The luxury market constantly grows bigger and bigger, with its rules shifting as well. Nowadays, it is sometimes hard to draw the line between luxury and non-luxury services, especially when it comes to luxury hospitality, meaning hotels and tourism. For example, if you plan a luxury vacation, you will be able to find 3-star hotels that will actually fit the description of luxurious hotels. The confusion will be becoming more apparent as the times pass, but the rules somehow stay the same. To prepare yourself for change, see how the industry will transform in the next several years.
4 Ways Luxury Hospitality Market Will Change in the Next Years
1. Tribute to sustainability
Opulent life is often associated with unsustainable decisions, as it takes root in the philosophy of abundance. It doesn’t, though, mean that extravagant palaces and penthouses will disappear, but they will certainly become more environmentally friendly, which might push the idea of luxury sustainability further. The chances are that it will also become the next frontier for premium brands.
2. Job market will influence the way people spend time abroad
Nomadic workers are a popular phenomenon that will become more widespread against the background of technological development. There are a lot of luxury consumers around remote employees as well. Provided that they can spend a lot of time abroad working with laptops and smartphones, the luxury hospitality industry will need to find options for this particular group of people.
3. The image of a high-end consumer will not be the same
The stereotypic image of spendthrifts will have no chance to prevail in the future. Nowadays, luxurious life is not only about plush furniture in a castle and upmarket cars. The focus is already shifting to a unique and customized experience that can fulfill distinctive desires. In other words, new high-end consumers will be striving to achieve personal goals through the prism of high-class destinations – and not vice versa.
4. The term “luxury” will be redefined
Doesn’t the term luxury feel like a cliché now? Luxury hospitality is probably one of the first areas where you can feel the impotence of the descriptive word. We don’t necessarily need to change the word itself, but its definition will rely on people’s understanding and its connection with reality.
Are You Ready for a Change?
Frankly speaking, there is nothing you can really do right now to get yourself prepared for luxury hospitality market fluctuations. It is a gradual process, so make sure your principles and values regarding deluxe hotel and tourism services are as flexible as possible.