Virtuos hosted its annual Symposium 20-24MAY in Dubai with more than 400 of the industry’s most prestigious professionals from 37 countries in attendance.
Symposium brings together decision-makers of the luxury travel industry, 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, deep dives into travel trends and business optimization and one-on-one networking, while simultaneously exploring one of the most dynamic cities in the world.
After a cocktail reception on night one, business commenced the following morning with the General Session. EVP David Kolner took the stage to present travel trends and forecasts, and Virtuoso chairman and CEO Matthew D. Upchurch discussed AI’s impact on the industry while maintaining that the value of human connection will endure as a powerful business advantage.
Upchurch is a self-declared AI optimist who has closely followed its development and impact on the travel industry. He remains steadfast in his belief that AI can be a helpful tool for travel advisors, creating efficiencies that allow them to focus on the inherently human aspects of client management. Upchurch has famously coined a phrase that holds even more meaning in the dawn of the AI era: “Automate the predictable so that you can humanize the exceptional.”
“The advent of the internet just decades ago showed us that technological advancements enhance the capability of advisors, rather than replacing them,” he said. “AI combines human touch with advanced technology, and as advisors integrate it into their business, they should also keep in mind a unique definition of AI – Appreciative Inquiry – which is a process of inquiry that fosters creativity and positive problem-solving. Appreciative Inquiry aids in asking clients the right questions, which in turn promotes solid relationships between them and their advisor. There are no shortage of answers in the world, but knowing the right questions to ask is where value exists for the future.”
According to a Virtuoso survey of agency owners and managers, the top factors influencing luxury travel this year are geopolitical conflicts and political uncertainty, labour and staffing shortages, and environmental concerns or natural disasters. When owners and managers were asked about AI, an overwhelming majority of responses across Virtuoso’s global regions revealed they see it as an opportunity, not a threat, further emphasizing Upchurch’s philosophy on evolving technology.
When looking at the annual Virtuoso Brand & Traveler Trend Tracker Study, a proprietary survey of high-value travellers across 15 countries conducted by YouGov, Kolner discussed responses among Virtuoso clients that revealed the top three benefits of using a travel advisor: their expertise on accommodations (66 percent), expertise on destinations (65 percent) and saving the traveller time (54 percent). The top three most valuable traits of an advisor, according to respondents, are good communication (65 percent), attention to detail (64 percent) and problem-solving skills (57 percent).
Finally, a deep dive into various generations’ travel motivators revealed:
- Millennials and Gen Z are significantly increasing their travels in 2024, while Gen X and Boomers’ demand for travel this year remains steady.
- The majority of Millennials and Gen Z travellers are willing to pay more for travel products or experiences that promote sustainability, such as those that ensure the preservation of natural and cultural heritage, adopt environmentally friendly practices and benefit 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 travel for mental reset and to reconnect with the wonder of nature, and Boomers travel for educational purposes and curiosity.
Another highlight of Symposium was the Virtuoso Travel Tech Summit. First introduced as an annual session at Virtuoso Travel Week, the Travel Tech Summit came to Symposium to bring together thought leaders from the travel tech industry, startups and the Virtuoso network for meaningful discussions about emerging technology. Led by entrepreneur and Virtuoso board member Gilad Berenstein, the summit covered key global trends to watch in travel tech and the rise of social commerce.
The event continued with an afternoon dedicated to one-on-one appointments between members and partners. Additional professional development and ideation sessions, workshops, and panel discussions explored topics such as the evolution of the luxury traveller, getting ahead of AI, sustainable travel, and industry growth.
