Luxury consumers now prioritise spending on travel over their own homes, according to new research by Marriott International, which features nine brands such as Edition, Ritz-Carlton and Bulgari.
Research revealed during International Luxury Travel Market showed 60% of these consumers spend more on travel than on their homes, and that 90% were prepared to pay more for quality and service.
“This group has the highest expectations we have ever seen and steer towards brands that align with their values,” said Jenni Benzaquen, vice-president luxury brands Europe for Marriott International.
“They are suffering generic experience fatigue and a lot has to be done to deliver even more meaningful travel for them. It’s also clear they are seeking space along with solidarity that you understand nothing be demanded of them.”
Benzaquen added luxury consumers had become increasingly sophisticated “co-creators in the travel experience and not just passive consumers”, with 70% of respondents saying it is their travel that now defines who they are, rather than their origins.
“Travel for these people is no longer an escape or just time out, it’s where they live a more vibrant version of themselves,” she said. “They look to us to make those things happen.”
Among Marriott’s luxury brand openings in 2019 are the Ritz-Carlton Perth and the Andre Fu-designed St Regis Hong Kong, as well as the recent renovation of St Regis Rome (pictured) under Pierre-Yves Rochon.
Elsewhere at ILTM, the name of the first vessel for the Ritz-Carlton Yacht Collection was revealed to be Azora, meaning “sky blue”.
Azora will launch in February 2020 and chief executive Doug Prothero said bookings from the UK were already looking strong.