Misty Belles, Virtuoso
Luxury travellers ‘not blinking eye’ at inflated costs
High-net-worth travellers across the globe remain unfazed by rising holiday prices, according to a panel of Virtuoso travel advisors from the UK, the US, Canada and Australia. Speaking at Virtuoso Travel Week
Virtuoso predicts 2023 could be a ‘record breaker’ as sales soar
Luxury travel agency network Virtuoso has said 2023 has the potential to be “even bigger” than 2019 with current sales “outpacing” pre-pandemic levels. Global sales for the travel group, which comprises more than 20,000 advisors in
50 countries, were up 102% between January and July 2022 compared with the same period in 2019. Future travel sales for 2023 are also 47% higher than 2019 – a year described as a “high water mark” for the company. “Ultimately, if we continue on this trajectory, 2023 could be an even bigger year than 2019,” said Misty Belles, vice-president of global PR. Speaking at the 34th annual Virtuoso Travel Week in Las Vegas, Belles said the
figures were being driven by “excess savings” and the “wealth effect” among affluent travellers, who had accumulated income during the pandemic and consequently wished to spend it on travel. According to data, Virtuoso travellers plan to increase their previous year’s spend
of $20,700 per person by 34% to $27,740 in the next year. Nearly 75% said “creating a travel experience that best fits my expectations is more important than price”. Belles said younger, affluent travellers were also “leading the way” to recovery, with the 18-34 age group averaging 2.2 more international trips in the past year than the 65+ age group. Virtuoso also saw a 10% shift from consumers travelling with friends to solo travel, with the highest level of interest coming from the 65+ age group. US hotel prices are currently more than 50% higher compared with 2019, but Belles said client sentiment was “equally high”, with the network’s recent Pulse Survey showing that 76% of travellers have accepted the current travel climate as the new normal. Speaking during the opening ceremony of Virtuoso Travel Week, David Colner, senior vice-president of strategy, said 2023 had the potential to be “record-breaking good”.
in Las Vegas, panellists agreed that an overwhelming desire to travel post- pandemic meant affluent clients were willing to do so at any cost. James Turner, chief executive of
the UK’s 360 Private Travel, said luxury clients were “price insensitive”, citing an uptick in demand for African safaris and the Maldives as consumers sought big-ticket items. “Underlying it all is that deep
desire to spend time with family and do the things that we've not been able to do,” he said. Beth Washington, founder of
US agency Getaway Guild, added: “Luxury travellers are not really blinking an eye at the inflated prices.” Anthony Goldman, joint managing
director of Goldman Group in Australia, said some customers “aren't even asking about costs”.
James Turner, 360 Private Travel
aspiretravelclub.co.uk
SEPTEMBER 2022 ASPIRE 19
CREDIT: LAS VEGAS PHOTOGRAPHIC EXCELLENCE
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