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Despite plenty of challenges, it seems 2018 was a broadly good year for the global luxury travel industry, at least according to a couple of recent studies.
The quest for new markets both on geographic and generational levels continues to be a focus for many travel companies, and this is likely to spill over into 2019.
The question is, will the industry be able to focus on these opportunities if things start to get a little dicey?
It’s all very well going after Generation Z or Chinese travelers when the going is good and companies can afford to take risks, but what about in a downturn?
When times start to get tough, the better businesses out there find new ways to innovate.
— Patrick Whyte, Europe Editor
6 Looks at Luxury
Why Luxury Companies Need to Pay Attention to the Newly Wealthy: Just as a gold digger goes after an older mate with deep pockets, so the luxury market has traditionally kept a focus on the mature top 5 percent. But as the world of wealth evolves, companies need to broaden their horizons to consider the new and younger groups that are becoming eligible for elite status.
Onefinestay CEO Departs to Lead Serviced Apartment Brand Sweet Inn: We know what you’re all thinking: Can Onefinestay be saved? Was AccorHotels’ decision to buy a private rental business the right move? Or should it have partnered with one instead?
Luxury Agents Try to Combine High-Level Service With Street-Level Experiences: Luxury travel advisors are experts at planning a five-star vacation for their clients, but agents are more frequently being asked to add a more local element to their plans. A lot of behind-the-scenes work goes into making sure these experiences go off without a hitch.
Argentina’s Currency Crisis Creates Affordable Luxury for Visitors: Argentina’s currency crisis might be good news for international bargain-seeking visitors, but Argentine citizens are seeing their own trips grow too expensive.
Airport VIP Services Cater to the Rich and Famous: When the next recession hits — and it will come at some point — how many of these businesses will make it? We’re guessing a lot of VIP travelers will decide they don’t mind airport lines, after all.
Luxury Hotels in China Pledge to Clean Up Their Acts After Social Media Outcry: Hidden-camera videos of housekeepers acting badly at Chinese luxury hotels pop up from time to time. But a new video that’s gone viral on social media shows workers using the same sponges to clean cups and sinks. Brands need to take more active precautions.