As with several industries, we also see a shift in the travel retailing environment with the conversion to remote working during the pandemic – possibly permanently. Twenty-four percent (24%) of the respondents were agen- cies with a storefront (see Chart 2), which is down 5% from 2021. This loss is another category’s gain. More ICs chose to work with a host this year; their share increased from 29% in 2021 to 40% in 2022. We may continue to see such consolidation in the coming years. CHART 2 | 11 BUSINESS CLASSIFICATION ADVISOR DEMOGRAPHICS 24% 29% 40% 7% Retail travel agency with a storefront location Retail travel agency, non-storefront such as home-based agency Independent contractor/advisor working with a host Independent contractor/advisor working on own