How Disruptors in the Luxury Hospitality Sector are Catering to the Changing Tastes of Millennials

As today’s affluent luxury travellers are searching for alternatives to conventional hotel stays, new hoteliers and short-term rental companies are fighting to gain market share.

It is estimated that the global luxury travel market will produce $1,154 trillion by 2022, guided primarily by a shift in customer preferences for an exclusive, luxurious and exotic travel itinerary. Traditional hoteliers, driven by millennial demand, are finding themselves upping their offerings to match this new standard.

Judy, senior manager at TrumpLearning which provides the best mcat prep course says, Millennials pursue authenticity on their journeys, fuelled by a desire for experiences above all else-from visiting cultural hotspots to seeing what each city has to offer through the eyes of a local. This has, in part, contributed to an increase in demand on the holiday market for short-term home rentals. They give travellers a more interesting perspective compared to conventional hotels, and a different lens through which they can see the area.

To capture Millennials— should consider their focus from traditional pampering to a wider range of compelling experiences to capture Millennials – and get ahead of changing trends throughout the luxury travel space. They will also want to add luxury elements to their basic travel products to attract travellers who want to add luxury to their travels with “a la carte.”

They are also trying to help Millennials boost their social capital by using “prestige moments.” For members of the selfie generation, it is important to catch reputation moments “in the moment” and share them with their social network. It is the secret to creating their own brand. In travel, that often means you are connected, worldly and exciting.  Nick, who offers accounting homework help with TAE says, Industry suppliers should adopt this mindset by providing experiences that help unlock and trigger it. If an organisation, a hotel brand or a tour operator can help plunge guests into what they feel is an authentic moment, they will enjoy it—and immediately communicate it.

Where Homes and Hotels Meet

Lucky, an expert from whom students approach to pay for research paper says, Home-sharing isn’t a modern thing at all. While it has definitely gained more popularity over the past decade thanks to sites such as Airbnb connecting travellers with short-term rental properties, it has always existed on the market. But as millennials account for an increasingly large proportion of the travel market–particularly the luxury travel market–traditional hospitality firms are capitalising on this model’s popularity and integrating it into their value propositions.

Over the past few years, the industry has witnessed several acquisitions and partnerships – such as AccorHotels’ acquisition of the luxury home rental site onefinestay in 2016, Hyatt Hotels & Resorts’ investment in Oasis in 2017 and, more recently, Marriott International’s year-long pilot programme with Host maker in 2018, which ended with the hotel chain rolling out its own home-sharing plate.

Also, Four Seasons branched out of the conventional hotel model, and operates its guest rental properties under its Four Seasons Private Retreats deal. Kelly who works with TFTH and provides services like assignment help melbourne says, Via partnerships with private residential owners, the luxury hotelier is adding over 30 branded residences and resorts worldwide to its rising number of properties.

Developing Custom Itineraries

Nick, who offers research paper writing service says, As millennials become more and more well-traveled, they are no longer looking for cookie-cutter encounters and only a comfortable place to relax in the evenings. Instead, they’re trying to build experiences they can really call their own–and those brands of hospitality are listening.

Airbnb Luxe allows travellers to customise itineraries with the aid of an in-house “Trip Planner” on top private airport pickups, butler services and even in-house chef-grade kitchen appliances–which includes everything from booking top restaurants in the city and planning for child care services. Private Retreats Four Seasons offers guests the equivalent in the form of a “Special Lifestyle Assistant”

Hidden Gems

These fresh and updated luxury rentals give off beyond the top-notch service, immaculate furnishings and home-away-from-home vibe, it’s the stores these homes share, and the cultural immersion they bring that attracts them millennials. Holidaying in a Tuscan countryside villa of the 18th century definitely doesn’t have the same ring as a luxury five-star hotel in the city centre.

Having grown up in an age where storytelling is a core part of daily life – Twitter, Facebook and more recently WeChat are all places where individuals share their story – millennials are constantly (consciously or not) looking for new stories to tell. To better appeal to this target market, marketers must ensure that their product offerings include the storytelling dimension.

One Step Further

But it takes more than just a service upgrade and a solid, specific selling point to really catch the interest of millennials in the long run. Luxury hoteliers should also enhance their experience value proposition by enhancing the foundations of brand authenticity, as accessibility and experience curation are crucial to engaging younger customers. This requires the creation of an authentic story and brand promise, as consumers looking for deeper and more meaningful leisure experiences will naturally gravitate to brands with rich history and embody values with which they identify.

It is also important to harmonise storytelling across touch points, and digital channels with an emphasis on human connections are put in place.

Experience improvement and customer engagement approaches are at the forefront of gathering data with technology and optimising touch points to create a frictionless experience too, as remarked by John, working with EduWorldUSA. For example, for selected locations around the world, Marriott Hotels introduced a virtual reality feature that allowed guests to preview rooms and experiences. The Dorchester Collection uses artificial intelligence to sort guest data, and adapts services to their needs, from making suggestions on what guests may want to see and experience, to updating their feedback-based breakfast menu. Will that suffice? Probably not. Yet as millennials become ever more powerful buyers of luxury, this is, at least, a step in the right direction

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