A snapshot of advisor trends

Combine large, bold images with the beautifully crafted words of your story.

By Jenn Martins

Travel Industry Survey 2023

A snapshot of advisor trends

SERVICES PROVIDED BY PREFERRED SUPPLIERS: Higher commissions and educational programs are the most important services provided.
REASONS FOR USING A HOST AGENCY: Access to preferred suppliers is the key driver for using a host agency.
MOST VALUABLE PRODUCT EDUCATION AND TRAINING SOURCES: Percentage of advisors who find online training tools, attending conferences and other sources for product education “extremely valuable.”
ADVISOR SELF-DESCRIPTION: One thing is clear from more than a decade of asking people who sell travel what they call themselves: While about half say “travel advisor,” there is no consensus on a single term.
WHERE TRADITIONAL ADVISORS WORK: The share of advisors working in retail storefronts declined.
HOW ADVISORS BOOK HOTELS: Travel advisors predominately make hotel bookings for their clients via specialized websites/systems for travel agencies, followed by hotel websites.
TOP FACTORS WHEN CHOOSING PRODUCTS TO RECOMMEND: Travel advisors are not financially motivated when it comes to deciding which products to recommend to their clients: Only 21% cited commission, while personal product knowledge, brand reputation, product price and preferred supplier status are all much higher priorities.
LEISURE VS. BUSINESS SHARE: Most respondents predominantly book leisure travel. Traditional agencies book a larger share of business travel compared with home-based and independent advisors.
PERCENTAGE OF ADVISORS WHO IDENTIFY AS HOME-BASED: Since 2008, the percentage of advisors who identify as home-based has risen 170%, to a record high this year.

The percentage of travel advisors who identify as home-based grew from 31% in 2008 to a record high of 84% this year. The category unsurprisingly has grown since the pandemic, when much of America started working from home — and stayed there. But for travel advisors, the migration home began long before the pandemic, far exceeding industry expectations. In 2013, when the percentage of home-based advisors was 47%, the Travel Industry Survey said that number “appeared to be tapering off,” a prediction that could not have been more incorrect.

—Johanna Jainchill 

Advertisement
WHERE ADVISORS WORK: There are various types of home-based advisors. Just 9% of respondents work in a storefront that customers visit.
Advertisement
TopBuilt with Shorthand