Successful brands demonstrate high levels of resilience during economic and business cycles. With fewer barriers, limitations, and investments in brand-wide standardizations, lifestyle hospitality brands are able to pivot more quickly in the face of today’s challenges.
Consumer brands that see the passion of travelers are taking a leap. These brands are becoming hotel proprietors in greater numbers to reach out to millennials, who see travel as a lifestyle experience. Expect more retailers to invade the hospitality space.
Where some lifestyle and luxury brands fear to tread, others are happy to step in. Being an early mover has plenty of advantages, and it helps to set up your brand as different to the rest.
As more travel companies look to redefine their offerings around the lifestyle brand concept, often with limited resources to do so, what strategies will they use to grow and thrive?
Amid increased competition and more sophisticated marketing tools, a lifestyle brand that connects to travelers’ ideals of themselves and the world has become the one vehicle left for building a long-term meaningful relationship with customers. It will be the key differentiator for future generations and a staple of product development moving forward.