Explaining luxury's generational marketing shiftfrom @the.ryanexperience

Transcript

Luxury hospitality doesn't have to be pretentious. For decades, luxury in part meant distance, formality, and rigid etiquette. But I speak to luxury hoteliers, bar owners, and restaurant owners every day who are struggling to attract Gen Z and millennials. They believe these generations don't have money, but they do. They're on pace to account for up to 60% of the luxury spending market by 2026, and that's going to seep into hospitality. They have disposable income, the money, and their income is only going to grow. They just want something different. They want to taste luxury, but they've never experienced luxury before, so they don't value the old rules. They see the old rules as stiff and formal and as a barrier to entry. They have entirely different expectations. They value experience over possessions, and they demand authenticity and local immersion. Think Rosewood Hotels Rank Kong. They prefer boutique or design forward hotels. Think the Baccarat hotels in NYC. Baccarat goes above and beyond with the decor and even their own custom set. It is certainly not cookie better. And most importantly, they value unobtrusive personalization, service that predicts their needs without feeling overly formal or stuffy. Now there's a big distinction between luxury and ultra luxury. There's definitely a place for scarcity and privacy. But in my view, the luxury category space needs to adapt. Now luxury hospitality doesn't need to throw the baby out with the better. It just needs a slight shift because millennials and gen z want to spend money on luxury. They just want a slight shift from rigid protocol to genuine human connection. Of course, this only applies to those luxury hospitality businesses who want to capture more of that millennial and Gen Z market.