Luxury brands are recognizing a shift in the industry as a younger consumer type is driving the segment, and brands aren’t afraid to branch out and develop in new markets for the first time.
Leaders of luxury hotel groups continue to tap into the experiences that luxury travelers desire, and selecting the right markets to enter is key.
J. Allen Smith, president and CEO of Four Seasons Hotels and Resorts, said millennials are playing an important role in defining future innovations and trends because they have “tremendous spending power.”
On an annual average, he said, millennials spend more than $2 billion on travel since they place a greater value on experiences.
Sources agreed the location of where they choose to build a hotel or convert an existing property is a major factor in catering to today’s consumer.
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