Where is luxury going next? In a nutshell, everywhere. Today, luxury travelers can be found anywhere from second-tier cities to remote destinations in developing countries. And as travelers increasingly flock to novel places, expect hospitality companies to bookmark them as well.
We’re publishing a new Skift Trend Report in partnership with AccorHotels: Where Luxury is Going Next, that takes a close look at what’s next for luxury hospitality.
Luxury travel is growing by leaps and bounds. As more people around the world enter into the aspirational middle class demographic, and as the number of high-net-worth individuals continues to grow, there is increasing demand for new tourism products, in terms of destinations, flights, and hotel rooms.
Over the next 10 years, the growth rate of outbound luxury trips is projected at 6.2 percent, almost one-third greater than overall travel (4.8 percent), according to the Amadeus research report, Shaping the Future of Luxury Travel. Luxury long-haul travel will grow faster than any other form of travel, according to the report. A recent report from Transparency Market Research found that the global luxury hotels market will continue to expand at a compound annual growth rate of 4 percent through 2021.
Given the growing and lucrative nature of the high-end market, it’s no wonder that hotel development teams are scouring the planet for the next “it” place. In determining which destinations have luxury legs, there are several key indicators that both developers and investors should consider. After location, location, and location, it’s about infrastructure, innovation, and airlift.
When we ponder where luxury is going, we’re speaking both in literal and figurative terms. This report looks at how destinations become the next big thing in luxury travel, how the market has changed during the past ten years, how China’s luxury market is impacting the sector, and how the hospitality industry is keeping up with changing expectations. The report will also examine luxury in terms of the evolving high-end customer and provide insights from industry leaders about the key indicators that determine where luxury is going next.
This report provides:
- A look at up-and-coming luxury destinations around the world
- A deep dive into Chinese luxury travelers
- A focus on the role residential plays in luxury hospitality development
- Insights from industry leaders on topics top of mind in luxury hospitality today
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