Virtuoso held its annual symposium in Dubai from May 20 to 24, attracting over 400 travel professionals from 37 countries.
The Symposium is a high-level business meeting bringing together the luxury travel industry's most influential decision makers, including Virtuoso's top leadership and senior executives from the network's travel agency members and preferred partners.
Attendees took part in industry discussions, thought leadership sessions, in-depth looks at travel trends and business optimization, and one-on-one networking, all while exploring one of the world's most dynamic cities.
Masters talk about AI
After an elegant cocktail welcome reception on the first night, business got underway the next morning with the general session, where Executive Vice President David Kolner took the stage to share travel trends and predictions, and Virtuoso Chairman and CEO Matthew D. Upchurch spoke about the impact of AI on the industry, arguing that the value of human connection will remain a powerful business advantage.
According to a press release, Upchurch said he has been closely monitoring the company's developments and their impact on the travel industry.
According to the consortium, he remains adamant that AI can be a valuable tool for travel advisors, creating efficiencies and allowing them to focus on the inherently human aspects of customer management.
Upchurch coined a famous phrase that is even more meaningful at the dawn of the AI ​​era: “By automating the predictable, we can humanize the exceptional.”
“With the advent of the internet decades ago, we learned that technological advances enhance advisors' capabilities, not replace them,” he said. “AI combines the human touch with advanced technology, and as advisors incorporate it into their business, they must also keep in mind AI's unique definition: Appreciative Inquiry, an inquiry process that encourages creativity and forward-thinking problem-solving. Appreciative Inquiry helps ask the right questions to clients, which fosters stronger client-advisor relationships. There is no shortage of answers out there, but knowing the right questions to ask will bring value in the future.”
Luxury Travel Trends
Korner then revealed some insights about Virtuoso's high-value travellers: According to Knight Frank's 2024 Wealth Report, the number of ultra-high-net-worth individuals is predicted to grow by 28% between 2023 and 2028, he said.
Virtuoso's target traveler inflow projections were aligned with the network's future revenue projections.
The company said sales for 2025 and 2026 trips made between January and April 2024 increased 49% and future cruise sales increased 52% compared to transactions for 2024 and 2025 trips made during the same period in 2023.
Bookings over $50,000 were up 86 percent, cruise bookings in that price range were up 102 percent and safari bookings were up 159 percent.
Main influencing factors
According to a Virtuoso survey of travel agency owners and managers, the top factors impacting luxury travel this year are geopolitical conflict and political uncertainty, labor and staff shortages, environmental issues and natural disasters.
When owners and managers were asked about AI, Virtuoso found that the vast majority of respondents around the world see AI as an opportunity rather than a threat, further highlighting Upchurch’s philosophy on the evolving technology.
Looking at YouGov's proprietary annual Virtuoso Brand & Traveler Trend Tracker survey of high-value travelers across 15 countries, Korner discussed responses from Virtuoso clients that revealed the top three benefits of using a travel advisor: accommodation expertise (66%), destination expertise (65%), and saving travelers time (54%). The top three most valuable attributes in an advisor, according to respondents, were good communication (65%), attention to detail (64%), and problem-solving skills (57%).
Travel motivation
Finally, a deeper dive into the travel motivations of different generations reveals the following:
Millennials and Gen Z will significantly increase their travel in 2024, while Gen X and Baby Boomers' travel demand is stable this year. The majority of Millennial and Gen Z travelers are willing to pay more for travel products and experiences that promote sustainability, such as protecting natural and cultural heritage, adopting environmentally friendly practices, and benefiting local people and economies. Millennials and Gen Z are more likely to travel for a sense of belonging and are twice as likely to seek an adrenaline rush or participate in social impact, while Gen X travels to reset their mind and reconnect with natural wonders, and Baby Boomers travel for educational purposes and curiosity.
Travel Technology Summit
Another highlight of the Symposium was the Virtuoso Travel Tech Summit. Introduced for the first time as an annual session of Virtuoso Travel Week, the Travel Tech Summit took place at the Symposium for the first time this year, bringing together thought leaders and innovators from the travel tech industry, startups and the Virtuoso network for meaningful discussions on emerging technologies.
Led by entrepreneur and Virtuoso board member Gilad Berenstein, the summit highlighted major global trends to watch, including travel tech, the rise of social commerce and more.
Explore Dubai
Another feature of this annual event was the opportunity to explore the destination. In collaboration with Dubai Economy and Tourism and various local Virtuoso partners, attendees had the opportunity to choose a 'Design Your Day' activity and soak up Dubai's most dynamic attractions.
From perfume making to private beach and pool experiences, history tours to cooking classes, spa treatments to water parks, there's no end to the opportunities to explore and enjoy this vibrant city's top offerings, providing inspiration for future trips.
Virtuoso's focus on relationship building continued throughout an afternoon dedicated to one-on-one meetings between members and partners, with additional professional development and ideation sessions, workshops and panel discussions exploring topics such as the evolution of the luxury traveler, ahead of AI, sustainable travel and industry growth.
Virtuoso would like to thank Dubai Economy and Tourism and other partners who contributed to the success of the 2024 Symposium.
Host hotels included Atlantis The Royal, Burj Al Arab and Jumeirah Al Naseem, while sponsors included AmaWaterways, Arabian Adventures, Armani Hotel Dubai, The Bicester Collection, Kerzner and The Palace Downtown Dubai.
Subscribe to PAX now so you don't miss a single travel post. Click here to follow PAX on Facebook.
