The future of the luxury hospitality industry was unknown during the pandemic, guests were unable and some unwilling to travel, which hit the industry hard. As predicted by McKinsey & Company, the recovery for luxury hospitality from 2020 has taken 3 years, leading to substantial shifts in the post-pandemic era for luxury hotels.
Luxury hospitality is supported by consumers’ desire for the hotels’ lavish and unique experiences which other brands cannot convey. Nevertheless, since the pandemic, economic and cultural influences affected consumer attitudes and spending priorities towards travel. The economic threat and the shift in guest preferences for pricier travel accommodations led to the niche market to do extensive research and invest heavily in ensuring guests return. To combat the decline in the luxury hospitality industry, hotels now offer excessive service as well as a number of programmes and membership cards to attract new customers and retain their current guests.
So what is the future of luxury hospitality? It is predicted that the global market for luxury hotels will reach a soaring $222,900 million in 2024 according to Arcognizance.com and on the report of Future Market Insights (FMI) the US market alone is projected to reach US $160,481.2 million in 2032.
From this predicted market growth, luxury hotels are inevitably expected to rise as a result of emerging new technology for hotels and prosperous individuals seeking out to explore and experience luxury hospitality. The new technology such as smart bathrooms attract the ever-growing wealthy population which will lead the industry to promote market expansion.
To ensure you are a luxury hospitality brand which is capitalising on the success of the current market for luxury hotels, Zoo Communications has highlighted trends in our past blog, read how your hotel can stay relevant and deliver the service guests now desire.
Working solely with luxury hotels Zoo has developed key industry knowledge, get in touch with us by calling 0208 541 0800 or email firstname.lastname@example.org