In 2020, experiential luxury was hit extremely hard by the fallout from COVID-19. Experiential luxury in Switzerland depends to a great extent on tourism and the country’s status as an international business destination.
Rixos from Rixos Group (AccorHotels Group) remained the leading brand in experiential luxury in Switzerland in 2020, despite the disruption caused by the pandemic. Swissôtel from Swissôtel Hotels & Resorts (another AccorHotels Group brand) and MGallery, also from AccorHotels Group, closed the podium, both moving up the ranking at the expense of Kempinski.
Experiential luxury in Switzerland has an extremely strong reputation. However, the category may face some existential threat from the pandemic, as a rising issue in 2020 was the damage done to the structure of the industry.
Experiential luxury is set to see a continued strong although slowing rebound, with double-digit retail current value increases expected in the first few years of the forecast period. However, sales are only expected to return to the 2019 level by 2025 or 2026.
Business travel generates plenty of revenues in experiential luxury in the country. In particular, large corporate events, which include conferences and meetings, as well as hotel bookings, have historically been a key revenue stream for experiential luxury.
There is significant opportunity in repositioning parts of experiential luxury to make them less corporate-aligned. There has, unsurprisingly, been a spike in consumer health awareness, with widespread understanding of the negative links between COVID-19 and obesity, for example.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Switzerland with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Experiential Luxury research and analysis database.
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