As we enter the second half of the first quarter of 2024, advisors are predicting what could be the strongest year the travel industry has ever experienced.
“As a company, we are on pace to double our 2023 goal in 2024,” said Crafty Getaways CEO Sam Yaffe. “Consumers are always ready to pay and book an appointment with a professional. Our referral bookings will also increase in 2024 as satisfied customers pass on our information to their friends and family. He’s on a doubling pace.”
Yaffe added that travelers are spending more on luxury vacations. “Most people want a great experience, whether it's a private tour, an upgraded cabin or a business class flight,” he says.
Heather Di Pietro, president and CEO of TravelSalesGroup, expects luxury travel to gain even more momentum this year. “My biggest prediction for luxury travel is that it will continue to be very strong and sales will continue to grow, making 2024 the best year ever for luxury travel,” she said.
“In our office, some other segments have cooled slightly relative to per capita spending. Since the beginning of the pandemic, we have seen an increase in demand for high-end experiences such as private tours, luxury transportation, and the best in-room suites. There was great demand.
“I think this is an aftereffect of being stuck at home for so long. People who weren't necessarily regular luxury travelers before are now booking more customized, more expensive vacation experiences. became.”
Di Pietro added: “The luxury segment has always been our strongest and that will continue to be the case. When new challenges hit the hospitality industry, it seems to be the last to fall and the first to recover. My high-end travelers are still calling and emailing me in droves.”
The only caveat is that the cost of airfare to some destinations is deterring some mid-range and high-end travelers from booking vacations, she said. “But nothing has changed for high-end luxury travelers. They still want unique and custom experiences rather than cookie-cutter travel.”
CruiseOne franchise owner Chris Caulfield also believes 2024 could be the biggest year for travel ever. “Despite it being early in the year, we have already reached that goal in many respects. Demand is high, as is price,” he said. “Many customers have already made reservations for 2025 to ensure they get the cruise they want and lock in the price.”
Vicki Eberhart, CEO and head of sales at Krauss Travel, said the agency's first quarter of 2024 is off to a slow start compared to the same period in 2023, but it's still looking forward. We are optimistic about our business.
“We have seen a steady increase in requests in March, and we are confident that we will match or exceed our best year ever in 2023,” she said. In an ideal situation, bookings may fall, but spending will increase. ”
Meanwhile, anecdotal evidence from advisors was reinforced by the 2024 State of Travel report published by Going, a company that searches for the best flights online for its members. According to a report conducted in November, “The 'revenge travel' trend shows no signs of slowing down in 2022 and 2023, with 54% of respondents expecting to take even more international trips in 2024 than in 2023. conducted in 2023 and included 2,695 respondents.
“In 2024, more than half (54 per cent) of people plan to travel more internationally than last year, and more than a third (35 per cent) plan to increase their domestic travel,” the report said. Says. “The majority of respondents plan to take at least two domestic and two international trips in 2024.”
The report also found that “half of respondents (56%) plan to spend more on international travel this year than last year, and almost a third (32%) plan to spend more on domestic travel. He also said that he expected it.
All things considered, consumers increasingly understand the value that advisors bring to their travel experience as demand for more customized experiences continues to grow, advisors said. “Consumers are looking for unique, custom and out-of-this-world experiences, and travel professionals have the expertise, partnerships and connections to make it happen,” said Yaffe. .
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