CXG Report: The World’s Most Iconic Experiential Luxury

Today’s luxury consumers value experiences over mere possessions. They seek authenticity, a high degree of personalization, and immersion in unfamiliar cultures. Hospitality is the venue that can allow luxury brands to create immersive experiences beyond their core products, aligning perfectly with customers’ desires. The hospitality industry encompasses services and products related to accommodation, travel, food & beverage, and recreation & entertainment.

As luxury consumption has evolved and its consumers are becoming ever more sophisticated, with levels of global wealth, especially among younger generations, skyrocketing, luxury hospitality is reaping the rewards. While the pandemic was a brief interlude that brought the travel and hospitality industry to a standstill, pent-up demand and a longing for hyper-personalized, memorable experiences are turbocharging this industry again and establishing new luxury norms. In this report, we highlight several of the motivating factors.