In recent months, there has been a slowdown in the global luxury goods sector, but luxury hotels, particularly 5-star ones, have held their ground, demonstrating the sector’s resilience. Since mid-2023, luxury goods sales have started to decelerate, with the revenues of some of the major players stabilizing and stock prices struggling, mainly driven by a downturn in the Chinese market. In China, consumption patterns are shifting: after the post-pandemic shopping boom, consumers now prefer a more understated luxury and products often made locally.

Despite the slowdown in luxury goods sales, the high-end hospitality sector has shown remarkable resilience, as it often does. Matteo Lunelli, president of Altagamma, speaking at the “Luxury Hospitality Conference,” highlighted that today “experiential luxury” is much more in demand than the purchase of luxury goods. He also pointed out that high-end tourism is a strategic lever for the Italian economy, generating significant benefits for local regions. 5-star hotels, which make up just over 2% of the Italian hotel sector, generate 25% of the total tourism revenue, further confirming the importance of this sector for the country’s economy.

The resilience of luxury hospitality was also confirmed by Alain Prost, president and CEO of Ginori 1735, who revealed that the hospitality channel now accounts for a third of the company’s revenue. High-spending customers are looking for extraordinary experiences and are willing to pay a premium to enjoy unique and unforgettable moments.

Confirming this trend, Aldo Melpignano, founder and CEO of Borgo Egnazia, emphasized that luxury hospitality is increasingly expanding into the broader luxury market, no longer limiting itself solely to traditional hospitality but broadening its offerings to meet the demands of a sophisticated clientele in search of exclusive experiences.

The luxury sector, though evolving, continues to play a crucial role, particularly through the ability of high-end hospitality to adapt and innovate.