Sustainable Luxury: MATTER looks into how hospitality and travel brands must adapt to survive
The world of luxury is changing and wealthy consumers are becoming active participants to save our world from extinction. As a result, luxury travel brands are changing with the times to become more sustainable. Protecting the environment is paramount in high-end experiential travel and MATTER’s 2019 report promotes how travel brands can adapt to survive and remain connected with their consumers through three main trends:
Consumers seek self-fulfilment through the new sustainable luxury
There is a growing demand of luxury sustainable travel due to a developing demographic of socially conscious, high-net-worth consumers who are increasingly rejecting overt displays of wealth in favour of inconspicuous and responsible consumption. These elite customers value green, inconspicuous luxury and are driven by self-fulfilment and personalised experiences. And so, luxury travel and hospitality is being redefined to incorporate artisanship, authenticity and sustainability, as well as ethical living. Experience and transformation have become the new currency for these next-gen jetsetters, who seek self-fulfilment through green travel, while ‘doing good’ for people and the planet.
Future consumers will invest more in sustainable luxury travel
High-net-worth wealth is transferring into younger hands at a fast rate. According to the study, 72% of Millennials and Gen Zs would pay more for products and services from companies that are committed to social and environmental change. Therefore, these consumers are more willing to invest in sustainable luxury travel and value green brands more than their predecessors. The young elite are reshaping philanthropy by seeking more ways to give back, and the travel industry is supporting their mission through new initiatives from one-off donations to long-term initiatives and volunteering.
Successful luxury travel brands will make sustainability part of the guest experience
Innovators in luxury hospitality are stepping up to environmental and social challenges, by putting sustainability at the centre of their business model and guest experience. From addressing the rise in veganism to rethinking waste, luxury hotels and resorts are honing their offer to attract future guests. Eco-tourism and conservation brand Singita allows guests to take part in sustainable and community initiatives when on safari, guests can leave a legacy from holidaying with Singita and contribute to their 100 year purpose to preserve and protect the African wilderness for future generations.
To download the report in full, please visit MATTER’s website.