Demand for upscale and luxurious products has been rising steadily in the travel and tourism sector

The theme of premiumization, and the upscale and luxury markets, now have the opportunity to thrive in an industry that has had to rapidly change to meet new changes in traveler demands. The travel industry will experience a surge in demand for higher-end and customized offerings as experiential consumption keeps growing. Premiumization is closely linked to luxury travel. While premiumization attracts only a small number of global travelers, it is important for companies as it is a valuable revenue stream that is unlikely to be impacted by external factors like economic downturns.Leveraging the Internet of Things, destinations can curate offerings based on gathering real-time data on guest preferences and behaviors. This enables the industry to transcend typical offerings and remain competitive.