When Luxury Travel Advisor launched 20 years ago, your business looked a lot different than it does now.
Most advisors were in-house employees of travel agencies and worked in brick-and-mortar offices or storefronts. Luxury consumers still valued goods over experiences. The advent of OTAs allowed consumers to begin booking travel independently. Print brochures, mailers and advertisements were the de facto option for outreach, and the world was being reshaped following the events of Sept. 11.
Luxury Travel Advisor has changed a lot in that time, too, by shifting its focus from a monthly print magazine (which now operates on a bimonthly schedule) to a digital-first approach, complemented by in-person and virtual events, a strong social media presence and beyond. There have been plenty of changes in my nearly decade-long tenure on the editorial team here, but there are some things that remain the same: Clients still expect thoughtful, tailored service. Relationships with suppliers are gold, and REAL ID is still struggling to get implemented.
Above all: Travel advisors remain vitally important to affluent travelers, advising them on how to best spend their time and money on vacations and assisting around the clock should any complications arise.
Over those 20 years, Luxury Travel Advisor has never wavered in its commitment to supplying our readership with timely news, insider info and a platform that champions the travel advisor community, spearheading the revolution of the travel advisor profession. Case in point: LTA’s former leaders and creators, Ruthanne Terrero and John McMahon, chose the name Luxury Travel Advisor for the magazine long before most others adopted the phrase. Even ASTA referred to itself as the American Society of Travel Agents until 2018.
What will this industry look like in another 20 years? That’s a question for people much smarter than me, but as I wrote in my March/April column, most signs are pointing to a strong 2025 in the luxury travel space. In fact, many of the sources I referred to then have improved their outlooks even more so this month. The Consumer Confidence Index, after a drop-off in April, has rebounded in May across all income and age groups. Bank of America Institute reported this month that 70 percent of Americans plan to vacation this summer, with higher-end consumers favoring international destinations in Europe and Asia.
Looking a bit further down the line, Allied Market Research, in its “Luxury Travel Market” report, projected the global luxury travel market will reach $2.15 trillion by 2035. (For reference, the value was $890.8 billion in 2023, implying a compound annual growth rate of 7.4 percent over that span.)
Sure, there will be challenges along the way, but I know Luxury Travel Advisor will have a bright future because you, the luxury travel advisors, have a bright future.
Cheers to 20 years, and I’m so excited to usher in the next 20 years of Luxury Travel Advisor with you all.
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