Consumers seek out luxe experiences that promise personal revolution
Implications - Affecting both how consumers travel and spend their downtime at home, the transformation economy represents the progression away from material objects toward one-of-a-kind experiences that promise personal revolution in some way. This new experience-driven economy highlights the expectation that brands are to serve as catalysts on a consumer's journey to self-betterment.
Workshop Question - What role does your brand play in improving peoples' lives?
Trend Themes
1. Transformation Economy - The shift towards customized, experience-driven services allows for brands to serve as catalysts on consumer's journey to self-betterment.
2. Wellness-themed Hotel Experiences - Hotels can incorporate retail space and interactive experiences to more fully convey their commitment to health and wellness.
3. Digital Detox Hotel Packages - The growing need for brief, luxurious escapes from modern technology offers opportunities for hotels to cater to those looking to unplug.
Industry Implications
1. Luxury Accommodations - The trend towards lavish and exclusive accommodations for music festivals and fitness bootcamps opens up opportunities for luxury hotels to enter festival markets.
2. Travel Services - The popularity of rejuvenating yoga retreats and wellness-themed hotel experiences allows for opportunities in the travel service industry.
3. Spa and Wellness - The shift towards customized wellness experiences and digital detox packages opens up opportunities for the spa and wellness industry to expand their offerings.
