BALANCING TRADITION AND INNOVATION: ASSESSMENT OF NEW LUXURY HOSPITALITY BUSINESS MODELS AND THEIR IMPLICATIONS ON 5-STAR HOTELS IN SWITZERLAND

Abstract

The global luxury travel market is in a constant state of flux, and traditional players have to adapt to the rising challenges in various areas of their business model. As new players emerge, using technology and the global reach of the Internet and social media to reach out to a discerning group of travelers, they speak to the changing expectations and behavior of international consumers. Our study will shed light on these consumption and travel patterns, on ways new disruptors in the field of luxury hospitality successfully differentiate themselves from their more traditional competitors and on the implications this will have on the business models of five-star hotels in Switzerland. While limited in scope, this study will provide insight relevant to academics and professionals in the field of luxury hospitality.