When the Best is Not Enough: Rethinking Luxury In Hospitality
Date: May 30, 2018
The luxury industry is changing, and changing quickly. A segment that is worth a trillion dollars annually is undergoing a sea change as huge numbers of wealthy new families disrupt traditional expectations from the space.
When the very best is no longer enough, how do hospitality companies address and anticipate the need of the modern super wealthy? What is the mindset of the new luxury traveler, what are they looking for and how can hospitality companies deliver?
‘Rethinking Luxury in Hospitality’ is a brand new report that highlights the very latest research into the luxury travel industry, looking at how the space has evolved and the current expectations of high net worth individuals. The report, created by Horwath HTL, the world largest and most experienced hotel, tourism and leisure consultants and luxury experts, Soul Luxury, examines the shifting luxury mindset and uses the Horwath HTL 360 New Luxury Framework to lay out how to deliver new luxury in hospitality.
The report looks at changes in the industry, the new expectations from the super wealthy and what this means for the hospitality industry.
Emanuel Tutek, head of Strategic Advice for Horwath HTL, and one of the authors said “The luxury segment has always been at the cutting edge of hospitality trends, but a huge influx of new, younger high net worth individuals has accelerated the process. The very best is now just an entry level for this group and the added value has moved from experiences seen as unique, to those that are transformational. This poses a huge question to traditional hospitably products and represents as big a challenge as we have seen in the industry for decades.”
Claudia Roth, founder and MD of Soul Luxury and co-author of the report said “Luxury hospitality is traditionally known as a humancentric, and we believe it will always stay human-centric. However today we need to be aware of one significant difference: it must have a transformational impact on the individual. This is why we define it through five perspectives needed for the transformational impact.”
Andrej Šimatić, Senior Project Manager from Horwath HTL, Croatia and co-author of the report concluded “Technology features prominently in the report, and shows it is not the range of technology you have in hotel but the purpose it has. Technology enables and will further enable hotels to deliver a better and more holistic health, healing and wellness experience. Balanced disconnection, which Is confronting these two contrasts, actually gives hotels 3 starting options: Hi-tech, No-tech, and Balanced-tech. The level of focus on each can vary but focus strategy might prove to be a very successful one again and again”
The report can be downloaded from the www.horwathhtl.comwebsite
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About Horwath HTL
Horwath HTL (Hotels Tourism and Leisure) is the world’s largest and most experienced Hotel, tourism and leisure-consulting brand, with 45 offices in 39 countries. Horwath HTL provides unequalled expertise for clients around the world, always providing the highest level of service to our clients.
Over the last 25 years, Horwath HTL has gained extensive market knowledge through involvement in thousands of projects.
Horwath HTL is a member of Crowe Horwath International, a professional association of accounting and management consulting firms founded in New York in 1915. Crowe Horwath International is currently ranked among the top ten international professional service groups with offices in close to 586 cities in 108 countries.
If you have any questions, please contact James Chappell, Global Business Director at jchappell@horwathhtl.com
About Soul Luxury
Soul Luxury helps decision makers gain insights into the shift in consumer awareness and guides them to speak to the consumers’ need for transformation, and even self-actualization in the context of meaningful and profitable business strategies. We support our clients to successfully lead in the emergent future where EMOTIONS are the NEW CURRENCY of success.
For more information, contact Bianca Botten on bianca@soul-luxury.com
