Abstract
The tourism industry was one of the fastest growing industries in Latvia until the pandemic was declared in 2020, which brought the entire industry to a halt. Before the pandemic, travel trends were already moving towards the type of experience offered by hostels, and consumer demand had grown in the past years. Moreover, the industry data show that the number of travellers who use hostels is growing. There are several lodging opportunities in Rezekne, but there is no economical option, which would be a hostel. The research aim is to study the theoretical aspects of a new product and analyse the opportunities for the creation of a hostel – a new tourism product in Rezekne. The methods used in the research are monographic, synthesis, statistical analysis methods, and a survey. The research allowed making recommendations for the creation of a new tourism product – a hostel – in Rezekne. The results of the research and survey showed that hostel-level accommodation is needed in Rezekne.
Highlights
The world economy is developing faster than ever, because the changes in social attitudes, new technologies, as well as the economic and demographic situation promote changes in business
The aim of the research is to study the theoretical aspects of a new product and analyse the opportunities for the creation of a hostel – a new tourism product in Rezekne
Tourism industry development trends The COVID-19 pandemic, which took over the world just in a few weeks, has significantly affected public health but has had a great impact on one of the primary elements of the global economy – the tourism industry
Summary
The world economy is developing faster than ever, because the changes in social attitudes, new technologies, as well as the economic and demographic situation promote changes in business. The global hostel market is expected to grow from 4.37 billion USD in 2020 to 5.2 billion USD in 2021 The hostel industry has shown rapid growth promoted by millennial travellers (aged 18 to 35), who are willing to spend more money on longer trips and see as much of the world as possible (The Business Research Company, 2021). The aim of the research is to study the theoretical aspects of a new product and analyse the opportunities for the creation of a hostel – a new tourism product in Rezekne. Research novelty: New tourism product development opportunities in Rezekne have been studied and analysed.
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