Following the International Luxury Travel Market (ILTM) conference in Cannes, France this past week, there were several takeaways that the pending recession won’t impact the future of luxury travel.
Presentations from ultra-luxury brands not only showed their portfolio of offerings, it offered a glimpse into new itineraries and offerings in the luxury market.
Parked outside the venue, the train car from Belmond’s Venice Simplon Orient Express caught the eye and was the star of the show. Belmond announced plans for new suites as well as a new line of Orient Express routes with restored trains in 2024.
Whilst sustainability and luxury are often not congruent, nearly all luxury hotel operators shared their upcoming sustainable practices. Companies like Six Senses touted their use of local ingredients while behemoth Accor is attempting to eliminate single-use plastics.
IHG Hotels & Resorts (IHG) shared in their presentation that they expect over 60% of luxury consumers will comprise Millennials and Generation Z’ers by 2025.
There is also optimism according to an American Express and Altiant report in that only 10% plan to pull back on travel spending and nearly 60% of wealthy travelers plan on spending more next year.
Growth is also on the horizon as Marriott International and Hilton shared their growth to luxury brands like Edition and Waldorf Astoria. IHG shared about the growth of their luxury brands Six Senses and Regent while Accor also boasted about their growth strategy across their luxury portfolio.
At the conference smaller luxury brands like The Dorchester Collection, Cheval Blanc and Belmond didn’t seem to be bothered by not being connected to a massive conglomerate. They presented strong evidence to stay as smaller operators in the luxury space.
While Aman recently opened in New York City, they also will be launching a more affordable brand ‘Janu’ with the first opening scheduled to be in Tokyo next year. Regent announced plans to plans to reopen the Carlton Cannes next year while construction at their Cannes site is currently underway.