Economic, social, and technological shifts are pushing the travel industry toward seismic change. Learn more about these key changes, their implications on the future of travel, and how travel and tourism companies can adapt to meet evolving traveler expectations.

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.

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.

Once upon a time, in a land far, far away, there lived a time when excellent service was the hallmark of a luxury experience – one that was desired by the people and delivered by the best of companies. Today, it is an aspect of the service sector that has come to be expected by customers. Companies in the service industry have claimed their adherence to the words ‘service excellence’ since time immemorial. One of the best examples of service excellence is the Ritz-Carlton’s Gold Standards, with their famous $2,000 rule which employees are empowered to spend to delight a guest above and beyond fixing problems. How many of us actually know what ‘service excellence’ truly means? Read on to discover the definition of service excellence in 2024.