Virtuoso says that 88 pc of US Virtuoso travel advisors indicated optimism
Global luxury travel firm Virtuoso has predicted that the global travel industry will grow much faster than the global economy in the current year. The company delivered its uplifting industry outlook at its Virtuoso Travel Week, that began on August 12 in Las Vegas and which will last until August 18. Over 5,000 stakeholders are attending the event, in person and virtually. Virtuoso says the attendees are a mix of luxury travel advisors and Virtuoso Preferred Partners.
With an increasing number of high net-worth individuals around the world, Virtuoso predicts that the travel industry is growing 17 times faster than the global economy with 23 pc growth over 2022. By 2033, travel and tourism jobs will make up 11.8 pc of global jobs at around 430 million.
In a press statement, Virtuoso says that the optimism was reflected by travel advisors’ outlook on the state of the business currently. When asked ‘‘how are you feeling about your business’’, 88 pc of US Virtuoso travel advisors indicated optimism. Around the world, the sentiment was similar with most countries hovering around 80 pc optimistic. The UK and Ireland were lower at 58 pc.
The company says that its Preferred Partners were also feeling positive about the state of their businesses at the moment. Cruise companies, tour operators and destination partners all were well over 85 pc positive, while for hotels, it hovered around around 65 pc.
While travel is booming, the industry still faces challenges, including air travel, artificial intelligence, climate change and overtourism.
Advisors shared how climate change is shifting bookings, noting an increase in interest in cooler climes and northern destinations such as the Nordics and the Alps during summer and Lake Como during the festive holiday season.
‘‘Moving forward people will think about this year’s weather. We have to work with the climate and work to change it,’’ said Sharyn Kitchener of Mosman Travel in Australia.
Both Virtuoso executives and travel advisors noted that AI, while helpful, is lacking in substance. Its abilities didn’t go beyond producing generic information and the personal touch is what clients want now and will continue to want in the future. AI takes away the connection and the passion and putting that back into the hotel experience/travel experience will be the gateway to success.
Paul Tumpowsky
‘‘Clients are looking for specific advice and what AI systems offer is mass produced,’’ said Paul Tumpowsky, founder and CEO of Skylark.
Virtuoso says it is bolstering its efforts to support the growing luxury market with tools for its travel advisors. It is engaging new consumers through content hubs on Virtuoso.com and is launching the consumer-facing So Virtuoso campaign, which has generated more than 7 million impressions in its first phase. The second phase, which has just kicked off includes inspiring stories of travellers who were assisted by their Virtuoso advisor. Virtuoso has also enhanced its popular Wanderlist website which can be downloaded as an app and helps travel advisors and clients by streamlining their desires and needs and driving sales and leveraging expertise.
Matthew D Upchurch
“Focus on your unique ability, that which comes to you naturally and fulfills you, and let that guide your business. What feeds my own life energy is witnessing and enhancing the creative ways people can succeed, especially when we come together to achieve something we couldn’t have done alone. That is foundational to Virtuoso, and we see our future as supporting ever-more personalized paths of success. The quality of insights you have to work with directly affects the quality of the solutions you provide. In the same way, Virtuoso aggregates insights from across the network to provide you with the resources needed to adopt and adapt to your distinct business needs,” says Virtuoso chairman and CEO Matthew D Upchurch.
