For the past few years, there’s been a lot of talk in the travel industry about unrivaled consumer demand and ever-increasing sales. So, advisors might be a little concerned to start hearing murmurs about a potential slowdown.
As you can read in our recent story, consumer confidence has seen the biggest drop of the post-pandemic period in recent months. This is spurred by naggingly high inflation; job insecurity for federal workers; layoffs at major corporations; concern about the effects of tariffs; and general uncertainty about U.S. financial policies.
So, what can you do? For an answer, I reached out to one of the most positive people I know, Jenn Lee, president of Vacation Planners.
“Whenever there is uncertainty in the travel space, the advisor community has the opportunity to shine and show in real time the benefit of working with a travel advisor,” she said. “This industry made it through the pandemic by leveraging relationships and expertise, and by proactively sharing relevant information.”
First, reach out to your clients. They may be questioning the wisdom of their vacation plans, or they might be stressed out and in search of something to look forward to. Either way, a timely positive word from you might be just what they need.
Next, reassess your business position. Are you prepared for a slowdown? Where are you vulnerable, and what can you do about it?
Finally, keep innovating. We have seen that even when things are dire, people will still want to travel. It just might take a little more creativity to help them book.
I hope the signs are misleading and we see more sunny days ahead, but you probably can’t go wrong hoping for the best, while you prepare for the worst.
