As life gets back to normal after the height of the COVID-19 pandemic, familiar industry events are returning. One such event is Virtuoso Travel Week, which took place this year from Aug. 13-19 in Las Vegas at Bellagio Resort & Casino, ARIA Resort & Casino and Vdara Hotel & Spa. The event — which bills itself as the equivalent of Fashion Week, but for travel — drew 5,000 attendees (about 4,300 in person and another 700 virtually), just a bit smaller than its peak turnout in 2019.
Strong Sales and More Appreciation for Travel Advisors
The word most associated with this year’s event was “energized.” Virtuoso’s travel advisors, as well as executives from the group’s partners who attended from around the world, all talked about experiencing a booming summer in travel.
Virtuoso research shows that 78% of travelers say they are ready to travel now, and only 35% say that this summer’s air travel complications have caused them to cancel or postpone plans. In addition, Virtuoso’s global sales from January to July of this year are 102% of the same time in 2019, with travel sales in 2023 pacing 47% higher than in 2019. Also, 74% of Virtuoso travelers expect to increase this year’s average spend of $20,700 per person to $27,800 in the next year.
“May, June and July can be described as a travel tsunami in terms of pent-up demand,” said Anthony Goldman, owner of the Goldman Group, an agency based in Australia. “I think we are going to be seeing this combination of demand and high prices continue for the next 12 to 18 months.”
May, June and July can be described as a travel tsunami in terms of pent-up demand. I think we are going to be seeing this combination of demand and high prices continue for the next 12 to 18 months.
For many younger travelers, travel has become a necessity, no matter the cost.
“The current pent-up demand for travel might slow, but it has become part of a lifestyle, with the mindset that you have one life to live; if you want to go somewhere, you do it,” said Beth Washington, founder of Washington, D.C.-based Getaway Guild, an affiliate of SmartFlyer. “This is across generations, but for millennials and younger consumers in particular, travel is something they are willing to spend money on instead of spending it on luxury goods. It’s not something they are willing to give up. So, I think the future demand for travel is not going away.”
According to advisors, business is coming from both returning clients and customers who have never used an advisor before. Many say that the many travel complications of the past few years have highlighted the value of an advisor’s expertise, making agents a must for many travelers.
“You’re nuts not to use a travel advisor in these times — that’s just a fact,” Goldman said. “One in four bookings are from new customers, and they are basically raising a white flag and saying, ‘I can’t spend an hour and a half waiting on the phone.’ It’s incredible the stories we’ve heard about people trying to book themselves, and then they come to us to rescue a trip. Some of our clients will spend hundreds of thousands of dollars booking directly and then wonder why they have a terrible trip where everything goes wrong. Our value and expertise are truly in demand now.”
You’re nuts not to use a travel advisor in these times — that’s just a fact.
Building on this momentum, Virtuoso announced plans for a large-scale consumer media campaign in the coming months to bring more attention to the power of its advisors.
“Our members have always been virtuosos at what they do,” said Matthew Upchurch, CEO of Virtuoso. “Our brand just put a spotlight on something that was already there.”
The Latest Trends for Virtuoso Advisors
Some interesting trends Virtuoso advisors are seeing include:
- The most popular way to travel is with a spouse or significant other, followed by traveling with friends and family trips with kids under 18. However, solo travel is on the rise, with the highest level of interest coming from the 65-plus age group — increasing from 4% in 2019 to 18% in 2022.
- Younger, richer travelers are stepping up — the 18-34 age group averaged 2.2 more international trips in the past year than the 65-plus age group and 1.3 more domestic trips. DIY travelers took about the same number of trips in the past year as Virtuoso-advised travelers, but the latter took longer trips, spending more on hotels, rentals and cruises, and skewed more toward international trips.
- The hottest global summer destinations include the U.S., Italy, France, Canada, Greece, the United Kingdom, Spain, Mexico, Ireland and Switzerland.
- Many travelers say they are willing to pay more for sustainable and socially conscious trips. The younger generations lead this ethos, with 56% of Gen Z and 46% of millennials willing to pay more for eco-friendly tourism practices, and 58% of Gen Z and 52% of millennials willing to pay to support travel that preserves natural and cultural heritage.
