Virtuoso Reveals the Driving Factors Behind the Soaring Demand for Luxury Travel

Bookings for 2023 have increased by 91 percent compared to 2019. –Janeen Christoff, TravelPulse Managing Editor

This week, Virtuoso will host its 2023 Symposium in Montreal. David Kolner, Virtuoso’s Executive Vice President, presented exclusive data and industry insight during the event’s general session to an audience of industry professionals from 35 different countries.

Kolner noted that bookings by Virtuoso for 2023 were 91 percent more than in 2019, leading up to 2020, and 62 per cent higher than those of 2022. Tourism Economics predicts that global travel and tourism will not recover until the second quarter 2024. Virtuoso’s sales show the market is moving in the right direction. Booking windows are now only 64 days ahead, compared to 85 days for 2019 and 109 at the start of 2021.

Virtuoso data shows that the preferred hotels of the network are in high demand. Bookings have increased 193 percent since 2019 and by 77 percent from 2022. The average daily rate (ADR) of hotels continues to rise. Summer 2023 rates are nearly (US), $1,700, which is 16 percent more than 2022, and 69 percent higher than 2019. The growth of domestic ADRs in the United States is expected to slow slightly in 2023. It will be only six percent higher on average than in 2022. However, ADRs in summer 2023 (June-August) are 12-25 percent above 2022.

The cruise industry is also doing well, with bookings for Virtuoso up by 55 percent in comparison to 2019. The sector-specific figures are as follows: mass market cruises have increased by 30 percent; premium has increased by 61 percent; luxury has increased 79 percent; expedition is up an impressive 83 percent and river cruising has risen a staggering 128 percent.

Data from Credit Suisse Global Wealth Report shows that the number of HNW and UHNW travelers, who are Virtuoso’s target audience, is expected to increase by 34 percent in the next five-year period. Virtuoso’s growing audience is in high demand for its advisors, their expertise, their connections, and the exceptional experiences they provide.