ILTM Cannes 2024: The Growth of Luxury

The International Luxury Travel Market (ILTM) in Cannes has always been a cornerstone event for luxury hospitality, but in 2024, it truly outdid itself. The gathering of industry titans showcased an overwhelming expansion of luxury brands and their influence. So much so that industry giant Accor Hotels had to construct an entirely new venue outside the main building to accommodate the surge of delegates and buyers visiting their vast portfolio of luxury brands (40+).

This was no small feat—Accor now boasts an impressive 40+ brands, a number that dwarfs even Hilton’s robust portfolio of about 25 brands. But they’re just the tip of the iceberg. As of January 2024, there were a staggering 1,200 hotel brands globally. Fast forward a year to January 2025, and the exact number is difficult to fathom, indicating just how rapidly luxury hospitality is growing. According to Google, 6,000 new hotels are under construction and will open by 2030. This means we will need to find 6,000 General Managers and Executive Chefs, among other roles. Where will we find them?

This growth is both exciting and overwhelming. For travellers, it means an almost dizzying array of choices. For industry leaders, it represents significant challenges, particularly in talent acquisition and development. The demand for skilled hospitality professionals has never been higher. Yet, as veteran hospitality recruiters have noted, many organizations still fail to prioritize top-tier talent, often underestimating the complexities of recruitment in such a competitive landscape or expecting talent to fall from the sky!

Expansion in Emerging Markets

This year’s ILTM highlighted the expansion in Saudi Arabia, where a new luxury hotel or resort opens daily. These openings reflect a broader trend of luxury brands entering emerging markets—a strategy driven by growing demand for unique, high-quality experiences in previously untapped destinations. This year, ILTM Cannes revealed that global hospitality giants are not only expanding in established hubs but are also investing heavily in new markets to meet evolving consumer expectations.

The sheer scale of this expansion underscores the challenges facing the industry. Just as ILTM Cannes seemed to have burst at the seams, luxury hospitality’s growth is creating new pressures, from talent shortages to maintaining the consistency and quality that well-heeled travellers have come to expect.

A Pivotal Moment for the Industry

The luxury sector’s expansion isn’t just about growth for growth’s sake—it reflects a larger shift in how the world perceives indulgence and exclusivity. Consumers are drawn to the idea of personalized experiences, high-end amenities, and the prestige that comes with staying at a renowned luxury property. However, this raises important questions about sustainability, market saturation, and the industry’s ability to meet growing expectations without losing its core appeal.

Events like ILTM Cannes are not only showcases of the industry’s success but also reminders of the challenges ahead. Talent scarcity, brand oversaturation, and the constant, increasing need to stand out in a crowded market are just a few of the pressing issues facing luxury hospitality leaders.

Questions we must ask

The questions also need to be asked: Are they building for the sake of boasting? With over 1,200 brands, are other luxury options required for the already confused luxury travellers, including luxury yachts, private airplanes, tented villas, or hostels, some in the desert and some in the air? Does it ever end? Major brands are adding  new concept properties  like “ A kid  running wild in a candy store.” Another pressing issue is that all companies really  want to build these sustainable, incredible accommodations with all imaginable options. Or is it for  boasting rights , adding value to their stock? or fulfilling an essential client request?

As the luxury industry continues to expand, these  decision makers  must navigate an increasingly complex landscape. The lessons learned at ILTM Cannes  2024 will undoubtedly shape the future of hospitality, emphasizing the importance of innovation, sustainability, and, most critically, talent development.

For those watching from the outside, the growth of the luxury sector is a tempting spectacle—beautiful, grand, and almost too overwhelming to fully grasp. Yet, for the industry titans, it’s a call to action. As the seams of this booming sector continue to stretch, the need for strategic thinking and investment in people has never been more urgent.

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Sincerely,
Stephen J. Renard 
President

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