People also ask
How has the definition of luxury changed over time?
Todays鈥?consumers believe that the definition of luxury has become less about scarcity, and more superficial. When asked specifically how the definition has changed, more than one-fourth (27 percent) said that today鈥檚 luxury is more accessible 鈥攊t no longer implies that something is exclusive or hard to obtain.
What is the future of luxury in Asia?
Today, luxury would be nothing without the tremendous sales generated by Asia, and especially China. According to Bain Company, the Chinese should account for 50% of the worldwide luxury purchase in 2025.
What are the biggest trends in the luxury market?
One of the biggest trends in the modern luxury market is the shifting focus towards experiences over material things. By 2022, the Boston Consulting Group predicts that personal and experiential luxury alone will be a 鈧?,135 billion market鈥攁 34% increase from 2015.
Is the term 鈥榣uxury hospitality鈥?overused today?
The word 鈥榣uxury hospitality鈥?is often overused today. The definition of luxury hospitality is constantly evolving. 鈥淓verything is luxury,鈥?says Aaron Kaupp, General Manager of Le Royal Monceau, Raffles Paris. I don’t even think that we should call ourselves luxury hotels anymore.