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Survey finds 'overwhelmingly positive outlook' for luxury travel in 2020
By
21 January 2020

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Strategic Vision

The 2020 Pulse of the Industry Survey just released by global luxury brand marcom agency Strategic Vision finds that top executives of luxury travel companies are confident that a strong global economy and the "insatiable drive to travel" will overcome any negative effects of political instability in 2020,

Numbers:

  • 88% said their revenues increased in 2019
  • 70% forecast an increase in revenues in 2020
  • 50% describe clients' attitudes toward domestic and international travel as "optimistic"
  • Executives in all luxury sectors forecast growth in 2020:
    • Agents 67%
    • Hotel execs 70%
    • Destination marketers 71%
    • Cruise execs 100%
  • Biggest positive influence on travel decisions: personal finances
  • Biggest negative influence on travel decisions: concerns about terrorism and crime
  • Destinations trending up: Japan, Portugal, Iceland
  • Destinations trending down: Hong Kong, France, UK, Turkey, South America
  • Hurricanes have created pent-up demand for Caribbean vacations - 79% of agents plan trips there
  • Most admired luxury brands:
    • Four Seasons
    • Crystal Cruises
    • AmaWaterways
  • Most sought-after types of travel:
    • Experiential (88%)
    • Local experiences (86%)
    • Multi-generational (81%)
    • Adventure (77%)
    • Once-in-a-lifetime (67%)
  • Sustainability is increasingly of concern:
    • Overtourism (58%)
    • Plastic usage (51%)
    • Impact on nature or wildlife (39%)
    • Impact on local communities (37%)
  • 65% of agents said clients have booked trips based on something they found on social media
  • Most worrisome concerns of those in the luxury travel industry:
    • Competition from suppliers and other partners (90%)
    • Agents finding it tougher to find rates and information (86%)
    • Economic slowdown
    • Natural disasters
    • Disease outbreaks

David Boggs President/CEO ACRO Global|Publisher Tourism Marketer
David H. Boggs
President/CEO
ACRO Global
Publisher
TourismMarketer

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