- A number of heritage brands are collaborating with luxury hotels to offer fans an immersive experience that goes beyond traditional retail.
- A recent survey has shown that Chinese consumers are increasingly willing to spend more on hotels post-pandemic.
- Wealthy individuals wishing to book luxury hotel stays should use a safe money transfer service when making payments.
Fashion and jewellery powerhouses such as Gucci and Bulgari are collaborating with luxury five-star hotels to attract wealthy millennials and high net-worth individuals (HNWIs) from China.
With China projected to dominate a significant portion of the global luxury goods market by 2025, it has become imperative for renowned brands to establish meaningful connections with Chinese consumers.
A recent survey by Morgan Stanley has shown that Chinese consumers have been more willing to increase their spending on hotels post-pandemic.
Out of 2,000 people surveyed across 19 provinces, 20% said that accommodation was their top travel expense, compared to 17% in 2017 and 2020. The Bulgari Hotel in Knightsbridge, London, for example, completely embodies the luxury fashion brand.
According to Kostas Sfaltos, the Managing Director of the Bulgari Hotel, creating Bulgari Hotels & Resorts was not a business opportunity but rather a creative exercise in cultivating customer relationships and transferring the values of the jewellery brand into new luxury experiences.
With its distinct connection to the jewellery and watch world, the Bulgari Hotel has become a magnet for high-spending Chinese guests. The Bulgari Suites, Spa, Edward Sahakian cigar lounge and Italian afternoon tea are the most sought-after services by Chinese guests.
The Bulgari Hotel also ensures that Mandarin-speaking staff are available and provides a Chinese breakfast option for mainland citizens. The hotel offers to source a rare bottle of Moutai, a popular Chinese liquor, at the request of wealthy guests.
HNWIs looking to experience luxury hotel stays should research safe methods of making international payments.
The Baccarat Hotel in New York, which is supported by a partnership with Chinese agency Heavens Portfolio, is popular with fans of the Baccarat crystal brand.
In today’s consumer-driven world, luxury brand enthusiasts expect more than just products – they want to fully immerse themselves in the luxury lifestyle and experience the exclusivity that these renowned brands promise to deliver.
In particular, Chinese and European tourists have become avid fans of luxury hotels that collaborate with high-end jewellery brands. For example, staying in the Bulgari Hotel or the Gucci suite at The Savoy has become a status symbol and a way for guests to showcase their affiliation with the brand.
HNWIs should use secure modes of money transfer when booking luxury hotel experiences abroad.
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