Travellers poised to spend

THE average wealth of local consumers grew significantly during 2020, with Australia second only to Switzerland on the global landscape meaning there is plenty of proclivity to travel, according to figures revealed by Virtuoso this morning.

Speaking at an event in Sydney, Virtuoso’s local chief Fiona Dalton highlighted the Credit Suisse Global Wealth Databook 2021, which noted that “the reduction in consumption opportunities due to lockdowns, combined with income support programs, led to a rise in saving for many people”.

The figures are part of Virtuoso’s work to identify emerging trends impacting the Australian and NZ travel landscapes this year.

Key motivations for travel include delayed celebrations and an inclination to begin planning multiple trips over the coming years to make up for the enforced period of border closures when travel was not possible.

Virtuoso Global CEO Matthew Upchurch was at the event, and cited a poll from Jan 2022 which found 85% of consumers are in a “ready to travel” mindset.

Intent to travel is strong, with 71% of those polled already booked for 2022, and a hefty 86% saying they plan to travel internationally this year.

Virtuoso’s figures forecast that while recovery is well under way, a return to 2019 levels is at this stage not expected until late in 2024 for the Australian market.

Another key trend was the increased demand for trusted travel advice, as passengers navigate the complexities of travel in a post-pandemic world.

“Travel advisors are strategists who provide peace of mind,” Upchurch said.

Sustainability is also increasingly feeding into travel choices, particularly as global tourism product improves, with environmental considerations becoming part of the decision process for many consumers going forward.

He urged the industry to also consider the key role travel continues to play in the global economy, supporting communities and driving ongoing investment in jobs and infrastructure across the world.