Last updated: 12:55 PM ET, Fri May 19, 2023
WHY IT RATES: As a sign of travel’s continued rebound bookings for 2023 are 91 percent higher than they were in 2019. --Janeen Christoff, TravelPulse Managing Editor
Virtuoso is hosting its 2023 Symposium this week in Montréal, Québec. During the event’s General Session, Virtuoso Executive Vice President David Kolner presented proprietary data and industry insights before an audience of the industry’s top professionals from 35 countries.
As a sign of travel’s continued rebound, Kolner shared that Virtuoso bookings for 2023 are 91 percent higher than they were in 2019 leading into 2020, and 62 percent higher than 2022. With Tourism Economics not predicting global travel and tourism recovery until the second quarter of 2024, Virtuoso sales indicate the demand for luxury experiences is leading the way forward. Booking windows have also tightened up to 64 days in advance, as opposed to 85 days in 2019 and 109 days at the beginning of 2021.
According to Virtuoso sales data, the network’s preferred hotels are experiencing extremely high demand, with bookings 193 percent higher than in 2019 and 77 percent over 2022. Hotel average daily rates (ADRs) continue to soar, as summer 2023 rates average nearly (US) $1,700 per night, 16 percent higher than in 2022 and 69 percent more than in 2019. Domestic ADR growth for U.S. travelers is slowing slightly in 2023, up only six percent on average from the same months in 2022; however, ADRs for 2023 summer travel (June through August) are pacing 12-25 percent ahead of 2022.
Cruising is also looking very strong, with total Virtuoso bookings up 55 percent compared to 2019. By sector, however, mass market cruising sits at 30 percent higher, while premium is up 61 percent, luxury is up 79 percent, expedition is 83 percent higher and river cruising is up a whopping 128 percent.
Another source of optimism for Virtuoso and its network: data showing its target market of high-value travelers – HNW and UHNW individuals – is expected to grow by 34 percent, exceeding 62 million worldwide over the next five years (*source: Credit Suisse Global Wealth Report). With demand for the expertise, connections and exceptional experiences provided by its advisors already at an all-time high, Virtuoso has a tremendous opportunity with this growing target audience.
Booking analysis is based on transactional data sourced from Virtuoso’s travel agency members. For more information about Virtuoso, please visit www.virtuoso.com.
SOURCE: Virtuoso press release.
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