Covid certainly impacted the travel industry in a huge way in 2020 and will continue to impact for the first few months of 2021. But, even with these effects, the reality is that there has never been a better time to get into the luxury travel business.
There are a few reasons for this:
1. The vaccines are already rolling out. As more people get vaccinated, more people will feel comfortable booking travel.
2. Although today's virus numbers are high, we don't book travel for today. We book travel for 6-12 months in the future. And we know the world will look very different by then.
3. We don't have to wait for everyone to get vaccinated. Once an individual is vaccinated, they are able to travel.
4. The majority of wealthy travelers are seniors, simply because they've had a lifetime to accumulate their wealth and more time to travel in retirement. Seniors are also at top of the list for getting the vaccine, so this demographic will start traveling sooner.
5. There is huge pent-up demand. Wealthy travelers normally travel multiple times per year, yet they've been stuck on the ground for 2020. They are itching to get back out there. Once they get that vaccine, they will be traveling multiple times over the next 6-24 months.
6. Most travel companies have downsized over the last year and many travel advisors have left the travel business, either on their own or as a consequence of being let go, and some others have used this as an excuse to retire. This means there won’t be anywhere near enough working Luxury Travel Advisors to manage the upcoming demand.
Our phones are already ringing to plan travel for later in 2021 and into 2022!