A new world is redefining the dimensions of ‘Luxury’ and how. Today, there’s a definition of luxury for every second, minute and day of the week. There is affordable luxury, sustainable luxury, ultra luxury, boutique luxury and many more that are coming into the picture. The industry that is distinctively expanding in terms of reevaluating luxury is the hospitality industry. Luxury hospitality is on top for a few brands that encompass facilities and features that are growing exponentially.
‘Luxury Retreats’ or ‘Airbnb Luxe’ presented themselves as trends in early 2017 which later had many other players from the market incorporating this trend in various ways. Hotels and businesses are now carefully curating experiences that are unique and opulent for instance, Accor acquires Onefinestay and Travel Keys to enter the similar market and Marriot has also been reexamining and growing its luxury rentals business to gather momentum and hopping on to the latest shift of courses.
There’s no doubt that while businesses and brands open up new chapters and variation on a day-to-day basis, there is also a noticeable connection of Luxury and Lifestyle as concepts for hotel businesses. Together, known as luxury hospitality, they create elements of a luxury stay that are more flexible, open and forward. It is a trend and that’s why it fits perfectly within the latest generation also known as Gen Z. Contrary to traditional approaches, today the hotels work in collaborative yet expressive spaces for example, hotels today will be seen making efforts to stay connected with the local community instead of taking a backseat in an isolated area away from the usual.
Fresh perspectives in this industry ask for quality over quantity considering the unprecedented array of choices. There’s an increase in competition but lower levels of potential understanding as to how to build an ideal place that caters to out-of-the-box yet the best possible location for the targeted consumers. The future lies in change-makers and hoteliers who need to work efficiently as to what they want to achieve keeping the liking of their guests in mind. A luxury traveller today would look for quirky, edgy yet warm surroundings : the perfect backdrop for that one Insta-worthy moment.
According to data, 6.2% luxury annual growth is predicted between now and 2030. From the guest perspective, it is great news for entrepreneurs to push them into carefully evaluating and expanding the likes of their target audience and curate something special that makes them stand out and position each brand in a marketplace that continues to grow and stay over-crowded. In India specifically, the rising and burgeoning affluent class is one of the crucial factors driving the growth of this industry and market in the next decade.
