Travel Megatrends 2020: Consumer Brands Jump Into Hospitality Mashups
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Consumer brands that see the passion of travelers are taking a leap. These brands are becoming hotel proprietors in greater numbers to reach out to millennials, who see travel as a lifestyle experience. Expect more retailers to invade the hospitality space.
Consumer companies in categories such as luxury goods, clothing, and even fast food are repositioning themselves as lifestyle brands with a growing presence in the travel industry.
The strategy underscores the allure of the travel sector as a way for these everyday brands to engage with new customers — particularly millennials, those in their late 20s and early 30s who are traveling in greater numbers. Millennials prefer lifestyle brands and non-cookie-cutter hotels that they can show off on social media sites such as Instagram, Twitter, and Pinterest.
“As lifestyle brands mature, and they look for new opportunities to engage with customers, hotels are a natural extension option as they offer relatively low barriers to entry and high potential impact,” said Chekitan Dev, a professor at Cornell University’s School of Hotel Administration. “Hotels in crowded and brutally competitive markets co-brand with lifestyle brands to give them that extra oomph to stand out from the crowd.”
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Fitness company Equinox, luxury goods giant Bulgari, luxury watch manufacturer Shinola, crystal maker Baccarat, and Japanese retailer Muji are examples of brands that have opened bout