7 Principles for Modern Luxury
At Luxury Cottages we’re constantly pushing the boundaries for what “luxury” means in our sector. As Millennials and Gen Z come into their prime years of disposable income, their influence on the luxury sector is becoming increasingly important. This is evident across the board but even more so for travel brands as Millennials replace Baby Boomers as the primary source of income. This article explores our seven principles for delivering a modern luxury experience for an affluent and discerning customer base.
1. Sustainability
“Sustainable development is a fundamental break that’s going to reshuffle the entire deck. There are companies today that are going to dominate in the future simply because they understand that.” – Francois-Henri Pinault, CEO of Kering
Sustainability is at the forefront of what we do as a business. For us sustainability doesn’t just mean being kinder to the environment, it means building a sustainable business that can be a force for change in the industry.
I’ve been told that we should treat our bodies like a house that you’re going to live in for another 70+ years, which is an analogy I love. But, I don’t know why people don’t apply the same logic to our planet. We see our company as a custodian for the environment with a responsibility to look after and preserve it for future generations. We believe the best way to do this is through business and have built our brand and values around this theme of environmental responsibility.
We certified as a B Corp in 2023 because we wanted to learn more about best practice so we can be a force for good in our industry. Since then, we’ve built some amazing relationships with fellow B Corps and have contributed to initiatives to improve the carbon footprint of our sector, supporting local communities and charitable foundations. Our aim is to build a sustainable platform to ensure our brand and business thrives in a constantly changing world and has a real impact on others.
2. Trust
“Our passion lies deep in who we are, not what we do.” – Simon Sinek, CEO of the Optimism Company
In a world dominated by social media, artificial intelligence and Photoshop, people are naturally suspicious of brands that don’t appear to be trustworthy. Trust is something you build over time with the way you behave, and is also something that can disappear overnight if you’re not careful. We’ve worked hard to become a trusted brand in our sector through sharing our expertise and experience with both owners and guests. We’ve also been increasingly discerning with whom we work with, an important part of us pursuing purpose over profit.
The single best resource for feedback on our business is online reviews. We’re obsessive about receiving feedback and this is a super important indicator of success in our industry. Our reviews are a great barometer and we’re constantly incorporating this feedback into what we do as a company. Not all feedback is positive but it’s important that customers feel like they are being listened to and that their feedback is being actioned. This is key in delivering a luxury service proposition.
3. Integrity
“In looking for people to hire, look for three qualities: integrity, intelligence and energy. And if they don’t have the first, the other two will kill you.” Warren Buffet, CEO of Berkshire Hathaway
People don’t buy from brands based on what they do they buy from brands based on why they do it. Integrity is key to us as a luxury travel company as it builds trust as runs deep through everything we do. It’s also a hallmark of what luxury means in this modern era. People expect you to do what you say you’ll do and integrity means being honest and having strong principles that you refuse to change.
Adaptability is core to survival for businesses in a fast-changing environment, however, there are limits to what you should be willing to “flex” as a brand without damaging its integrity. Francois-Henri Pinault picks out sustainable development as a paradigm shift in the luxury sector. Sustainability isn’t going to be a differentiator for your business though it’ll be the difference between brands that survive and those that disappear. Yet because of the importance of the core message, wanting to be or do the best for the planet, it resonates. Integrity is having a moral compass and doing what is right for people and the planet.
4. Vision
“We achieve more when we chase the dream instead of the competition.” Simon Simon Sinek, CEO of the Optimism Company
Most luxury brands are category leaders in their industry. They are synonymous with a single vision that makes them an outlier in a crowded market. Vision isn’t about predicting the future, it’s about setting out your purpose and building the future around that. Great brands have a vision or a "why" that resonates with people. Simon Sinek commonly cites Apple as a brand with a singular vision: “To make the best products on earth and to leave the world better than we found it.
It's important for a luxury brand to have a singular vision and this can often go against conventional thinking. Coco Chanel reinvented fashion by transcending its conventions, creating an uncomplicated luxury brand that changed women’s lives forever. She followed no rules, epitomising the very modern values of freedom, passion, and feminine elegance. At the time this was revolutionary but her vision left an indelible imprint on the fashion industry that has stood the test of time.
5. Collaboration
“Selfish is easy. It’s sharing that takes courage.” Simon Simon Sinek, CEO of the Optimism Company
Gone are the days where “luxury” means “unattainable” and modern luxury is far more about purposeful impact rather than "status". Rather than trying to represent the top 1% of properties (however that is defined) or the most expensive rentals we’re focused on working with the best owners and being the best business we can be. Working closely with our owners means we can pick up the phone to them at any point and speak to them providing a much stronger bond. This is the glue that holds our business together and a true collaboration between partners with a common goal - delivering an exceptional experience for our guests.
