ANNUAL GROSS SALES BY BUSINESS TYPE, YEARS IN BUSINESS & ADVISOR AGE With river cruises being popular among an older age group, it is interesting to note that nine of ten responding advisors are 45 years or older. Of this, 52% belong to the 45-65 age bracket and another 35% are older than 65 years. Much like compound interest, longevity in the indus- try paid off in sales. There is a direct correlation in the volume of sales and years spent in the indus- try. River cruise is a complex product and deeply experiential in nature. It requires thorough product knowledge and client relationships on the part of advisors. Nearly half of the respondents with over 30 years of experience grossed $1 million or more in travel sales in 2019. For advisors who have been selling travel for 20-30 years, the figure dropped marginally, to 44%. Only 7% of advisors with under five years of experience grossed more than $1 million in sales. More than half (55%) of the retail agencies with a storefront and 18% of ICs managed annual gross sale of over $1 million. ICs—whose numbers are increasing steadily—are expected to grow their market share of the overall pie in the coming few years. CHART 22 | 37 ADVISOR DEMOGRAPHICS Sales also correlated with advisor affiliation. Consortia bring the benefits of a larger market and greater sales for their members. Owing to their eligibility criteria, it’s not surprising that two out of every three (66%) advisors working with a consortium made over $1 million dollars in annual sales, whereas 20% of those working with a host agency crossed the one-million mark. In fact, almost half (51%) of advisors working with host agencies made less than $500,00 worth of annual gross sales. Only 8% of those associated with a franchise, many of whom are new to the industry, did more than $1 million in sales. 55% 18% 7% 24% 31% 44% 49% 40% 28% 34% 32% 45% 82% 93% 76% 69% 56% 51% 60% 72% 66% 68% More than $1m Up to $1m Business Type Years in Business Advisor Age Agency Advisor/ IC Up to 5 years 6-10 years 11-20 years 20-30 years 30+ years 18-44 years 45-64 years 65+ years Total