Luxury travel on the rebound
February 12, 2010 by Joseph Sobin · Leave a Comment
During the recession of 2009, travel demand dropped by both leisure and business travelers. Even the mountains of Colorado, within our backyard, witnessed a drop in demand due to the economic malaise which we seem to be slowly emerging from. Thus, it was enlightening to review a survey published by Virtuoso, the consortium of luxury travel agencies which finds that people are once again traveling and are no longer deferring vacations, releasing some of the pent-up demand for vacations that has been building since the economic downturn began.
The poll (conducted during January and early February 2010) of Virtuoso’s luxury travel agencies and vendors advised: 81% report agency’s future bookings were up compared to this time last year.
- 80% report sales are up during the past three months.
- 55% report higher revenues when compared the same time last year.
- 54% believe leisure and corporate/business will rebound in the next 6 months.
Beyond the numbers, one must consider the travel industry as an economic indicator. Travel and the services associated is the world’s largest service industry. It accounts for 9.4% of the world’s GDP and 220 million jobs worldwide according to Matthew Upchurch, CEO of Virtuoso.