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We believe that in collaboration there’s a secret sauce that creates something unique that is greater than the sum of its parts. We decided early on to open the conversation around sustainability to others creating a knowledge base that anyone can access. We’re now collaborating with other B Corps and businesses with a focus on sustainability to improve our understanding of what “best practice” in our industry really is. Through this radical collaboration we can be a combined force for good in our sector and ensure standards improve across the board.
6. Experience
“Nothing ever becomes real till it is experienced.” John Keats, poet
Life is all about experience. It’s how we learn and how we interact with the world around us. By 2026 Millennials and Generation Z are expected to account for 75% of luxury goods consumption and 72% of them would rather spend their money on a luxury experience rather than an object. Luxury travel is high up on the agenda with 84% of Gen Z and Millennials seeking a dream vacation over a new luxury item.
At Luxury Cottages we’re on a mission to improve the quality of experience when holidaying in the UK, whilst being mindful of our impact on the environment and local communities. A recent study by Booking.com showed that 80% of respondents wanted confirmed that travelling more sustainably is important to them. In the same report 75% of respondents wanted to seek authentic experiences that are representative of local culture. We take it for granted that we have a unique and fascinating history and culture that attracts millions of tourists to the UK every year. Whether that is to sample our food, our cities, our beautiful coasts or our countryside, brand UK shouldn’t be underestimated when it comes to luxury.
When guests are going on holiday they’re seeking a retreat to get away from the daily grind. To them “luxury” isn’t about gold plated taps and private jets, it’s about being able to experience things they don’t see or do on a daily basis. That can be as simple as taking a walk on a deserted beach to going stargazing in a dark sky discovery site, or even getting pampered at a local spa. Giving guests an opportunity to refresh and reset is far better for their mind than the endless grind of daily consumption.
We’re obsessive over customer service and delivering a luxury experience when guests travel with us. We have great properties, and customer service (that’s a given), however, our secret sauce is the experience we deliver end-to-end when they book with us. We’ve developed a product offering around luxury experiences whether that’s a private tour of a vineyard or organising a Michelin-starred chef to cook for you. Time is the luxury of not having to search for hours to find the right spot for your 50th Birthday. It’s the trust that you’re being looked after and every little detail will be thought through.
7. Mindfulness
“The power for creating a better future is contained in the present moment: You create a good future by creating a good present.” Eckhart Tolle, Author of the Power of Now
Climate change is taking its toll on the mental health of people around the world with searches related to Eco-anxiety rising by 4,590% between 2018 and 2023. For guests that are looking for a luxury experience the last thing they want is to be lectured on climate change, however staying somewhere that doesn’t cater for the basics in sustainability can create even more eco-anxiety. Being mindful of your guests and their requirements is the ultimate in luxury service as it shows you care.
We're also seeing more and more guests seeking to relax and switch off from modern life. Mindfulness is increasingly front and centre when guests are looking to relax. With most of our lives dominated by screen time, social media updates and the constant whirr of modern life, getting some time out to relax and recuperate is an absolute necessity. Having someone at the other end of the phone that can find you the perfect location for your family holiday and reassure you that everything will be taken care of is the epitome of what it means to deliver a luxury experience. It's peace of mind guaranteed.
We believe modern luxury brands should be leading by example. Not only do we invest in our employees by giving them access to one-on-one coaching, but we also give them two days off every year to contribute to local community projects. We’re mindful that their jobs can sometimes be stressful so we’re always looking out for their mental health. We know that happy employees make a great company culture and that radiates from the inside out. We also believe this is the best way to safeguard our business so it can continue to thrive and innovate.
If you're interested in finding out more, get in touch with the team at luxurycottages.com.
#luxurycottages #modernluxury #luxurytravel #sustainability #trust #integrity #collaboration #vision #experience #mindfulness
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A really good article, trust, integrity and the delivery of the service that your guests are looking for are what I consistently message through my community.
🔥#failtopreparepreparetofail Private Chef to UHNWI and Deli Owner Southam Warwickshire
8moGreat insight good read
Board Advisor, Chair & NED | Specialist Travel & Vacation Rental expert | Holiday Cottages Retreat Owner
8moThese principles all chime with what we’re doing. Let’s catch up at Scale Europe next week Alistair
It's all about the data!
8moExcellent article with clear, strong vision 👏👏👏
We empower luxury villa operators to embrace Conscious Luxury 🌍 Founder @ QALIA 🚀 Responsible Tourism Coaching & Validation
8moExcellent summary of what's next for luxury rentals (as many hotel brands have already captured this essence so STR is a bit behind) and showing that challenging the status quo is a matter of mindset.