Time. It’s our most precious and perishable resource.
We use it every day. We sleep. We work. We interact with family and friends. We spend our time managing life’s necessities. There’s nothing wrong with that. As John Lennon wisely noted, “Life is what happens while you’re making other plans.”
But for most of us, we are starting to realize how valuable our time really is and treating it as such.
Data consistently shows a significant shift in consumer behavior: people are directing more of their discretionary spending toward experiences (in other words, their time) rather than material possessions.
The 2025 McKinsey & Co. “State of Luxury” report reveals that approximately 80 percent of high-net-worth individuals expect to shift part of their spending to experiences. This trend is reflected in the 2024 Bain-Altagamma Luxury Study, which shows experiential offerings growing by 5 percent while traditional luxury products declined by 2 percent between 2023 and 2024. As one luxury U.S. shopper explained: "In three to five years, I will spend more money on traveling and taking care of myself. I'll probably spend less on clothes and jewelry because I want memories that last."
In his recent book “The 5 Types of Wealth,” Sahil Bloom speaks of treating time as an asset, and investing it in what really matters—experiences, connections and fulfillment.
The hotel industry is uniquely positioned to be a, and perhaps the, primary beneficiary of this continued shift. Today’s evolving accommodation options, brands and locations offer a myriad of alternatives that prior generations never dreamed possible. Consider lifestyle hotels, which have become a place for visitors and locals alike to congregate and socialize. Look for this sub-sector to increasingly become a cornerstone of the modern lodging industry, providing increased opportunities for brands and investors to capitalize on the experience economy.
Despite consolidation, air travel has broadened, opening new markets for the vast majority of us, both within the U.S. and globally. A quick look at the departure board at your local airport provides ample evidence of the expanding destinations.
Along with all its challenges, the pandemic brought with it new perspectives on travel, including the solidification of the “bleisure” trip. Don’t assume your team members will be returning on Friday afternoon when a business trip takes them to Austin, Charleston, Nashville or Savannah—among dozens of other cities.
Event-driven travel is here to stay, and not just for the Super Bowl or F1. Look no further than Taylor Swift’s Eras Tour to see the demand for, and economic impact of, unique experiences, as quantified by JLL’s Global Head of Hotels Research, Zach Demuth.
In today’s world, what most parents and grandparents want more than anything else is more time with their children and grandchildren. As a result, they’ve become major sponsors of family travel, and many have the resources to do so. According to the Federal Reserve, households led by individuals aged 55 and older control approximately 73 percent of the total net worth in the U.S.
Of course, we all do and should invest our time and treasure in those things most important to us. While luxury products depreciate the moment they leave the store, the value of shared experiences—whether extending a business trip into a personal adventure, watching your family enjoy their dream resort, or simply sharing conversation over dinner—appreciates with time.
With the time we have, we can choose to make unique memories with our families and friends. I, for one, need one more sunset with those I care about a lot more than anything I can find on a store shelf.
Dan Peek is Americas president for JLL’s Hotels & Hospitality Group
This article was originally published in the July/August edition of Hotel Management magazine. Subscribe here.