The advisors attending Ultra hailed from a broad expanse of networks, representing a true mix of the top luxury travel advisors in the business. We surveyed them prior to the event to get the vibe on how business is faring for 2024 and beyond. In short, it’s all good. One hundred percent of them are more optimistic about the future of the luxury travel industry than they were in 2023, which was a true year of optimism, as well. Nearly 90 percent indicated that their 2024 sales would surpass their 2023 sales. That bullish perspective comes from several consumer dynamics; here are some comments Ultra advisors provided:
- “Word-of-mouth referrals are up, as well as repeat business. Baby Boomers are wanting more upscale experiences now.”
- “Affluent travelers are seeking adventure travel, eco experiences and luxury cruise travel.”
- “We’re forming strategic alliance partnerships outside of the travel industry and sports and entertainment travel.”
- “We’re focusing on niches and getting started with small groups in that capacity.”
What’s the most popular destination in 2024? Europe is still number one, according to 19 percent of our advisors; Caribbean and Mexico came in at 13 percent and 12 percent, respectively, with the rest of the world being evenly distributed in terms of popularity.
Family travel is seeing the strongest growth; we say that’s because working remotely makes it much easier for everyone to travel these days. The dynamic encourages longer vacations and more mixing of business and leisure travel, with family members joining a working individual either during, before or after a trip.
Epicurean travel, wellness trips and solo travel are also growing in popularity. We can attest that we’re seeing more and more product from suppliers that makes it more comfortable and affordable for people to travel on their own. As one new friend who only travels by herself these days put it to us recently: “If I waited around for my friends to decide where we’re all going on vacation, I’d be sitting in my house for the rest of my life.”
We’re excited to see that golf at resorts is on the upswing, with 26 percent of our advisors seeing that as the fastest growing trend. Retreats for personal growth are also on the rise, not surprisingly, and so is travel for sports and competitions.
How You’re Working Now
We are encouraged that advisors see the onset of artificial intelligence (AI) as an opportunity rather than a huge challenge, in terms of how their clients will use it. We are hearing that they welcome the fact that their customers may research a potential itinerary using AI because it will provide the advisor with more insight as to what the client wants to really do on their trips.
Others surveyed say they are using AI for blog posting, itinerary research, calendar management and suggested copy for email writing and proposals.
More than two thirds of our Ultra advisors have changed their business models following the challenges of the past few years. Here are just a few of the new ways luxury travel advisors are running their businesses:
- “I’m focusing more on my annual retainer clients, working with the people I enjoy working with more in order to make more time for myself.”
- “I turn down low-budget trips and while I apologize profusely, I no longer feel guilty.”
- “I use Calendly to schedule chats with clients. I also say no to bookings that I know I am not a good fit for.”
- “I’ve added a support team so advisors can delegate their work.”
- “I’m more group-focused and on specific locations.”
Amazing Access
As for the task of creating extraordinary itineraries, here are several of the trips our Ultra advisors have been working on this year:
- “An FIT to Dubai, Abu Dhabi, Oman and Istanbul included staying in a Turtle Hut in the Wahiba Sands of the Arabian Peninsula.”
- “I’m planning a trip for a family with a teenager who is both a scholar and a top athlete. The wish list for Italy included tours for someone who actually has studied Latin and Caesar’s campaigns, mythology, plus active tours like biking the Appian way.”
- “An elevated and exclusive wine trip for 16 people. They will be traveling throughout France and Italy for two weeks experiencing private wine tastings with owners and a Master Sommelier, an evening under the stars and by candlelight at one of the winery owner’s homes.”
- “[A getaway to] Norway where they are sailing on Hurtigruten from Bergen to Kirkenes, but first a stopover in Oslo and Bergen. Then they are flying to Prague, and they will make stopovers in Füssen (Neuschwanstein Castle), Berchtesgaden and Munich.”
- “Embarking on Japan trips in early spring has proven to be the pinnacle of excitement and adventure in 2024. The highlight undoubtedly lies in securing coveted Taylor Swift tickets for our guests in Tokyo, setting the stage for unforgettable moments.”
- “A family trip to China with ping pong lessons from an Olympic trainer, a banquet on a seldom-visited section of the Great Wall, and a bike ride through the carst.”
- “Africa: Over the top with hot air balloon rides, a helicopter over Victoria Falls, private winery visits where clients bottled their own wine and amazing safari lodges.”
Lastly, we asked if clients are willing to spend more for a “green” experience, and three-quarters of Ultra advisors said their clients are willing to spend between 1 to 20 percent more. We will continue to index this intent, which we expect to see increasing over the next few years.
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