The World’s Most Iconic Experiential Luxury: How Leading Brands are Shaping the Future of Hospitality
Luxury as a part of daily life was a novelty for most, and luxury itself was far from democratized and universal. However, to our modern ears, this statement rings true with a resounding accuracy. Luxury consumers increasingly emphasize the importance of meaningful consumption and expect brands to deliver something over and above a mere product, a brief experience, or an interaction. Instead, they want meaning, transcendental value, and lasting memories.
Today’s luxury consumers value experiences over mere possessions. They seek authenticity, a high degree of personalization, and immersion in unfamiliar cultures. Hospitality is the venue that can allow luxury brands to create immersive experiences beyond their core products, aligning perfectly with customers’ desires. The hospitality industry encompasses services and products related to accommodation, travel, food & beverage, and recreation & entertainment.
As luxury consumption has evolved and its consumers are becoming ever more sophisticated, with levels of global wealth, especially among younger generations, skyrocketing, luxury hospitality is reaping the rewards. While the pandemic was a brief interlude that brought the travel and hospitality industry to a standstill, pent-up demand and a longing for hyper-personalized, memorable experiences are turbocharging this industry again and establishing new luxury norms.
This report highlights several of the motivating factors. Download the full report.
