Dr. Matthias Fuchs
The Future of Luxury Experiences: Where Luxury Meets Hospitality
Dr. Matthias Fuchs | April 9, 2024
By Dr. Matthias Fuchs The luxury industry is undergoing a change. As a result, its products are reaching more and more people. In order to avoid losing exclusivity and uniqueness, many brands are now relying on ‘experiences’. These are enabling them to strengthen their relationships with their customers, offering them a unique experience without sacrificing status or reputation. The luxury industry is undergoing a phase of transformation. While in the past few used to buy luxury items, many more people are now spending their money on high-end brands. Evidence of this can be seen, for example, with the French fashion house Hermès. ...
Luxury Hospitality: Trends, Challenges, and Best Practices
EHL Insights | September 8, 2023
By Dr. Sowon Kim, Dr. Florent Girardin, Dr. Matthias Fuchs Luxury is the new black. Post the pandemic, the global luxury industry recorded sales of €1.15 trillion in 2021, and continued its growth in 2022 by 19%-21% (Bain & Company, 2023). Luxury hospitality, luxury cars, and personal luxury goods represent over 80% of the total market. In this article, we zoom into the world of luxury hospitality to examine the trends that shape this industry, the challenges that are associated with the trends, and the best practices that illustrate how firms are managing such challenges. The trend of personalized meaningful experiences The luxu...
Creating Memorable Customer Experiences: How to Go the Extra Mile
EHL | May 9, 2023
By Flavien Brand, Dr. Alessandro Inversini, Dr. Matthias Fuchs The importance of customer experience management, a built-in feature In business, customer experience is often presented as a differentiator, something a company chooses to focus on in order to outperform its competitors. Yet, a company will inevitably interact with its customers at some point, and those customers' opinions about these touchpoints will affect their future behavior, including possible repeat purchases and word-of-mouth. Consequently, customer experience is not like an extra feature added to a product to make it more attractive, it is ‘built in’ and repre...
