Virtuoso: 2023 could be "even bigger" than 2019
Global luxury network Virtuoso has announced a series of positive sales updates at it opens its annual Travel Week event in Las Vegas.
Sales through Virtuoso members between January and July of this year were up 102% compared to the same period in 2019, which was a year described as a “high watermark” by the organisation’s vice president of global PR, Misty Belles.
The group has more than 1,200 agency locations in 50 countries, who account for more than 20,000 travel advisers.
Belles said Virtuoso’s global future sales for January to July 2022 are up 147% compared to the same timeframe in 2019.
“Ultimately what it means is that if we continue on this trajectory, 2023 could be an even bigger year than 2019,” Belles added. She said rather than the figures being a “travel bubble”, Virtuoso believed this to be “our new travel landscape”.
She said demand was being driven by customers with excess savings, explaining: “Unlike in previous economic downturns or slowdowns, the wealthy still feel wealthy because they accumulated so much during the pandemic. What are they spending it on? Well, they’re spending it on travel”. She noted: “Luxury always leads the way back following a crisis.”
Average client spend in the last year was $20,700, which clients plan to increase by 34% in the next year. The group also saw a spike in interest from younger and solo travellers.
Belles said hotel pricing “continues to climb” across all grades of hotels, with luxury international hotel rates up 55% in 2022 compared to 2019. “However, if you ask our advisors they will also tell you that client sentiment is equally high…when we asked travellers if they were ready to travel now, 78% of them said yes, absolutely, sign me up. Complications have done very little to deter them.”
Belles said global customers are “looking to travel sustainably, and they are happy to pay for it as well.” A survey of Virtuoso travellers found 75% were willing to pay more if they know how the funds are being used, and 70% agreed that travelling sustainably enhances their overall experience.
She noted that in 2019, environmental concerns were the main topics that customers associated with sustainability. However in 2022 the preservation of natural and cultural heritage “now takes the lead in terms of where they’re willing to put their money”.
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