Virtuoso: Luxury tourism attracts growing numbers of millennials with higher income

Virtuoso unveiled new research showcasing the growing importance of cultivating millennials as luxury travel clients, according to the following article published in travelpulse.com:

"The research was unveiled during the 29th annual Virtuoso Travel Week being held Aug. 12 to 18 in Las Vegas at the Bellagio Resort & Casino, ARIA Resort & Casino and Vdara Hotel & Spa.

This year’s event for the luxury travel network drew a record-breaking attendance of 5,670 travel professions from 103 countries, a seven percent increase over last year’s event.

An analysis of the network’s clients found that a greater percentage of Millennials earn more than $250,000 than any other generation aside from matures.

Thirty-two percent of Virtuoso’s Millennial clients are in that high-income bracket, compared to 21 percent of Gen X, 25 percent of baby boomers and 42 percent of matures.

Millennials and Gen X’ers are also a growing part of Virtuoso’s client mix. Both have increased their share by four percentage points since 2012. Boomers have held steady while matures have declined in share.

During the event, Virtuoso also announced several updates on its products, technology, professional development programs, and network growth.

Products

• —Virtuoso Voyages, the network’s cruise enhancement program for clients aboard designated sailings, continues to grow. In 2018, more than 550 departures will offer complimentary benefits to Virtuoso clients. Nineteen cruise lines now offer Virtuoso-exclusive perks, with more than 2,000 headquarter groups where clients receive advantages ranging from reduced fares to onboard booking credits to specialty dining at no extra charge.
• —Virtuoso’s Hotels & Resorts program celebrates its 25th anniversary this year. Founded in 1992 with just 20 hotels, the program now encompasses more than 1,200 properties in more than 100 countries. This year the portfolio grew by 94 hotels. The program has also diversified its offerings to reflect an increasingly global membership as well as changing luxury preferences. Virtuoso preferred properties provide up to $450 in complimentary benefits per stay.
• —Virtuoso’s Air program features 11 new airlines, 10 percent more commissionable routes than last year and a 20 percent growth in sales year over year.

Technology

• —Launched last spring, Virtuoso’s hotel booking tool reached a milestone earlier this year with $1 million in sales. Today that figure stands at $1.6 million. The tool is used by Virtuoso advisors, current clients and new prospects to select their choice of 900 network properties with an average daily rate of more than $600.
• —Virtuoso.com now receives 130,000 unique visitors per month, a 30 percent increase from earlier this year. Virtuoso also launched international landing pages in 2017 in five languages. Advisor profiles, a key feature of Virtuoso.com, are optimized to drive additional visitors to the site. Visitors to the mobile version of the site can now search for advisors and products."