Buoyed by a strong return to travel in 2023, TRAVELSAVERS Canada advisors expect a profitable year ahead. They’re also willing to embrace the potential benefits of Artificial Intelligence.
Seventy-five percent of respondents to a recent advisor survey foresee their sales increasing in 2024. Of those, 30 percent envision significant growth, and 46 percent believe sales will grow somewhat. Only three percent predict sales will decline somewhat, with no one anticipating a significant drop.
“Travel is booming once again,” said Jane Clementino, Senior Vice President and General Manager of TRAVELSAVERS Canada. “After so much built-up demand, people are prioritizing travel, specifically higher-end experiences. We’ll continue to see premium and luxury travel soar well into 2024 and beyond.”
One technological advance advisors are welcoming is generative artificial intelligence. Sixty percent of advisors view it positively, saying it’s a great tool or has potential. Eighteen percent view it neutrally and another 17 percent aren’t sure about its impact. Just five percent view it negatively.
Advisors named AI-assisted travel planning as one of the top five trends emerging in 2024. Two-thirds of those surveyed – 68 percent - have used AI already or want to try it and only 12 percent say they are not using it and do not plan to try it.
“We’re excited about the possibilities AI brings and how it can be leveraged by advisors to streamline their planning and marketing tasks,” said Clementino.
“We’re implementing AI in our proprietary technology tools so that advisors can focus on what they do best — providing excellent customer service.” While advisors are confident about sales growth, they are also realistic about the challenges they will continue to face in 2024. The top concern survey respondents envision are issues related to air travel, such as fare costs. They also foresee problems related to rising prices and a potential recession. Many advisors, coming off an incredibly busy year, also anticipate dealing with burnout.
Survey results are as follows:
2024 Sales
- 46% predict sales will increase somewhat
- 30% predict sales will increase significantly
- 21% predict sales will stay the same
- 3% predict sales will decrease somewhat
Biggest Challenges
- 19% cited air issues (fare costs, NDC)
- 18% cited inflation/rising prices
- 16% cited burnout
- 11% cited fears of recession/less purchasing power
- 11% cited geopolitical issues
Attitude Towards AI
- 49% say it has potential for advisors
- 17% say it’s neither good nor bad
- 17% say they don’t know
- 11% say it’s a great tool for advisors
- 4% say it’s not good for advisors
- 2% say it’s a threat to advisors
AI Usage
- 47% want to learn how to use it
- 12% don’t and won’t use it
- 11% use it frequently
- 11% use it occasionally
- 9% have tried it
TRAVELSAVERS Canada advisors took the survey from Nov. 8 to 27, 2023.
