Following the International Luxury Travel Market (ILTM) convention in Cannes, France this previous week, there have been a number of takeaways that the pending recession gained’t influence the way forward for luxurious journey.
Presentations from ultra-luxury manufacturers not solely confirmed their portfolio of choices, it provided a glimpse into new itineraries and choices within the luxurious market.
Parked outdoors the venue, the practice automobile from Belmond’s Venice Simplon Orient Express caught the attention and was the star of the present. Belmond introduced plans for brand spanking new suites in addition to a brand new line of Orient Express routes with restored trains in 2024.
Whilst sustainability and luxurious are sometimes not congruent, almost all luxurious lodge operators shared their upcoming sustainable practices. Companies like Six Senses touted their use of native components whereas behemoth Accor is trying to remove single-use plastics.
IHG Hotels & Resorts (IHG) shared of their presentation that they count on over 60% of luxurious customers will comprise Millennials and Generation Z’ers by 2025.
There can be optimism based on an American Express and Altiant report in that solely 10% plan to tug again on journey spending and almost 60% of rich vacationers plan on spending extra subsequent yr.
Growth can be on the horizon as Marriott International and Hilton shared their development to luxurious manufacturers like Edition and Waldorf Astoria. IHG shared in regards to the development of their luxurious manufacturers Six Senses and Regent whereas Accor additionally boasted about their development technique throughout their luxurious portfolio.
At the convention smaller luxurious manufacturers like The Dorchester Collection, Cheval Blanc and Belmond didn’t appear to be bothered by not being linked to an enormous conglomerate. They offered robust proof to remain as smaller operators within the luxurious house.
While Aman lately opened in New York City, in addition they might be launching a extra inexpensive model ‘Janu’ with the primary opening scheduled to be in Tokyo subsequent yr. Regent introduced plans to plans to reopen the Carlton Cannes subsequent yr whereas development at their Cannes website is presently underway.