7 1. LETTER FROM THE EDITOR ............................................................................................. 5 2. KEY FINDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3. INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 4. METHODOLOGY ...................................................................................................... 9 5. LUXURY VACATION TRENDS ........................................................................................... 10 6. ADVISOR’S PROFILE.................................................................................................. 31 7. THE TRAINING NEEDS................................................................................................ 37 8. AFFILIATIONS MATTER ............................................................................................... 37 9. CONCLUSION ....................................................................................................... 43 TABLE OF CHARTS 1. Number of Luxury Vacations Sold, 2023 (Median) .......................................................................... 10 2. Share of Luxury Vacations in Annual Gross Sales, 2023, Share (%)............................................................. 11 3. Destinations Sold .................................................................................................... 12 4. Products Sold as Part of Luxury Vacation ................................................................................. 14 5. Activities/Excursions Preferred as Part of Luxury Vacation .................................................................. 15 6. Preference for All-Inclusive Hotel as Part of Luxury Vacation.................................................................. 16 7. Inclusion of Ground Transportation in Luxury Vacation, Share (%) .............................................................. 17 8. Amenities Considered Under Luxury Vacations, Share (%) ................................................................... 18 9. Minimum Spend (Per Person Per Day) Above Which Clients Perceive Vacation to Be Luxury, Share (%) ................................ 20 10. Key Motivators for Booking Luxury Vacations ............................................................................. 21 11. Sources of Research/Information Used.................................................................................. 22 12. Booking Window for Luxury Vacations, Share (%) ......................................................................... 23 13. Challenges in Selling Luxury Vacations .................................................................................. 24 14. Past Performance & Outlook by Client Segments .......................................................................... 26 15. Lead Generation Channels for Advisors ................................................................................. 27 16. Modes of Communication Used by Advisors .............................................................................. 28 17. Messaging Apps Used by Advisors ..................................................................................... 29 18. Supplier Support ................................................................................................... 30 19. Business Classification, Share (%) ..................................................................................... 31 20. Agency/Advisor Position, Share (%) .................................................................................... 32 21. Years of Travel Sales Experience, Share (%) .............................................................................. 34 22. Anticipated Change in Annual Gross Sales, 2024 vs. 2023, Share (%) ......................................................... 35 23. Annual Gross Sales by Business Type, Years in Business & Advisor Age, Share (%) .............................................. 36 24. Advisor Training: Preference by Formats ................................................................................. 37 25. Advisor Training: Preferred Training Programs ............................................................................ 38 26. Trade Association Affiliation, U.S. Advisors, Share (%) ..................................................................... 40 27. Trade Association Affiliation, Canadian Advisors, Share (%) ................................................................. 40 28. Agency/Advisors Affiliation – U.S., Share (%) ............................................................................ 41 29. Agency/Advisors Affiliation – Canada, Share (%) ......................................................................... 41 TABLE OF CONTENTS