The French tire company that accidentally became the authority on the world’s best food is setting its sights beyond the dining room.
Driving the news: The Michelin Guide, famous for handing out its patented “stars” to fine dining spots, is expanding beyond restaurant reviews into other lifestyle and travel areas, including hotel and wine recommendations.
- The company just launched a resort and hotel ranking system similar to the stars it gives out to restaurants (the hotels will be awarded “keys” on a scale of one to three).
Why it matters: Michelin is facing stiff competition as a taste-maker. The recommendation space, which was once dominated by guidebooks and media outlets, is being challenged by online influencers that sway more people’s decisions on where to travel, stay and eat.
- A recent Expedia report found that 73% of travellers have made booking decisions based directly on influencer recommendations.
- Another survey found that 61% of consumers trust influencers for restaurant recommendations, compared to just 38% who turn to brands for that advice.
Bottom line: Michelin’s cultural cachet is second to none in the food space. That credibility could certainly carry over to resorts and booze, but the company also runs the risk of watering down the brand if it starts to slap its signature stars all over the place.—LA