2023 Virtuoso Travel Week highlights

Virtuoso Travel Week is the epicenter of the luxury travel industry, uniting thousands of leading professionals, and providers from over a hundred countries. This event seamlessly blends one-on-one appointments, professional development sessions, and captivating events to foster genuine connections. In this blog we explore the many takeaways that our 1000 Mile Travel Group affiliates and staff discovered during this epic week where the best-of-the-best in luxury travel united this August in Las Vegas.

A surge in luxury travel demand

This year witnessed an unparalleled surge in luxury travel, a phenomenon attributed to a combination of factors including heightened travel desires and an affluent traveler base capable of indulging in high-end journeys. Demonstrating this trend, Virtuoso reported an impressive 50% increase in individuals seeking travel advisors through its platform.

 

Setting records in bookings and sales

As the world transitioned from pandemic-induced restrictions, travelers swiftly shifted from consuming virtual experiences to engaging in real travel adventures. This paradigm shift created a consistent and robust demand for travel services, breathing new life into the travel industry.

Virtuoso shared that its 2023 performance has outshined its 2019 counterpart, with bookings during the first half of the year resulting in record-breaking sales figures that soared an astounding 69% higher than the same period in 2019.

 

Skyrocketing hotel rates

Hotel rates have soared dramatically in 2023 compared to 2019. International hotel Average Daily Rates (ADR) have surged by 100%, while luxury U.S. hotels experienced a 57% increase, and their international counterparts observed a notable 58% rise.

A promising future for the travel industry

Bookings for the forthcoming years, 2024 and 2025, are already painting a picture of potential record-breaking success. Forward sales for travel 1-2 years in advance reveal a remarkable 39% increase over 2022 and an astonishing 107% surge compared to 2019.

Europe's resurgence

Danielle Mathis of Winspire, Inc., an affiliate of the 1000 Mile Travel Group, enthusiastically notes, “Europe is back and on fire,” emphasizing the resurgence of European travel. During Virtuoso Travel Week, she had the pleasure of connecting with numerous European providers. This fall season’s favorites include iconic European cities: Paris, London, Florence, Rome, and New York City.

 

 

Emerging hotspots

Gwiin Correa from Memorable Moments Travel, an affiliate of the 1000 Mile Travel Group, predicts an increasing interest in destinations such as Portugal, Croatia, and Japan. These locales offer unique opportunities, with heritage and ancestry tours gaining traction. Correa explained, “Portugal and Croatia are emerging as go-to destinations, providing a refreshing escape from overcrowded European spots. Japan’s harmonious blend of tradition and modernity continues to captivate travelers.” The growing allure of heritage and ancestry tours offers travelers a deeply personal and enriching experience beyond conventional sightseeing.

Personally tailored and exclusive experiences

A Virtuoso survey reveals that 57% of luxury travelers prioritize crafting travel experiences aligned with their expectations over cost considerations. Here, travel advisors play a pivotal role, tailoring trips to fulfill these discerning expectations.

Exclusive-use travel services, such as private jets and yachts, are gaining immense popularity among affluent travelers. In 2023, yacht bookings surged by 79% compared to 2019, while private aviation witnessed growth for short-haul international and domestic flights.

Luxury travel sees a huge demand

The motivation for luxury travel remains robust, with cultural exploration, adventurous escapades, expeditions, and wellness journeys continuing to drive demand. Notably, culinary tourism is on the rise, with travelers willing to invest in top-tier culinary experiences. Many of the Virtuoso Hotels boasted Michelin star dining establishments throughout their roundtable sessions.

Dianne Starnes of Newport Coastal Travel, an affiliate of 1000 Mile Travel Group says, “Most hotel and resort owners have either recently renovated or have renovation plans underway. Furthermore, the expansion of spa, wellness, and relaxation programs is a common theme.”

In conclusion

Virtuoso Travel Week 2023 stands as a testament to a thriving luxury travel industry, propelled by robust travel demand, escalating hotel rates, and an unwavering commitment to personalized experiences that align with the preferences of discerning travelers. The ascent of exclusive-use travel services, paired with an appetite for cultural immersion, adventure, wellness, and culinary explorations, distinctly characterized this gathering of the foremost luxury travel experts from around the globe.