Boston consulting group predicts by 2024, personal and experiential luxury alone are estimated to be a €1,1260 billion market—a significant increase from €845 billion in 2015. The total number of luxury consumers is expected to reach €496 million by 2024. Luxury is not just about owning expensive products, it is also about getting luxurious services, especially when it comes into purchasing personal luxury goods.
Customers are seeking luxurious experiences. Luxurious experiences are given only by trained professionals. Every brand has its specific training programs to treat customers with the utmost care and elegance. The Luxury retail industry is looking for graduates who are good in communication skills, personality and a great attitude to provide exemplary customer service.
As Hospitality students are well trained in colleges as well as in their global industry internship programs which is part of their curriculum, many luxury brands are looking forward to recruit Hospitality graduates. The myth of Hospitality students chooses only Hotel industry is broken by this phenomenon.
Hospitality graduates not only get into personal luxury goods industry but wherever luxury meets its customers. There are many other luxury industries such as luxury cars sales, personalised luxury hospitality, luxury cruises, customised furniture’s, Michelin star restaurants, private jets and Palaces.
This shift of focus away from the luxury product towards the creation of a more customer-centric experience has been identified in a recent report by Boston Consulting Group. In their efforts to strengthen customer experience, luxury goods brands are looking at the Hospitality industry graduates to fit in their profiles. Because of this high demand by luxury companies for Hospitality students.
SVKM’s NMIMS School of Hospitality offers a unique “BBA in Hospitality Operations and Management” which focuses on moulding students to any customer service industry especially the curriculum which has Retail Management as a subject makes the students well-groomed for a promising career in the Luxury.
This article is written by Prof. Manikandan P., Associate Dean, NMIMS School of Hospitality & Mangement.