Luxury and experiential travel on trend
BOB MOWAT
To put things into context, tourism will contribute 11.6% to global GDP by 2033 according the World Travel & Tourism Council. By all accounts a lot of that growth will be driven by travel agencies specializing in luxury and experiential travel.
With that kind of news, it’s no wonder that the more than 100 attendees at the recent Virtuoso Canadian Forum in Toronto were in an upbeat mood about the outlook, not only for 2024, but for their businesses going forward.
Over the two days, Virtuoso’s Canadian travel agency members networked, shared ideas, and looked at ways to build new and further existing business relationships.
Virtuoso Canada’s general manager, Úna O’Leary was certainly the bearer of good news, telling those on hand that the Canadian network’s sales grew by 22% in 2023 (compared to 2022) and the outlook for 2024 indicates that further growth can be expected.
In fact, O’Leary pointed to findings from Virtuoso’s network pulse survey in which 78% of Canadian members and 73% of Canadian partners said they currently feel optimistic about future business.
She observed: “Network bookings continue to rise, indicating we’re well past the days of ‘revenge travel’ and the demand is no longer pent up; it’s simply that travel remains a priority for many.”
Noting the 16% year-over-year increase in future bookings for 2024 and 2025, O’Leary said: “The cruise category stands out significantly, with a 32% increase in future bookings. There’s a prevailing feeling of optimism amongst our members, signalling a promising outlook for the future of travel in Canada.”
One of the things that O’Leary noted was the fact that Canadians are now travelling further afield with outbound travel from Canada now outstripping domestic travel.
In fact, during a presentation, O’Leary revealed the top five emerging destinations that are gaining popularity with Canadians.
These include:
- Costa Rica
- Japan
- Portugal
- Iceland
- Thailand
O’Leary also offered some insights from the Virtuoso 2024 Brand and Travel Trend Tracker – a proprietary study conducted by YouGov – revealing Canadians motivations for travelling.
Topping that list of reasons is relaxation and disconnecting, followed by adventure, romantic getaways, cultural visits, celebrations and health and wellness.
Summing things up, O’Leary said: “All signs point to growth mode for the Canadian travel market over the next several years.”
Go to www.virtuoso.com.
