All the activities related to out-of-home entertainment have been suffering negative impacts since 2020 due to the restrictions imposed by the COVID-19 pandemic. The long period of limited operations caused restaurants, bars, concert halls, museums and hotels to face challenging financial situations with the reduced flow of consumers and the consequent indebtedness of companies in the sector.
The pause in inbound flows forced luxury brands of experiential luxury to intensify their efforts to attract local consumers. Copacabana Palace launched new options to attract locals, positioning the brand as a wellness centre by offering other accommodation possibilities, such as a 30-hour stay package that promises to enable guests to disconnect from the stressful environment in the context of the pandemic.
The impossibility of spending on the habitual options of entertainment, such as taking international trips or visiting luxury stores or restaurants, has caused involuntary savings for affluent consumers. In 2020 and 2021, these consumers cultivated pent-up demand for experiences such as local ecotourism and luxury destinations in Brazil surrounded by natural landscapes, looking for stress relief and exclusivity.
Numerous luxury networks of hospitality have plans to expand their activities in Brazil. The local infrastructure has not only seen reforms in important hotels such as Copacabana Palace and Fairmont, but other groups have also announced new luxury units to be launched soon.
The period of closed borders made affluent Brazilians intensify their contact with the local options in luxury services, especially in hospitality in new national destinations. Professionals in the sector traditionally claim Brazilian service as unique by global standards as an extension of the country’s culture of connecting and being very empathetic with people in general.
The updated array of values frequently cultivated by younger consumers (such as millennials and Generation Z) include an increasing concern with expanding awareness regarding the local realities and living authentic experiences. The traditional luxury objects that express conspicuous expenditure and typically cause a frisson among mature social groups find gradually less resonance with the younger generations.
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This is an aggregation of Luxury Hotels and Luxury Foodservice.
This report originates from Passport, our Experiential Luxury research and analysis database.
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