Millennials set to reshape the luxury industry through innovation.
With the ever-growing influence of Millennials on the hotel industry, luxury hotel groups have started to consider them as the future’s most affluent customer segment.
Yet, a recent research carried out at Ecole hôtelière de Lausanne shows that luxury hotels, unlike their less upscale counterparts, have yet to unleash the full potential of innovation needed to attract and retain Millennials.
The simple fact that traditional luxury hotels and Millennials appear at odds raises a straightforward question:
How can luxury incumbents attract and maintain affluent young travellers?
Millennials are often associated with Airbnb. How about Millennials and Hilton or Ritz-Carlton or Fairmont? Does something seem a bit off? And what about the relationship between Millennials and innovation or technology? Is that an obvious pair to you? Then chances are, Millennials will make the same associations. And if true, then this might become a long-term problem.
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