This online survey was conducted by VIDEC Consultants on behalf of Travel Market Report in March and April 2022 with travel advisors across the US and Canada. A total of 700 advisors participated in the survey. The aggregated results and analysis presented in this report are based on the responses of these advisors. Discrepancies or nuances in the analysis are highlighted, wherever applicable. The Outlook considers 2019 as the base year for advisors’ annual gross bookings. The frequent comparisons drawn against the year 2021 are taken from the Travel Market Report’s Distribution Outlook 2021. METHODOLOGY

The Luxury Cruise Travel Outlook 2022 revealed the growing trend of entrepreneurship within the travel advisor community. Thirty three percent (33%) of the respondents were owners/managers of their agencies while 52% were independent contractors. There has been a huge rise in the number of independent contractors (ICs), in particular. In TMR’s Distribution Outlook 2021, ICs formed 38% of all advisors in 2021. By early 2022, more than half of travel advisors were working independently 2 . While the pandemic and the subsequent job losses may account for some of this increase in the number of independent contractors, the trend started a couple of years before the pandemic. At that time, many of those venturing into the travel landscape were part-timers or retirees who preferred working with host agencies. For a majority of them, the income generated through this work either supplemented their earnings or compensated for loss of employment. The ability to work on their own terms, flexible schedules and an inherent interest in travel also contributed to the influx of new ICs. 8 | CHART 1 Travel Agency Owner/Manager Travel Advisor – Independent Contractor Travel Advisor – Employee ADVISORS BY TYPE ADVISOR DEMOGRAPHICS 33% 14% 52% 2 https://www.travelmarketreport.com/articles/Independent-Contractors-Gaining-Ground-in-the-Travel-Agent-Community