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The global luxury travel market size was estimated at USD 1.38 trillion in 2023 and is expected to grow at a CAGR of 7.9% from 2024 to 2030. Increasing spending by elite travelers to visit unexplored destinations and gain new experiences is driving the market growth. In addition, the rising trend of micro trips and the rapidly expanding tourism sector across the globe have been boosting the market growth.

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On 21 March 2024, Piers Schmidt gave the keynote at Global Hospitality Talk, the leading networking conference for the hospitality leadership and design community. Piers’ well received talk addressed the discrepancy in brand value between hotel brands and those in other luxury sectors and suggested what the industry needs to do to grow their stature. This article is a condensed version of the presentation.

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