Due to the outbreak of COVID-19, the arrival of luxury travellers in Italy was halted during the lockdown from March, with a low level of travellers entering the country since June, when some travel restrictions were lifted. However, wealthy travellers from China and Russia disappeared, while some traffic arrived from the UK, Germany and the Netherlands, and those countries that were a driving distance to Italy.
The luxury travel experience in Italy is made of different factors. This includes premium hotel accommodation, fine dining with luxury food and wine, a pleasant environment that combines history and art with shopping and high-end services that make the accommodation and holiday experience, unique.
In recent years, Italy has been at the heart of luxury real estate investments, with international groups investing in developing or purchasing existing 5-star luxury resorts in premium locations in the country. This is the case of Como Shambhala Estate that purchased a resort in the Chianti area, that was supposed to start operations in 2020.
With cases rising in Q4 of 2020, travel restrictions and ongoing fear of the virus are expected to continue to impact experiential luxury across the early forecast period until the widespread use of a vaccine is in place. As such, in 2021, profit will be linked to how secure consumers feel about travelling back into the country.
The outbreak of COVID-19 is expected to continue to have a negative impact on the employment rate in Italy, especially across the early forecast period when consumers and businesses will both remain wary of the virus. In addition, businesses will have to ensure that they can align with any regulations needed, including social distancing and installing health and sanitisation costs.
Across the forecast period, companies operating in the experiential luxury segment will be forced to rethink their strategies to offer an even more exclusive package to their customers, so that customers will feel secure and willing to try the experience. As such, many will have to communicate and advertise the safety and measures that they have in place.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Italy with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Experiential Luxury research and analysis database.
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