This is one of the conclusions of a trends report, called Building Brand Love and Loyalty in Luxury Hospitality, put together by ILTM (International Luxury Travel Market) in partnership with research firm Skift.
Alison Gilmore, ILTM’s portfolio director, said: “While trying to attract travellers who are overwhelmed with options, hotel brands are realising the importance of standing for something and are moving towards emphasising their brand culture first and foremost.
“All this leads to a growing sense of urgency, as travel companies grapple with the dual tasks of defining who they are and pivoting towards the hallowed future luxury consumer at the same time.”
The report says that there is “no such thing” as a typical luxury traveller and this means that travel firms must concentrate on promoting their own “unique value propositions more clearly” to appeal to “myriad social preferences”.
It also looks at how demand from consumers is “surging” for key luxury segments such as family, multi-generational and wellness travel.
“Companies that recognise these shifts and adapt their operations to keep pace with consumer behaviour can benefit tremendously from more insightful conversations with their customers, powerful brand differentiation, and increased service levels and loyalty,” added Gilmore. “Those who hesitate risk falling behind.”
The report includes input from more than 30 luxury travel industry leaders who talk about how their businesses are adapting to changes in consumer demand.
“Today’s luxury travellers are seeking a full reboot with a greater focus on what true value for them as an individual really means,” says the report. “People want more meaningfulness and simplicity from their travel partners because they want more clarity in their life amid today’s tensions.
“More luxury travellers are seeking that clarity to travel more intelligently and transform their personal views of the world at large, and their experience in it, even to a small degree.”