Travel advisors have high expectations for 2023, according to new Need to Know research conducted by TravelAge West. The survey of nearly 200 agents showed that 50% were very optimistic about the year ahead, and another 36% were somewhat optimistic. Nearly three-quarters (73%) say they have more travel business on the books now than they did at this same time last year.
Inquiries are pouring in, and people seem to be comfortable with increased price points on their vacations.
“This level of optimism definitely makes sense with what I’m seeing in the industry,” said Theresa Chu-Bermudez, owner of Get Out Custom Travels. “Inquiries are pouring in, and people seem to be comfortable with increased price points on their vacations. Wave season has started for me and my team already, and it will only get busier from here.”
Travel advisors are very optimistic about next year’s business outlook.
Credit: 2022 TravelAge West2023 Bookings and Business Practices
In general, advisors are seeing encouraging developments across the board. Most advisors (75%) report that clients are booking further out for 2023 than they did for 2022, and 51% say clients are spending more on travel next year than they did this year.
Despite booming business, 51% say their agency team is not any larger than before, and respondents are split on whether they are planning to bring on new employees — 37% are not planning to grow their agency in 2023, compared to 34% who are expecting an increase.
“Some of the partnerships that I’ve been working on the last year and a half are coming to fruition, and I anticipate 2023 to be my best year yet,” said Suzy Schreiner, owner of Azure Blue Vacations. “I’m very happy with my current business model and do not anticipate adding any agents to my team. However, with the increased business expected for 2023, I do anticipate adding more support staff.”
Respondents are split about bringing on new employees.
Credit: 2022 TravelAge WestAdvisors are also adjusting some of their business practices next year. A strong majority (62%) expect to do more business with new suppliers in 2023.
Top Travel Destinations for 2023
In terms of where clients are planning to go, Europe and the Caribbean are tied for the most popular destination (32%), followed by domestic travel (15%) and Mexico (14%). In fact, 77% think that there will be more travel to Europe in 2023 than this year.
“We are already seeing a substantial increase in European bookings for 2023, with total sales outpacing 2022 by double digits,” Schreiner said.
Interestingly, even though most advisors (49%) report that they are not seeing more interest in travel to Asia next year, advisors do seem to be feeling some confidence in the region — 45% are very or somewhat optimistic about a comeback in 2023.
Europe is expected to be extremely popular in 2023.
Credit: 2022 TravelAge West“Europe has been — and mostly likely always will be — a popular place for Americans to visit, so I am not too shocked by [these findings],” said Chu-Bermudez. “That being said, maybe it’s wishful thinking on my part, but I hope tourism is spread out a bit more around the world now that countries in Asia and Oceania have opened their borders to international tourists. Europe was so saturated this year that the travel and tourism industry in-destination had a difficult time keeping up.”
Need to Know Survey Series
“Need to Know” is a research series from TravelAge West that tracks the responses of advisors as they relate to various travel trends and topics. This survey recorded the responses of 177 advisors across the U.S. See more Need to Know stories here.