An article from Byron Bunda at BackpackerBiz:
Do you compete with other hostels in your area? If so, you’re probably checking regularly to see how much the competition is charging. If you don’t monitor your competition’s prices carefully, you’re either missing out on extra profit by making your beds too cheap or missing out on bed nights by making them too expensive. 49% of Generation Z backpackers reference price as what will attract them to stay at a hostel. The problem is, how the prices change is only half the picture. When the prices change is important too.
What Hostelworld data reveals about pricing decisions