Starwood says young millionaires are emerging as an influential segment in the highly competitive global tourism industry. Today, 85% of Starwood's luxury guests are rich travellers from Generation X and Y, so the US hotel chain is positioning itself to cater to this group.
Today, 85% of Starwood's luxury guests are rich travellers from Generation X and Y, so the US hotel chain is positioning itself to cater to this group.
Starwood will aggressively invest to create, renovate or restore luxury hotels in anticipation of the growth of luxury demand.
Lothar Pehl, senior Asia-Pacific vice-president for operations and global initiatives, said Starwood spent time to develop the concept of "Generation LuXurY" because today's wealthy tourists are different from any generation before.
Globalisation and a more digitally connected world are creating business without borders and a change in customer demography.
"The world's wealthiest people are no longer just old elites. Wealth is moving east and south and from established to self-made families. The dotcom boom has encouraged a rise of travels by the new generation of global elites who are called Generation LuXurY," Mr Pehl said.
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