Virtuoso’s Executive Vice President David Kolner has shared insights from the consortium's data that paint a picture on luxury travel’s dramatic comeback.
Kolner share the information at the network’s latest Symposium, which was held in Montreal from 17-21MAY and attracted attendees from 35 countries. The data comes from Virtuoso’s travel agency member transactions.
According to the company, Virtuoso bookings for 2023 are 91 per cent higher than they were in 2019 leading into 2020, and 62 per cent higher than 2022. At the same time, Tourism Economics isn't predicting global travel and tourism recovery until the second quarter of 2024, indicating that luxury travel is recovering faster than the industry overall.
In addition, booking windows have also tightened up to 64 days in advance, as opposed to 85 days in 2019 and 109 days at the beginning of 2021.
According to Virtuoso sales data, the network’s preferred hotels are experiencing extremely high demand, with bookings 193 per cent higher than in 2019 and 77 per cent over 2022. Hotel average daily rates (ADRs) continue to rise, as summer 2023 rates average nearly £1,370 (roughly CAD$2,301) per night, 16 per cent higher than in 2022 and 69 per cent more than in 2019.
Cruising is also looking very strong, with total Virtuoso bookings up 55 per cent compared to 2019. By sector, however, mass market cruising sits at 30 per cent higher, while premium is up 61 per cent, while luxury is up 79 per cent, and expedition is 83 per cent higher and river cruising is up even more at 128 per cent.
In addition, the number of high-value travellers is expected to grow by 34 per cent, exceeding 62 million worldwide over the next five years.