Walpole Insight | The Art of British Luxury Hospitality: Reflections in light of COVID-19
By Laura Tan, Partner at Notable.
When we began the research for this paper late last year – looking at the trends affecting luxury British hospitality, and launched at the Walpole US Trade Delegation to New York – we could never have imagined how quickly the world would change. Nor could we have anticipated the degree to which this particular crisis would hit the hospitality industry.
On re-examining the paper, many of the trends predicted have moved from topics to plan for, to matters of urgency. All three of the core trends outlined in the report: ‘Somewhere, not Anywhere’, ‘Next Level Home from Home’, and ‘Stories Over Services’ remain relevant. However, it is some of the sub-trends within these core themes that are the most pointed.
One example is the ‘Less Spa, more Nature’ trend. The belief that reconnecting with nature can be more beneficial to our wellbeing than conventional spa treatments was already growing pre-COVID. Now, given the challenges a traditional spa environment places for social distancing, the idea of finding solace in open spaces and nature, is even more appealing.
Another sub-trend, ‘Feel Good Sustainability’, will also be moved up the agenda. With clearer skies and a reduction in air pollution being one upside of the crisis, people are reflecting on how we can maintain a healthier planet long-term. Sustainability will move from a ‘behind-the-scenes’ issue to a ‘front-of-house’ selling point.
The ‘Next Level Home from Home’ trend is another one to highlight. People’s desire to stay within their own ‘bubble’ whilst travelling has taken on a new meaning. Wealthy families will want their self-contained bubble to be more comfortable and more spotless than ever. They will still expect high levels of service but delivered in an even more discrete, more distant manner.
Lastly, the sub-trend we identified as ‘Elevated Adventure’ is also likely to be grow in significance. We predict people will still be travelling less overall which means when they do, they want to make it count. Brands that know how to create ‘once-in-a-lifetime’ type experiences in small groups and in environments that allow for plenty of natural distancing, will have the upper hand here.
This year’s Walpole Trade Mission to the US has introduced a new hospitality-focused event and unveiled a new report: 'The Art of British Luxury Hospitality', published in partnership with Notable. Exploring the renewed appeal of the UK’s 5-star hotels and wealth of travel opportunities for modern American luxury travellers, the report examines topics from London’s rich arts and cultural scene, to the blending of homeliness and luxury hospitality, multi-generational vacationing, and the rise of elevated adventure experiences in order to achieve a new benchmark in luxury travel.
From import and export costs to determining overseas pricing, the volatility of the currency market is another challenge that many brands face, particularly those reaching out to global markets to mitigate the impact of a decrease in UK sales. While it’s not possible to predict or control the movements in the currency market, there are tools to track, target and even fix a prevailing exchange rate which may mitigate the risk of currency fluctuations. Walpole partner moneycorp share their insights on what luxury brands should be looking at in terms of currency support for their business.
The Covid-19 pandemic is having a catastrophic impact on London, Britain’s economic power house. As the capital faces its biggest crisis in generations, Walpole’s Chief Executive Helen Brocklebank talked to Jonathan Prynn from the Evening Standard in advance of the launch of their campaign ‘Saving Central London’. With Walpole members reporting that they are only seeing 5-10% of their normal volume, Helen sets out a number of specific measures which must be implemented by government and the Mayor of London to support London-based luxury goods businesses and the longtail of jobs that they support throughout the country.
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