In case you missed it, 400 travel professionals from 37 countries descended into Dubai to attend the Virtuoso Symposium from 20 – 24 May.
A high-level gathering of the who’s who in the luxury travel space, including Virtuoso’s top leadership and senior executives, connections were made and numerous discussions were had …
Here’s a breakdown of the key takeaways:
Travel trends and forecasts
A Virtuoso survey of agency owners and managers revealed that geopolitical conflicts and political uncertainty; labour and staffing shortages; and environmental concerns or natural disasters are shaping luxury travel this year.
Executive VP David Kolner shared a projected 28% increase of ultra-high-net-worth individuals between 2023 and 2028 (according to The 2024 Wealth Report by Knight Frank), which is consistent with the network’s forward-looking sales.
Records show that sales bookings made between January and April 2024 for travel in 2025 and 2026 are up 49% and future cruise sales are up 52 per cent, compared to the same time last year. Also, bookings more than US$50,000 USD are up 86%, with cruise bookings in the same price range up 102% and safari bookings up 159%.
AI – friend or foe?
A self-declared ‘AI optimist’, Virtuoso Chairman and CEO Matthew Upchurch who once said, “Automate the predictable, so that you can humanize the exceptional” shared his firm belief that AI can help travel advisors improve efficiencies, allowing them more time to focus on client management.
“The advent of the internet just decades ago showed us that technological advancements enhance the capability of advisors, rather than replacing them,” he said.
“AI combines human touch with advanced technology, and as advisors integrate it into their business, they should also keep in mind a unique definition of AI – Appreciative Inquiry – which is a process of inquiry that fosters creativity and positive problem-solving. Appreciative Inquiry aids in asking clients the right questions, which in turn promotes solid relationships between them and their advisor. There is no shortage of answers in the world, but knowing the right questions to ask is where value exists for the future.”
When asked about AI in the survey, most owners and managers agreed with Upchurch’s philosophy, saying they see it as an opportunity, not a threat.
Benefits of using a travel advisor
Referencing the Virtuoso Brand & Traveller Trend Tracker Study, a proprietary survey of high-value travellers across 15 countries conducted by YouGov, Kolner revealed the top benefits of using a travel advisor are their expertise on accommodations (66%), expertise on destinations (65%) and saving the traveller time (54%). Respondents also shared that their most valuable traits of an advisor are good communication (65%), attention to detail (64%) and problem-solving skills (57%).
Travel motivators for Millennials and Gen Zs
A deep-dive into travel motivators for different generations revealed that not only are Millennials and Gen Z significantly increasing their travels in 2024, they are also willing to pay more for travel products and experiences that promote sustainability. Getting a sense of belonging was also an important factor and they are twice as likely to seek an adrenaline rush.
Meanwhile, the demand for travel among Gen X and Boomers remains steady, with Gen X travelling more for mental reset and reconnecting with nature, and Boomers travellingge for educational purposes and curiosity.
It wasn’t all work and no play …
While business was at the forefront of the Virtuoso Symposium, participants also had the chance to explore Dubai. With the help of Dubai Department of Economy and Tourism and local Virtuoso partners, attendees picked experiences from perfume making, beach/pool experiences and heritage tours to cooking classes, spa treatments and more.
Host hotels for the Virtuoso Symposium 2024 included Atlantis The Royal, Burj Al Arab and Jumeirah Al Naseem (Jumeirah). Other sponsors included AmaWaterways River Cruises, Arabian Adventures, Armani Hotel Dubai, Kerzner International, The Palace Downtown Dubai and The Bicester Collection.
