living spaces, as well as Wi-Fi connectivity.