An Assessment of the Factors Influencing High-Net-Worth Individuals' Choice of Luxury Resorts in Kano State
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the Study
High-net-worth individuals (HNWIs) represent a lucrative segment in the tourism and hospitality industry. Their preferences often dictate trends in luxury hospitality, including the choice of resorts. Factors such as exclusivity, personalized services, privacy, and unique experiences play a significant role in shaping their decisions (Okeke et al., 2023). Understanding these preferences is crucial for attracting and retaining this elite clientele.
Kano State, a commercial hub in Nigeria, is emerging as a destination for luxury tourism. With its growing number of upscale resorts, the state offers potential for catering to HNWIs seeking premium experiences. However, competition among resorts necessitates a deep understanding of the factors influencing their choices to tailor services effectively.
While global studies emphasize the importance of exclusivity and personalized experiences, limited research has focused on the Nigerian context, particularly Kano State. Exploring these dynamics will provide insights into how resorts can position themselves to attract and satisfy this segment of the market (Ahmed et al., 2024).
Statement of the Problem
Despite the presence of luxury resorts in Kano State, many fail to attract HNWIs consistently due to inadequate alignment with their preferences. Issues such as lack of personalized services, insufficient privacy, and inadequate amenities have been highlighted as barriers to satisfaction (Ojo, 2024). As a result, resorts struggle to maintain their competitive edge and attract high-spending guests.
This study aims to identify the factors that influence HNWIs’ choice of luxury resorts in Kano State, providing actionable insights for improving services and marketing strategies.
Objectives of the Study
-
To examine the key factors influencing HNWIs’ choice of luxury resorts in Kano State.
-
To assess the importance of exclusivity, personalization, and privacy in shaping their preferences.
-
To recommend strategies for enhancing the appeal of luxury resorts to HNWIs.
Research Questions
-
What are the key factors influencing HNWIs’ choice of luxury resorts in Kano State?
-
How do exclusivity, personalization, and privacy affect their preferences?
-
What strategies can luxury resorts adopt to attract and retain HNWIs?
Research Hypotheses
-
Key factors do not significantly influence HNWIs’ choice of luxury resorts in Kano State.
-
Exclusivity, personalization, and privacy have no significant impact on their preferences.
-
Strategies to enhance appeal do not significantly attract or retain HNWIs.
Scope and Limitations of the Study
The study focuses on luxury resorts in Kano State and the preferences of HNWIs. Limitations include difficulty in accessing HNWIs for interviews and variability in resort service offerings.
Definitions of Terms
High-Net-Worth Individuals (HNWIs): Individuals with significant financial assets, typically exceeding $1 million.
Luxury Resorts: High-end hospitality establishments offering premium services and amenities.
Exclusivity: Unique offerings that cater to a select group of individuals.
Related Project Materials
THE IMPACT OF PRIOR KNOWLEDGE ON STUDENT'S ABILITY TO LEARN NEW BIOLOGY CONCEPTS IN GOVERNMENT DAY SECONDARY SCHOOL AMANAWA
Background of the study
The role of prior knowledge in the learning process has been a focal point of e...
A CASE STUDY ON DEMOCRACY AND NATIONAL DEVELOPMENT UNDER THE BUHARI ADMINISTRATION (2015-2019)
Background of the study
The connection between democratic government and economic progress at the natio...
THE ROLE OF INNOVATION IN DRIVING BUSINESS PERFORMANCE
This study investigates the role of innovation in driving business performance. Objectives include: (1) evaluating the impact of innovative practic...
CONCENTRATION OF LEAD, MANGANESE AND COPPER IN RAW WATER, TREATED WATER AND SOME VEGETABLE SAMPLES IN NIGERIA
ABSTRACT
Population growth and industrialization of the world has dramatically increased the overall environmental load of heavy metals....
THE IMPACT OF STAFFS DEVELOPMENT IN EFFECTIVE MANAGEMENT OF GOVERNMENT PARASTATALS OF NEPA DISTRICT
ABSTRACT
The broad objective of the study objective of this study is to the impact of sta...
The effect of religious teachings on youth unemployment in Ado-Ekiti Local Government Area, Ekiti State
Background of the study
Youth unemployment is a multifaceted challenge influenced by economic, educationa...
EXAMINATION OF MARITIME SECURITY AND THE APPLICATION OF INFORMATION AND COMMUNICATIONS TECHNOLOGY
BACKGROUND OF STUDY
Port and maritime activities throughout the world, together with its accompanying f...
Impact of Broadcasting on Consumer Awareness of Government Policies: A Case Study of Bauchi Local Government Area, Bauchi State
Background of the Study
Broadcasting plays a critical role in disseminating government policies and initiatives, especially...
THE ROLE OF FIDUCIARY ACCOUNTANTS IN LITIGATION SUPPORT
THE ROLE OF FIDUCIARY ACCOUNTANTS IN LITIGATION SUPPORT
Abstract: Fiduciary accountants play a crucial role in litigation support, provid...
The influence of peer tutoring on students' performance in STEM subjects in Gwadabawa LGA, Sokoto State
Background of the Study
Peer tutoring has emerged as an effective educational strategy that leverages the collaborative po...
