Market Data

McKinsey: The new Chinese luxury consumer

Aug 14, 2019 / China
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If you’re in luxury goods and services, China is the story. Chinese consumers are now the engine of worldwide growth in luxury spending, according to a new report by McKinsey & Co.

The fast-expanding bulge of affluent citizens combined with a small but very wealthy coterie means there’s much more income to spend on luxury goods and services - from fashion, jewelry, and prestige cosmetics to artwork and high-end travel.

It’s a burgeoning market and maybe the deepest pool of spending on high-end products the world has ever witnessed. Understanding the new dynamics is important for luxury brands, of course, but all companies will benefit from insights into the purchasing power and aspirations of these new, mostly younger consumers.

Market Data

Today's empowered traveler views the travel experience holistically

Aug 14, 2019 / Guest Experience
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Shutterstock

They demand high-quality experiences, competitive pricing across the value chain and expect to be recognized and responded to in real-time according to their preferences or concerns.

Customer behavior and needs are changing dynamically. What’s even more challenging is these dynamic changes also vary based on the context, such as the purpose of travel, time and duration, device, urgency, and situation. Finding intelligent insights can improve holiday experience and are vital to keeping up with today’s travelers.

Organizations can work to better serve travelers by providing uniform experiences across communication channels – whether it is apps, text or voice. We need to be able to reach the customer on a medium that is most appropriate to the context.

Digital Marketing

How travel marketers can capture the "momentary market"

Aug 14, 2019 / Advertising
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Digital transformation has reached a saturation point. Which is why travel marketers should view each opportunity as if it’s an individual market - a momentary market.

Consumer touchpoints should now evolve seamlessly to align with a new breed of data-driven consumer who is constantly in flux. Their path to purchase is no longer characterized by a few big, well-orchestrated moments.

What we are seeing instead are numerous small interactions that coalesce to determine success. These micro-moments are fast becoming more important than the cumulative effect of an elaborate marketing plan.

Digital Marketing

Digital travel ad spend scales as competition for travelers rises

Aug 14, 2019 / Advertising
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A strong economy, considerable competition for travelers and a shift from traditional to digital media are noted as three primary reasons for the growth in travel ad spending.

While many travel brands are investing more in digital media and search marketing, other travel brands are discovering opportunities to save on advertising expenses by leveraging first-party data.

Caesars Entertainment, for example, has been collecting customer data from its Total Rewards program for almost 20 years. The company now has “near-perfect information on what the customer would do and when they visited our properties.” This data is put to use by Caesars when messaging customers to bring them back to Caesars and spend more when they’re there.

Digital Marketing

Whitepaper: Content personalization on the hotel website

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Shutterstock

Hotels often provide personalized in-room and on-property experiences, so why should the website experience be the same for all visitors?

It’s not enough to present potential guests with static website content and expect them to find what they’re looking for and make a reservation. In fact, a Salesforce study found that by 2020, 51% of consumers will expect brands to anticipate their needs and make relevant suggestions.


Through personalization, hotels can create a dynamic user experience. Rather than one broad experience that attempts to reach all possible travelers, hotels have the ability to create unique content that appeals to different segments in order to achieve specific business needs. In this way, the hotel website can - and should - be the primary channel for engaging the hotel’s best guests.