Fiona Dalton, General Manager Australia and New Zealand for Virtuoso, brings her deep understanding of luxury travel to an exclusive series in Karryon. With her finger on the pulse of luxury’s latest trends, Fiona shares invaluable insights that empower travel advisors to exceed client expectations.
I’ve just returned from Virtuoso’s Global Symposium in Montreal, Canada, and it was an incredible experience! It was my first time setting foot on Canadian soil, and it certainly won’t be my last.
The Symposium provided the perfect opportunity to connect with Virtuoso colleagues and peers from around the world. And this sparked some exciting conversations and allowed for the exchange of innovative ideas with members and partners alike. All were positive about the revival of their businesses over the past 12 months.
Virtuoso’s annual Symposium is underway this week and brings together some of luxury travel’s most prominent executives for thought-provoking discussions, ideation, and networking events. pic.twitter.com/ldsN4UKfmu
— Virtuoso Travel (@Virtuoso) May 18, 2023
The unabated surge in luxury travel continues
Despite the global economic headwinds, the demand for luxury travel continues to show no signs of slowing down. From Australia to Europe, Asia to North America, travellers are still eager to indulge in extraordinary experiences. According to Knight Frank’s Wealth Report, travel has climbed higher on the investment priority list for high net-worth individuals in 2023. It’s no surprise that’s fuelling the ongoing demand for revenge travel in the luxury segment.
In fact, the Virtuoso network reported at Symposium a staggering 91% increase in overall bookings compared to 2019, with sales soaring 62% higher than last year. It’s a clear testament to the resilience of the post-pandemic luxury travel industry.
European luxury travel: rates soar, capacity constraints persist
This European summer brings its fair share of challenges. Average daily rates in luxury have skyrocketed from €900 to a whopping €1400 this year. Flights are fully booked, and finding availability on luxury ocean cruises and yachts in the Mediterranean is like searching for a needle in a haystack. Luxury tour operators are also reporting a bumper season ahead!
And just when you thought it couldn’t get any more interesting, next year poses another challenging conundrum for the luxury segment. With China fully reopening its borders, many high-value travellers from China are now in the same position we were in this time last year: waiting in the passport office queue. While they might be sitting out this year, it’s worth noting that Chinese travellers accounted for a staggering 155,000,000 million outbound trips in 2019, with many heading to Europe. Imagine the impact when they’re back in action next year! Securing arrangements and navigating through the crowds might prove to be quite the challenge.
That’s why savvy travellers are teaming up with their Virtuoso advisors this year to tackle their travel plans differently. They’re opting for the “slow” season whenever possible and venturing off the beaten path. Puglia over Amalfi, Bordeaux over Paris, and the Balearics over the Greeks—these hidden gems offer a fresh and exciting alternative to popular destinations.
Luxury advisors stay ahead: investing in training and development
Speaking of savvy, we can say the same about our luxury advisors, and it’s why they’re on the front foot with learning and development.
Despite their busier-than-ever schedules, our advisors understand the importance of investing in training and professional development. Whether it’s online courses or face-to-face sessions like our Destinations Days in Sydney last week, they’re eager to stay ahead of the game. Scarcity management, successful switch selling, and driving efficiency in their processes are just some of the skills they’re honing and some of the programs we’re developing. As Mathew Upchurch, the visionary behind Virtuoso, oft reminds us: “Automate the predictable, so as to humanize the exceptional.” It’s a helpful guiding principle not just for us, but for our members and partners too.
AI in luxury travel: embracing possibilities and enhancing efficiency
During the Symposium, we delved deep into another significant topic: AI.
What is it? Why has it become such a hot topic this year? And how can we effectively apply it to our luxury travel businesses? These questions sparked some lively discussions, leaving me buzzing with excitement about the possibilities AI holds for our industry.
But let me reassure you; there’s no need to fear. AI comes in many forms, including ChatGPT, an automated language model that produces incredibly human-like text using deep learning. It’s important to remember that it still relies on predictive modelling and training. It’s not always perfect, as it uses probability to make educated guesses, and it doesn’t have a real-world understanding and can’t stand alone without human guidance.
So, while it may exude confidence and even charisma, it’s always crucial to exercise our own judgment. Put simply, ChatGPT is just another tool to help us reach our goals. That being said, embracing AI, like ChatGPT, can undoubtedly enhance our efficiency and take our businesses to new heights.
In the ever-evolving landscape of travel technology, ChatGPT represents an exciting inflection point in our future progress. It’s a remarkable advancement that I see as one to wholeheartedly embrace.
I’ll be asking it to share with me the top must-see destinations for Canada on my next trip, and then sitting down with my Virtuoso advisor to arrange a trip that’s entirely curated specifically for me, my interests, my budget and, most importantly, my personality. When it comes to designing my holidays, only my Virtuoso advisor will ever truly understand what makes me tick.
Stay tuned for the next edition of The Luxury Edit with Fiona Dalton. In the meantime, you can read more about Virtuoso, by heading to its website, www.virtuoso.com/travel.
