LETTER FROM THE EDITOR Dear Reader, The team here at TMR is excited to release the most important research report of the year — our annual Distribution Outlook, an inside look at what’s happening inside the travel trade. We love to be able to tap into our travel advisor audience with these research reports, and while we tend to cover a wide range of topics, from cruise to group travel to river cruise to Europe, this topic is the one we believe is the most important to our mission. That’s because the advisor community is not just the audience, we’re proud to represent, but also one that’s so crucial, and so important to the industry at large. On the following pages you’ll find information, statistics, and insights into what’s happening in the travel trade, including how the travel advisor continues to pivot post-pandemic, including tapping into new markets, shifting to new demographics, and finding new ways to boost business. Things are always changing in travel, and knowing what’s changing allows advisors to get in front of it, and that’s what we hope to enable you to do with this report. Using this Distribution Outlook, and benchmarking against past research, will reveal where the industry has been, where the industry is now, and where we’re going. We want to thank our readers for helping us compile this research over the past few weeks. Sincerely, Daniel McCarthy Editor-in-Chief, Vice President, TMR