Twenty years ago, we had just published our first-ever issue of Luxury Travel Advisor. I recall that after we went to press, following months of brainstorming, collaboration and hard work, the buzz in the office subsided and it was very quiet. But one day my office phone rang. It was Sheila Yellin, owner of Courtyard Travel. She had just received her copy of the new magazine.
“I like it,” she said. The conversation was brief but uplifting with positive feedback that I’ll always appreciate. Publisher John McMahon and I took it as a sign to move forward. It was when we arrived at Virtuoso Week in August and received more feedback on the magazine that we truly understood how much luxury travel advisors really needed their own media platform and their own focus.
Fast forward 20 years, and I’m so proud of how the luxury travel advisor sector has evolved over two decades. Having survived economic downturns and COVID, the industry seems to be getting more sophisticated every day. Luxury travel advisors really do work at the same level as financial advisors (it’s not unusual to compare the two roles when explaining how important a luxury travel advisor is to the lives of their clients.). Moreover, they’re always finding new ways to work, whether through AI, social networking, or good old-fashioned consulting with a knowledge of travel that’s so elevated, it’s dazzling.
That’s a look back but where do we go from here? We live in turbulent times that could affect the economy and the luxury customer’s penchant for travel, but that’s a challenge you’re well poised to take on. My advice is to step up your game consistently; the number of millionaires and billionaires is increasing steadily year to year, which means more clients for you. The great transfer of wealth, as Baby Boomers and the generation before them pass along their riches and assets to their children and grandchildren, will provide even more prospective clients for you, and these younger folks will have been born and bred into the world of luxury travel. How will you keep up with their needs? Consider how customer behavior keeps changing. Case in point: I found a little factoid in The New York Times recently that said that in the late 1960s, the bridal market accounted for 64 percent of all fine china sold in the United States. In 2024, just 11 percent of couples registered for fine china. What’s going on registries instead? Experience-related items like canoes and other supplies for outdoor adventures.
That’s just one example. Many of the de rigueur traditions of the past have simply gone way, at least for now. People are different now and they’ll keep being different in new ways as we move forward.
The good news is, suppliers are evolving with the times. Luxury travel brands are getting more luxurious, not just willing to rest on their refined reputations. Some are refitting their hotels to provide more spacious suites for families and uber-wealthy individuals with entourages. Hotels that offer private villas now provide opulent private homes as well. And many are doing a great job of developing in-house “live like a local” experiences for guests to keep up with the demand for authentic and responsible travel.
Luxury travel advisors will need to be super flexible in the coming years and adapt quickly to changes in economic and social landscapes.
If you feel anxious about the future, just reflect on the past to see how resilient and forward-thinking the luxury travel advisor sector has become. In my mind there’s no doubt that advisors in the coming years will be in a great place; savvy, sophisticated and knowledgeable.
For now, thank you for the past 20 years; you’ve been my joy and sustenance and I’ve savored every minute of it.
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