Results of the 2020 Pulse of the Industry Survey are in, and they tell us that the luxury travel segment of the travel and tourism industry is nothing less than buoyant when it discusses the outlook for this year. Conducted by Strategic Vision, a consulting firm based in Tarrytown, N.Y.—about 25 miles north of mid-town Manhattan in New York City—the survey talked to CEOs, presidents and senior executives at leading luxury travel management companies, providing us with a fairly reliable assessment of the industry. (While the survey’s respondents are primarily concerned with outbound travel, their answers seem to sync what the travel trade is reporting globally about the luxury travel sector.)
As the trade publication Travel Agent put it: “This year’s survey finds an overwhelmingly positive outlook with a strong economy that is prevailing over concerns about global instability … The insatiable drive to travel is one of the reasons luxury travel executives believe that 2020 will be another banner year for the segment.” Some highlights from the Pulse of the Industry Survey follow.
The forecast for growth in 2020 is mostly about leisure travel.
* Noted the travelmarket report: “Last year’s survey found similar results, signaling that the experiential travel megatrend is still on the rise.”
More than two out of every five (42 percent) respondents indicated that concerns about overtourism had a negative impact on travel decisions. Sustainability issues also registered with travel trade leaders.
Also: Nine out of ten of the travel management executives surveyed said they face competition from suppliers and other partners who are marketing directly to their clients, while 86 percent said their advisors need to search more sources than in the past for rates and/or information.