Now, more than ever, luxury is about simplicity, creating moments of intimacy, profundity, with a focus on service and significance.
Walking into the hotel lobby, appreciating every detail is one of my passions. What makes me perceive quality is simplicity - the ultimate sophistication. It is much more about how you feel rather than what you see.
Thus, it is time to implement circularity, regenerative leadership practices in operations and strategy. Where luxury experience goes beyond material things, it is about spirituality and balance. The hotel should belong first to the place where it is built, and then to the people that will work and stay in it.
If we had to pay for the natural resources needed to develop travel activities, the industry would not be profitable. Furthermore, the importance of consumers’ concerns and awareness of environmental and social issues makes it imperative to set systems and good governance practices at the business core.
This research paper shows consumers WTPM in luxury hospitality when companies are values-driven or more conscious of their operations. Also, it shows how hotel managers could establish strategies to retain more responsible consumers in improving their sustainability practices.
Moreover, it suggests that consumers that search for information about hotel responsible practices show a higher willingness to pay more to stay in a hotel.
As we restart the tourism activity, whatever form of wealth creation has to help regenerate nature, economies, and societies.
We have to be inventive and creative to design models of cooperation within the industry and other entities to driving real change. That means better and broader cooperation with NGOs, academia, civil society, public entities, and the private sector to collaborate. As business leaders, we are responsible for innovating and offer solutions to contribute towards responsible investment, operations, strategy, and effective allyship.
Furthermore, if we consider global systemic challenges steady - environmental and social- our industry will not thrive. Indeed, scientific research findings suggest that sustainability has become an element of quality expected by luxury customers. This result suggests a high risk for brands that ignore these requirements.
It is urgent to close the gap between theory and reality, to preserve brands' reputation, competitiveness, and even maintaining a license to operate.
Thank you for reading it.
Maribel Esparcia Pérez - ESHClub Founding Partner
maribel@eshclub.com
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