Virtuoso, a leading network of luxury travel advisors, recently provided an update on the status of the luxury travel space during the Virtuoso Travel Week, which took place in Las Vegas from August 10-16, 2024. Misty Belles, Virtuoso’s vice president of global public relations, shared insights gathered from the network’s 20,000 travel advisors, highlighting key trends and shifts in the industry.
According to Belles, there is currently no slowdown in luxury experiences, with luxury guests increasingly booking travel for various reasons. One notable trend is the rise of revelry travel, where travelers are celebrating their journeys in a more joyful and exuberant manner. This shift reflects a growing desire among travelers to embrace and enjoy their travel experiences to the fullest.
Furthermore, Belles noted that travelers are now more willing to travel at any cost to have the experience they desire, regardless of price. This willingness to prioritize experiences over cost underscores the value that travelers place on creating memorable and meaningful travel experiences.
In addition to revelry travel, other emerging trends in the luxury travel space include self-preservation travel and a heightened demand for Asian destinations. Moreover, the concept of “coolcations” is gaining popularity, with travelers opting for climate-conscious travel to off-peak destinations with more moderate climates to avoid crowds and enjoy a more relaxed travel experience.
Virtuoso’s travel advisors are celebrating a record-breaking year in 2024, with sales numbers up 211 percent compared to 2019. Total sales volume is also 14 percent higher year-over-year, indicating strong momentum for 2025 and beyond. The cruise sector, in particular, has seen significant growth, with an 18 percent increase in sales compared to the previous year.
Sustainability remains a key focus for travelers, and Virtuoso’s partners are making a positive impact in this area. Sustainable Cruise Partners, for example, have seen a substantial increase in sales, with $80 million in sales for 2024. This demonstrates a growing awareness and commitment to sustainable travel practices within the luxury travel industry.
Another notable trend highlighted by Belles is Legacy Travel, with Generation Beta joining the other six generations in traveling across the globe starting in 2025. This shift is expected to reshape the travel landscape, as multiple generations travel simultaneously, bringing diverse perspectives and preferences to the travel experience.
Overall, Virtuoso’s update on the luxury travel space during the Virtuoso Travel Week showcases a dynamic and evolving industry, with travelers seeking unique and meaningful experiences, prioritizing sustainability, and embracing new trends and destinations. As the industry continues to evolve, Virtuoso and its network of travel advisors are well-positioned to meet the changing needs and preferences of luxury travelers worldwide.
