Wednesday, August 5, 2009

Changing luxury market

While doing some research for an informational meeting at Gensler tomorrow I came across several interesting articles. This one by John Parman gives insight into the way the economy is affecting the luxury market of hotels because of the changing mindset of travelers  into 'frugalists'. Suddenly people, even the incredibly wealthy, are turning away from high-end, luxury, exclusive hotels and opting for places that aren't as extravagant. People still want good quality, of course, but they are gravitating towards quality that is expressed in more subtle ways than glitzy, over-the-top glamour. 

Just as the SUV was traded in when gasoline prices went through the roof, leisure is (relatively speaking) getting back to basics. That doesn’t mean sophistication and service go out the window, but there’s a sense that less is more, the way flat screens have suddenly banished the two-ton armoire. 

Food packaging trends have also paralleled this idea in some ways. Many name brands have redesigned their packages to simplified versions, or even gone back a couple decades to a more retro design, giving the feeling of a better value. Some of these redesigns have been more successful than others.

Read the whole article from Gensler Dialogues here. It's a good one.

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