Hostelling and budget travel remain strong
Only 12 percent of budget travelers will reduce their travel budgets, as per the findings of worldwide research presented by World Youth Student & Educational Travel Confederation during the 2009 Annual Hostelword.com Conference.
Published: 06 Mar 2009
Only 12 percent of budget travelers will reduce their travel budgets, as per the findings of worldwide research presented by World Youth Student & Educational Travel Confederation during the 2009 Annual Hostelword.com Conference.
While the same research indicated some economic concern among hostel owners, the industry certainly appears to be less susceptible to the worldwide economic crisis.
“Of course the economy is on the minds of hostel owners throughout the world,” said Feargal Mooney, CEO, Hostelworld.com. “However, the research presented at this conference—along with the many lively discussions that took place—confirm that the hostel industry is well suited to thrive in this kind of climate. We collectively offer value at a time when it is needed most.”
Pricing and marketing strategies are seen as the two most crucial areas for hostel owners to focus on in the coming year.
Reed Holden of Holden Advisors encouraged hostel owners to remain price competitive and focus more on promoting the value and amenities they offer. While certainly budget conscious, hostel customers are savvy—even discerning—and are willing to pay slightly higher prices for better amenities, location and service.
Also, it was pointed out that the budget traveler is one of the most web savvy group of travelers and are likely to react well to social media strategies.
Ciaran Norris of Altogether Digital pointed out the potential of social media’s reach. For example, MySpace would represent that 5th largest nation in the world, more than 133 million blogs have been created since 2002, and 800 million photos are uploaded to Facebook every month. Hostel owners are realising the real power social media resources can have, and how it can revolutionise the way in which they communicate with potential customers.
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