The changing face of luxury in corporate events

When we talk about luxury in corporate events, we are not just referring to incentive travel. From product launches and kick-offs to conferences and team building activities, luxury can be incorporated into any kind of event. It all depends on the perception that we have of luxury.  

So, in this blog, we will dive deeper and examine how luxury has changed for corporate events.

Experiential luxury

According to a worldwide survey of more than 5,000 high-income luxury consumers, conducted by Marriott International and Skift Research, 75% of the respondents said that “luxury has a different meaning today than it did to our parents’ generation.”  
The concept of luxury has shifted from a material to a more “immaterial” viewpoint. 

And why is that?  

Globalisation, combined with innovation and technology, is creating a much broader perspective on luxury, quality, and exclusivity.  
People today are more environmentally and socially aware, even in the events industry. Travellers are expressing a bigger interest in eco-tourism, sustainability, and animal-related experiences.  

As mentioned in one of our previous blogs, luxury can have many interpretations, depending on the recipient. For some, it may be all about spending a large amount of money on five-star hotels or expensive champagne, while for others, it may be about living and enjoying exclusive, immersive, bespoke experiences or savouring a once-in-a-lifetime adventure.  

While the world is slowly opening again, there is still an ever-increasing appeal to explore closer to home. To live a luxurious exclusive experience, you do not necessarily need to jump on a plane and travel to the other side of the world.  

Personalisation is key whether you are planning an event for your clients or your employees. It is the small touches that make the difference and create that sense of exclusivity and authenticity.  

Personalisation could be as simple as an invitation or an email. It could be something more complex like a personalised gift bag or a special delivery in the hotel room, or even a bespoke off-the-beaten-path experience. No matter how you personalise your event, what really counts is the human desire to be recognised as an individual.  

People’s approach to luxury has now become less formal, more personal, and defined by their interests and mindset. For this reason, events should not be organised with the group average in mind but with each individual.  

Most of the time, we tend to believe that big budgets correspond to big events; but that is not always true. The most valuable travel experiences are not necessarily the ones that cost the most. People want to live and see things that no one else they know has ever done nor seen before; they want to share and talk about their experiences, knowing that their participation in the event was worthwhile.  

So, luxury is no longer defined only by concepts of elegance, comfort, and quality. Nowadays, it is something that includes sustainability, personalisation, and emotional experiences.  
The world of luxury has now become more diverse and inclusive.  

Luxury has gone digital

Events impacted by the pandemic have ranged from award ceremonies, conferences, worldwide fashion weeks, product launches, and tradeshows. Suddenly all live events were cancelled or postponed. However, the industry swiftly responded to the crisis by adopting innovative technologies and new ways of interacting. In a matter of weeks, we saw high-end digital events, virtual fashion shows, online congresses, and virtual tradeshows. Today, we are shifting to hybrid events, which mix live with digital.  

Technology has been fundamental in the last couple of years, especially in keeping the events industry intact. Of course, nothing beats live events and interactions, but digital events certainly came to the rescue, by their ability to tap into a wider audience, ensuring greater participation levels. With users on digital platforms growing exponentially in recent years, there will always be a place for digital events should they be called upon.  

This digitalisation has also heavily influenced the luxury sector. While previously certain aspects were inaccessible, thanks to technology, it is now possible to assist at a product launch or board meeting directly from your home or from anywhere in the world (as long as there is an internet connection!). 

And what about that personal element?  

Personalisation and exclusivity can also be applied to digital events. But, when looking at virtual, content makes the difference and creates luxury.  

The pandemic has really shown us the importance of content and how much it can attract participants. When you do not have five-star hotels or luxurious cars, and your participants are based worldwide, your luxury element becomes content.  

No matter if we are talking about live, digital, or hybrid events, when you are creating a content strategy, it is essential to identify and know your audience. This will help you focus on a specific topic that will resonate with your participants. Again, it is all about the individual.  

Are you having trouble planning your next luxury event? If you want to know more about our luxury experiences, contact us now!