Luxury hotels maintained steady current value growth in 2018; a trend which is expected to continue into the forecast period. Consumer demand in the US remained strong, fuelled by the positive economic outlook for the country.
The business world is ever-evolving, and with it, the way Americans travel professionally. Increased connectivity, coupled with more flexible working hours, have blurred the distinction between professional and personal lives.
Luxury hotels are progressively using technology in ways that go beyond online booking and mobile apps. For example, several hospitality giants, including Marriott International and Hilton, are working to create “smart” guest rooms that seamlessly integrate technology into the guest experience.
Since its launch in 2008, the economy sharing app Airbnb has been growing in popularity, and as a competitor for the hotel industry. Luxury hotels may face even more competition in future years, as Airbnb is set to launch two new luxury tiers of its product, offering customers the most upscale homes and customised experiences.
Personalisation is especially important to millennials, who are quickly redefining what “luxury” means. Millennials are more inclined to spend their money on interesting experiences, placing emphasis on indulging in local activities, cuisines and culture.
Healthy living has been and continues to be a growing concern for US consumers, and leading players in luxury hotels are keen to incorporate this trend into their portfolios. Hyatt Hotels Corporation made a leap into the wellness space in 2017 with the acquisition of Miraval Group – a leader in wellness hospitality, with a highly-regarded portfolio of both spas and resorts.
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