Luxury Hotels Reformulating as “Holistic Global” Brands

Luxury Hotels Reformulating as “Holistic Global” Brands

The latest Wealth X White paper is out and, besides mapping the future growth of HNW individuals worldwide, it heralds a new era for global luxury brands;

“For the last decade, luxury brands have become ever more reliant on the mushrooming population of Chinese luxury consumers to shore up global sales, while managing the brand image (and often decline) in the west. Now, more and more luxury businesses appear to be moving on from this single-issue era. While China remains an immensely important market to all luxury brands — including, increasingly, ‘experience’ brands such as hotels — luxury brands are more honestly reformulating themselves as holistic global brands, focusing on international growth beyond now increasingly saturated and highly competitive markets. The most significant outcome from this has been an acceptance of China’s exceptionalism, and that ‘another China’ is not easily found.”

Download the report here

We asked our ILTM China Event Manager, Andy Ventris, if he agrees.

Our View

"Whilst it is right to say that the global growth of the HNW population is hugely important to luxury hotel brands, the idea that there was ever a sole focus on China doesn't sync with our day-to-day experience. In terms of opportunity and growth, I dare say there will never be another China, but the reality on the ground is that this potential has only just begun to flourish. With over 285 billionaires and 1.5 million millionaires in China, every single HNWI is an opportunity for luxury brands. And as long as China keeps producing 2 new billionaires every week, global brands won't be looking to adjust their strategies just yet."

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