A mid-year review by Travel Experts shows travel advisors across the U.S. are experiencing mixed business results with some having an excellent year in sales, while others have seen a flattening-out as bookings have leveled off following the record year for sales in 2023.
According to most of the advisors, sales in the first half of 2024 are up or at the same level as last year at this time, with 49.2 percent of respondents reporting an increase in sales and 34 percent of advisors seeing sales at the same level as 2023 (which was a banner year). Those advisors reporting an increase in sales attribute that to getting a lot of new clients and referrals, as well as the return of their regular clients. In addition, many of the advisors have indicated that they are focusing more exclusively on luxury sales.
To that point, Laura Madrid, said, “I am focusing only on luxury and sticking to my fee structure which has meant losing some clients. Every booking is very time consuming and I feel I am working at capacity.”
Advisors are also reporting a change in how and what clients are booking. Many clients are booking much closer to their travel dates than in the past, but the big change is that they are spending more, in part because the average trip costs are higher in 2024, but also because clients seem to have a new propensity for luxury travel.
Backing that up was Peggy Purtell, who said: “I think the stock market is up and people feel they have money in the bank. They are spending a lot of money and some don't even question the high prices. Also, I have a lot of people recently retired and they are spending and traveling.”
However, there are 16.8 percent of the advisors that have noted a drop in sales in the first half of 2024 and they have expressed a number of reasons, including the economy, higher travel costs, the caution that arises with an upcoming presidential election and some clients taking fewer trips. In addition, many of the advisors say that sales have been impacted by a lack of time caused by trying to keep up with airline schedule changes and slow responses from suppliers.
Several advisors, including Teresa McCombs and Holly Lombardo, noted that their clients are taking fewer but bigger trips this year.
Others, including Ryan Spear, Katie Bean and Christina Schlegel, reported that their books of business are continuing to expand. Bean added that due to the "overwhelming" number of clients and leads, she needs to hire more staff.
All of the advisors responding to the mid-year review feel that travel is still on a positive track and that their role has become more important over the past few years and now is more widely recognized.
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