The 2020 Pulse of the Industry Survey just released by global luxury brand marcom agency Strategic Vision finds that top executives of luxury travel companies are confident that a strong global economy and the "insatiable drive to travel" will overcome any negative effects of political instability in 2020,
Numbers:
- 88% said their revenues increased in 2019
- 70% forecast an increase in revenues in 2020
- 50% describe clients' attitudes toward domestic and international travel as "optimistic"
- Executives in all luxury sectors forecast growth in 2020:
- Agents 67%
- Hotel execs 70%
- Destination marketers 71%
- Cruise execs 100%
- Biggest positive influence on travel decisions: personal finances
- Biggest negative influence on travel decisions: concerns about terrorism and crime
- Destinations trending up: Japan, Portugal, Iceland
- Destinations trending down: Hong Kong, France, UK, Turkey, South America
- Hurricanes have created pent-up demand for Caribbean vacations - 79% of agents plan trips there
- Most admired luxury brands:
- Four Seasons
- Crystal Cruises
- AmaWaterways
- Most sought-after types of travel:
- Experiential (88%)
- Local experiences (86%)
- Multi-generational (81%)
- Adventure (77%)
- Once-in-a-lifetime (67%)
- Sustainability is increasingly of concern:
- Overtourism (58%)
- Plastic usage (51%)
- Impact on nature or wildlife (39%)
- Impact on local communities (37%)
- 65% of agents said clients have booked trips based on something they found on social media
- Most worrisome concerns of those in the luxury travel industry:
- Competition from suppliers and other partners (90%)
- Agents finding it tougher to find rates and information (86%)
- Economic slowdown
- Natural disasters
- Disease outbreaks
