BUSINESS CLASSIFICATION TMR’s Outlook on River Cruise Segment 2022 shows a continuing trend in the increase of Independent Contractors (ICs) in the travel advisor community. ICs account for over 60% of the respondents—a majority (55%) work with a host agency. Compared to the insights from TMR’s Distribution Outlook published in October 2021, the share of ICs has increased from 39%, highlighting a continu- ing shift towards entrepreneurship among travel advisors. The share of storefront retail locations, however, continues to decline. About 40% of the advisors work with retail agencies, with an even split between those with a storefront location and those without. The last few years have shown, more than ever, the important role played by business affiliations, which is probably why only a marginal percentage of advisors (7%) across the US and Canada remain unaffiliated without a host, consor- tia or franchise. CHART 18 | 31 ADVISOR DEMOGRAPHICS 21% 18% 55% 7% Retail travel agency with a storefront location Retail travel agency, non-storefront location Independent contractor working with a host agency IC/advisor working on your own