In a recent Need to Know survey from TravelAge West, travel advisors reported that they are seeing a strong business rebound this summer — 38% have more total clients than before the pandemic, and 48% say this year’s revenue will exceed 2019’s. Even better, much of this growth is coming from new-to-advisor customers. A majority (71%) say they have seen an increase in new clients, and 74% report having new customers who have not used a travel advisor before.
Last week, at the annual Virtuoso Travel Week event in Las Vegas, executives from the luxury group confirmed their members are seeing similar numbers. In fact, they are reporting that global sales revenue from January to July of this year is outpacing the same period in 2019 by 102% — and by 108% in the U.S., specifically. Looking ahead to 2023, there is continued reason for optimism: Future sales are running 147% of 2019’s revenue, suggesting we can expect one of the strongest travel years ever.
A majority [of agents] say they have seen an increase in new clients, and 74% report having new customers who have not used a travel advisor before.
Plus, some Virtuoso advisors say one in four new customers have never used an agent before. It has always been true that clients who use a Virtuoso advisor spend more than do-it-yourself travelers, but that gap is increasing, with Virtuoso clients spending more than four times that of other travelers. Virtuoso customers are also spending more than before the pandemic — nearly three in four (74%) say creating a travel experience that best fits their expectations is more important than price.
All of this confirms what you probably already know: Travel is booming this summer, and there is no indication that it will slow down. Of course, there are plenty of challenges as supply catches up with pent-up demand, which makes it especially important for advisors to manage the expectations of their — often new — clients. Still, for the time being at least, advisors have a big opportunity to prove their value as they manage more business than ever.
