Virtuoso announced a record-breaking year during its U.S. Forum, held January 28-31 at the newly reopened Pier Sixty-Six Resort in Fort Lauderdale, Florida.
The event brought together over 400 attendees, including U.S.-based travel agency owners and managers, and partners from around the world.
Attendees participated in presentations and discussions on key industry topics, including marketing strategies, AI, cybersecurity, luxury travel sales and agency culture.
Virtuoso Chairman and CEO Matthew D. Upchurch emphasized the company’s focus on human connection in travel, stating: “Since 2010, our core purpose has been to enrich lives through human connection. Some may have thought it was just a slogan or feel-good sentiment, but it turned out to be our most defensible business model and the defining element of what Virtuoso advisors offer. Interacting with other people is not a desire, but a human need. Travel is a key vehicle for these interactions and exactly why the work of our advisors has never been more important.”
“One of my favorite newsletters says, ‘People are the new brands.’ Statistics show that social media posts including human faces receive higher engagement, and people view their favorite influencers as friends. That’s called the Parasocial Phenomena and it translates to our industry because travel advisors are influencers in their own right. But they are not parasocial influencers; they’re real ones. This further proves that advisors are relationship marketers that land sales, not just another form of distribution.”
Executive Vice President David Kolner shared key insights, revealing that 2024 was a record-breaking year for Virtuoso. Sales exceeded 2019 levels by 239 percent. Compared to 2023, total sales increased by nearly 25 percent, with hotel sales leading the way, rising by nearly one-third. Travelers are also booking further in advance, with the average booking window now at 124 days, a 6 percent year-over-year increase.
Looking ahead, future leisure sales for 2025 and 2026 are up more than 30 percent. High-value bookings of at least $50,000 have increased by 57 percent, with luxury safaris and cruises in this price range rising 48 and 64 percent, respectively.
Kolner expects continued growth in luxury travel, supported by projections from the UBS Global Wealth Report 2024, which forecasts a 15 percent rise in millionaires by 2028, led by the U.S.
Additionally, the 2025 Virtuoso Brand and Travel Tracker estimates that over 13 million U.S. travelers are interested in working with an advisor next year.
The Virtuoso Pulse Survey reveals that network members and partners are optimistic for the upcoming year. Kolner shared that 81 percent of U.S. members and 79 percent of U.S. partners are optimistic about business, slightly above the global average.
The Owner/Manager Outlook Survey showed that 66 percent of respondents plan to hire independent contractors in 2025, while 52 percent plan to hire full-time advisors.
Cory Hagopian discussed Virtuoso Communities, the specialized groups of advisors and partners. He noted that advisors in niche groups, such as the Ultraluxe Community, sell significantly more than those outside these groups. He also provided an update on Virtuoso’s enhanced hotel amenities program, explaining that 30 percent of preferred hotels now participate, up from 20 percent last year.
