Virtuoso has hosted its annual Symposium in Dubai from 20-24, with more than 400 travel professionals from 37 countries in attendance.
Symposium is a high-level business meeting that brings together influential decision-makers of the luxury travel industry, including Virtuoso’s top leadership and senior executives from the network’s travel agency members and preferred partners.
Guests took part in industry discussions, thought leadership sessions, an examination of travel trends and business optimisation, and one-on-one networking in the UAE city.
After a welcome event on the opening evening, the Symposium’s General Session took place the following day. Executive Vice President David Kolner presented travel trends and forecasts, while Virtuoso Chairman and CEO Matthew D. Upchurch discussed AI’s impact on the industry, while maintaining that the value of human connection will continue as a powerful business advantage.
A self-declared ‘AI optimist’, Upchurch has closely followed its development and impression on the travel industry. He remains steadfast in his belief that AI can be a helpful tool for travel advisors, creating efficiencies that allow them to focus on the aspects of client management that are inherently human.
“The advent of the internet just decades ago showed us that technological advancements enhance the capability of advisors, rather than replacing them,” he said at the Symposium.
“AI combines human touch with advanced technology, and as advisors integrate it into their business, they should also keep in mind a unique definition of AI – Appreciative Inquiry – which is a process of inquiry that fosters creativity and positive problem-solving. Appreciative Inquiry aids in asking clients the right questions, which in turn promotes solid relationships between them and their advisor. There are no shortage of answers in the world, but knowing the right questions to ask is where value exists for the future.”
Kolner revealed insights into Virtuoso’s high-value travellers, sharing that there is a projected 28 per cent increase of ultra-high-net-worth individuals between 2023 and 2028, according to The 2024 Wealth Report by Knight Frank.
The prediction of the influx of Virtuoso’s target travellers was consistent with the network’s forward-looking sales. Virtuoso sales made between January-April 2024 for travel in 2025 and 2026 are up 49 per cent and future cruise sales are up 52 per cent, compared to transactions made during the same time period in 2023 for travel in 2024 and 2025.
Bookings over $50,000 USD are up 86 per cent, with cruise bookings in the same price range up 102 per cent and safari bookings up 159 per cent.
A Virtuoso survey of agency owners and managers revealed that the top factors they see as influencing luxury travel this year are geopolitical conflicts and political uncertainty, labour and staffing shortages, and environmental concerns or natural disasters. When owners and managers were asked about AI, an overwhelming majority of responses across Virtuoso’s global regions said they see it as an opportunity, not a threat.
Kolner referenced the Virtuoso Brand & Traveller Trend Tracker Study, a proprietary survey of high-value travellers across 15 countries conducted by YouGov. He discussed responses among Virtuoso clients that revealed the top three benefits of using a travel advisor:
- Their expertise on accommodations (66 per cent)
- Expertise on destinations (65 per cent)
- Saving the traveller time (54 per cent)
The top three most valuable traits of an advisor according to respondents are:
- Good communication (65 per cent)
- Attention to detail (64 per cent)
- Problem-solving skills (57 per cent)
An exploration into various generations’ travel motivators revealed:
- Millennials and Gen Z are significantly increasing their travels in 2024, while Gen X and Boomers’ demand for travel this year remains steady.
- The majority of Millennials and Gen Z travellers are willing to pay more for travel products or experiences that promote sustainability, such as those that ensure the preservation of natural and cultural heritage, adopt environmentally friendly practices and benefit local people and economies.
- Millennials and Gen Z are more likely to travel for a sense of belonging and are twice as likely to seek an adrenaline rush or participate in social impact, while Gen X travel for mental reset and to reconnect with the wonder of nature, and Boomers travel for educational purposes and curiosity.
The Virtuoso Travel Tech Summit also formed part of this year’s Symposium, It was first introduced as an annual session at Virtuoso Travel Week and came to the Symposium for the first time this year to bring together thought leaders and innovators from the travel tech industry, startups and the Virtuoso network for meaningful discussions about emerging technology. Led by entrepreneur and Virtuoso board member Gilad Berenstein, the summit covered key global trends to watch in travel tech, the rise of social commerce and more.
For more information, visit virtuoso.com
