“Transformative luxury” and the rise of the wellness hotel
🏠 The "experience economy," introduced by B. Joseph Pine II and James H. Gilmore in a 1998 Harvard Business Review article, has evolved into the "transformation economy," with luxury experiences aiming to fulfill personal aspirations. Aleks Cvetkovic, Strategy Director at BIRCH, sees opportunities for luxury hospitality in wellness, valued at £5.1 trillion globally and growing by 7.3% annually to 2028. Consumer shifts towards wellness, customization, membership models, and longer stays with branded residences guide the industry. SIRO Hotels by Kerzner International exemplifies this with their first property in Dubai featuring a 1,000 sq m gym and comprehensive wellness facilities, and upcoming residences in Porto Montenegro for summer.
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