This paper aims to explore recent consumer trends and future developments of the luxury travel industry, identifying key lessons learnt and deducing managerial implications. Examining this topic is important since, with a 10% contribution to the worldwide Gross Domestic Product in 2019, tourism is one of the most important industries and forms the economic backbone of many countries. Severely affected by the COVID-19 pandemic-related travel restrictions, its relevance became even more noticeable.
Table of Contents
- Introduction
- The new luxury travelers
- Relating luxury, sustainability, and authenticity
- Rosewood Hotel Group vs. Baglioni Hotels & Resorts
- Conclusions
Objectives and Key Themes
This paper aims to explore the current trends in the luxury travel industry, identifying key lessons learned and deducing managerial implications. It aims to understand the changing needs and expectations of luxury travelers, highlighting the role of sustainability and authenticity in the industry.
- The evolving definition of luxury in travel
- The changing profile and preferences of luxury travelers
- The importance of sustainability and authenticity in luxury travel
- The impact of technology on luxury travel
- The role of experience and meaningfulness in luxury travel
Chapter Summaries
- Introduction: This chapter introduces the importance of the luxury travel industry and its impact on the global economy. It outlines the challenges and opportunities presented by the post-pandemic travel boom and emphasizes the need for understanding the evolving nature of luxury travel and the need for meaningful and sustainable experiences. The chapter further introduces the two luxury hotel groups, Rosewood and Baglioni Resorts, that will be used as case studies.
- The new luxury travelers: This chapter explores the changing profile of luxury travelers and their evolving travel preferences. It discusses the increasing importance of experiential qualities, authenticity, and personalized travel experiences. It also examines the differences in travel preferences between Baby Boomers and Millennials, highlighting their respective motivations, expectations, and reliance on technology.
Keywords
Key terms and concepts explored in this text include luxury travel, high-net-worth individuals, sustainability, authenticity, experiential travel, Millennials, Baby Boomers, Rosewood Hotel Group, and Baglioni Hotels & Resorts.
- Quote paper
- Anonym (Author), 2024, Luxury trends in the hospitality industry, Munich, GRIN Verlag, https://www.grin.com/document/1494668
