Asia and Europe propelled luxury travel in 2023
Global luxury tourist purchases have nearly returned to prepandemic levels, but upside potential remains, according to a new report by Bain & Company
The luxury hospitality market rose to an estimated €213 billion. It finally surpassed its pre–Covid-19 levels, propelled by increased occupancy and a stabilizing Average Daily Rate.
Key takeaways
- Across regions, consumer expectations are rising as room rates stabilize at higher levels than in the past;
- A surge in the appetite for unique, personalized, and transformative experiences that foster a “disconnection” from normal life.;
- Impact-consciousness, particularly among younger generations, favors more authentic and culturally immersive experiences and accelerates sustainable practices;
- Rising service expectations call for new technology solutions and data usage.
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