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B&B Hotels & Hostels

B&B Hotels & Hostels

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Executive summary

The Bed and Breakfast and Hostel Accommodations industry expanded strongly before the coronavirus hit, reflecting growing consumer preferences toward affordable accommodation. Before the COVID-19 (coronavirus) outbreak, demand for industry services grew substantially, bolstered by the expansions of both domestic and international travelers. Moreover, industry demand is largely driven by retirees and price-conscious millennials, thus fueling the growth of hostel establishments in the United States. However, the industry has contended with challenges stemming from the pandemic since early 2020, which caused travel rates to decline drastically. In 2021, travel rates picked up gradually and this is expected to continue into 2022. As a result, industry revenue has risen at an annualized rate of 0.1% to $2.5 billion over the five years to 2022, including an estimated 14.3% increase in 2022 alone.
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industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $0.333 of capital to $1 of labor; medium is $0.125 to $0.333 of capital to $1 of labor; low is less than $0.125 of capital for every $1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

Colloquial Terminology

BACKPACKER HOSTEL
A low-cost accommodation with shared facilities for guests.

BED AND BREAKFAST (B&B)
An establishment offering bed and breakfast services, usually on a small scale and within a unique environment.

HOSTEL
An establishment, including backpacker and youth hostels, with dorms and some single rooms.

Details

Over most of the past five years, the industry benefited from improving economic conditions, which enabled travelers to increase both the frequency and budget of their trips. Moreover, as more baby boomers are entering the retirement threshold, they typically have more leisure time, thus raising demand for industry services. As a result, the industry experienced an increase in the number of luxury accommodations equipped with state-of-the-art technology as more operators attempt to gain competitive advantages. However, the COVID-19 outbreak has diminished demand for traveling overall, thereby directly depressing demand for accommodations. Despite profit picking up when travel activities resume, the margin is still below the pre-pandemic level. Consequently, the industry profit margin has fallen over the past five years.

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