‘The Evolving Luxury Hospitality: What’s the key to its growth?’ When we look at how the luxury market has evolved in the last 5 years, ‘digital’ is one of the first things that comes to everyone’s mind. This is also the case for the travel and hospitality sectors.
Here are the top 4 characteristics of today’s new luxury hospitality consumer:
Working to live, instead of living to work. They are aspirational and place a high value on their leisure time, holidays and work/life balance. They earn less than the previous generation did at the same age. The focus of millennials on purpose and values in choosing their career and lifestyle suggests that they may be less likely to opt for high-earning jobs and expensive products, which becomes a bigger challenge for the luxury sector.
Less loyal than previous generations. Millennials are not driven by brand loyalty anymore. The increased exposure to more sources of information as a result of digital technology allows this generation to benefit from a greater range of influences and get to know smaller brands – which often offer same or higher value for money than well-known brands.
The slowness movement. Our craving for the pre-electricity lifestyle of simple pleasures, farm-to-table food, homemade meals, handcrafted items, comfort and contentment is a side effect of lives that are too fast, too busy and too connected. This movement started a few years ago and shows no signs of slowing down. This opens up an opportunity for travel & hospitality businesses to really embrace local commerce and sustainability.
Luxury Marketing at Hotel Institute Montreux Understand the power of a luxury brand and gain the business skills needed to provide premium goods and services within the hotel and tourism industry.
About this course
Learn strategies and skills for managing luxury brands within the hotel and tourism industry. You will analyze the essence of a luxury brand and learn marketing techniques and trends to better position your services. You will learn how luxury brands are created and how to properly communicate the value of your brand.
What you'll learn
Evaluate and discuss the essence of luxury brand management. Address the brand potential that exists in luxury activities, and how luxury-goods businesses should be conducted on a daily basis
Analyze and critic the specificities of luxury goods marketing, the long term trends in the luxury industry and the changing shape and definition of the luxury sector
Analyze and evaluate luxury brand management research journals
Identify luxury brand and experience problems within the hotel and tourism context, and apply research skills and techniques to solve these problems
Analyze and appraise related numerical and graphical data regarding managing luxury brand and experience, and develop solutions for industry practitioners
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