Global luxury and experiential travel network Virtuoso recently hosted its annual Symposium in Dubai with more than 400 travel professionals from 37 countries in attendance. Attendees took part in industry discussions, thought leadership sessions, deep dives into travel trends and business optimization and one-on-one networking, while also getting views on both the present and future from the upper echelons of the organization.
At the event’s general session Virtuoso executive VP David Kolner presented travel trends and forecasts, while Virtuoso Chairman and CEO Matthew D. Upchurch discussed AI’s impact on the industry, while maintaining that the value of human connection will endure as a powerful business advantage.
AI
A self-declared AI optimist, Upchurch said he remains steadfast in his belief that artificial intelligence can be a helpful tool for travel advisors, creating efficiencies that allow them to focus on the aspects of client management that are inherently human. Upchurch has famously coined a phrase that holds even more meaning in the dawn of the AI era: “Automate the predictable, so that you can humanize the exceptional.”
“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.”
High-value travellers
Kolner, meanwhile, revealed insights into Virtuoso’s high-value travellers, sharing that that there is a projected 28% increase of ultra-high-net-worth individuals between 2023 and 2028, according to the 2024 Wealth Report by Knight Frank. The prediction of the influx of Virtuoso’s target travellers was consistent with the network’s forward-looking sales, he said, with sales made between January-April for travel in 2025 and 2026 up 49% and future cruise sales up 52% compared to transactions made during same time period in 2023 for travel in 2024 and 2025. And bookings over US$50,000 are up 86%, with cruise bookings in the same price range up 102% and safari bookings up 159%.
Top influences
According to a Virtuoso survey of agency owners and managers, the top factors influencing luxury travel this year are geopolitical conflicts and political uncertainty, labour and staffing shortages, and environmental concerns or natural disasters. When owners and managers were asked about AI, an overwhelming majority of responses across Virtuoso’s global regions revealed they see it as an opportunity, not a threat, further emphasizing Upchurch’s philosophy on the evolving technology.
Travel advisors
When looking at the annual Virtuoso Brand & Traveler Trend Tracker Study, Kolner said responses among Virtuoso clients revealed the top three benefits of using a travel advisor are their expertise on accommodations (66%), expertise on destinations (65%), and saving the traveller time (54%).
The top three most valuable traits of an advisor according to respondents are good communication (65%), attention to detail (64%) and problem-solving skills (57%).
Motivators
Finally, a deep dive into various generations’ travel motivators revealed:
- Millennials and Gen Z are significantly increasing their travels in 2024, while Gen X and Boomers’ demand for travel this year remains steady.
- The majority of Millennials and Gen Z travellers are willing to pay more for travel products or experiences that promote sustainability, such as those that ensure the preservation of natural and cultural heritage, adopt environmentally friendly practices and benefit local people and economies.
- Millennials and Gen Z are more likely to travel for a sense of belonging and are twice as likely to seek an adrenaline rush or participate in social impact, while Gen X travel for mental reset and to reconnect with the wonder of nature, and Boomers travel for educational purposes and curiosity.
Virtuoso
By-invitation-only Virtuoso comprises over 1,200 travel agency locations with more than 20,000 travel advisors in 54 countries around the world. Drawing upon its preferred relationships with more than 2,300 of the world’s top hotels and resorts, cruise lines, airlines, tour companies and premier destinations, the network provides its upscale clientele with exclusive amenities, rare experiences and privileged access.