The luxury hospitality industry is in the midst of a major shift. While the concept of luxury still symbolizes exclusivity, it has also become increasingly global, digital, individualized and experiential especially when it comes to hotels. There are now more luxury options than ever before, as well as a growing number of consumers with varied interests and needs. How do we choose?
Scarcity was once one of the defining features of luxury. A few decades ago travel was a perk not many could indulge in. Now, that scarcity has shifted to abundance as the digital age has made travel more accessible. With that, creativity, innovation, and more sustainable practices are more important than ever to create a clear distinction in the luxury market. Travelers today want substance over style.
In comes “new luxury”. The term new luxury navigates the vocabularies of those who believe that experience is more highly valued than consumption. This new way to travel focuses on the places and experiences that have become a part of our curios DNA. They are the places we never forget and constantly come up in conversation; places that spark curiosity, deep cultural exchange, and hold authenticity in high regards.
While cost is no longer the leading indicator of luxury, travelers are ever more inclined to explore the definition of luxury and invest time and effort searching for experiences that will simply blow their minds. The hospitality industry has taken strides to keep up with this shift and hotels all over the world are redefining and reshaping to accommodate to the needs of more adventurous, experiential travelers.