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Monday,  May 20, 2024 8:14 AM 

“Travel is booming once again”: TRAVELSAVERS Canada forecasts prosperous 2024

  • Buzz
  •   01-05-2024  5:01 am
  •   Pax Global Media

“Travel is booming once again”: TRAVELSAVERS Canada forecasts prosperous 2024
Jane Clementino, SVP & GM of TRAVELSAVERS CANADA. (Pax Global Media/file photo)
Pax Global Media

Affiliated agencies at TRAVELSAVERS Canada are anticipating a profitable year ahead, according to a new survey released this week.

The study, which gathered member insights, shows that 75 per cent of respondents foresee their sales increasing in 2024.

Of those, 30 per cent envision significant growth, and 46 per cent believe sales will grow somewhat.

Only three per cent predict sales will decline somewhat, with no one anticipating a significant drop, the survey says.  

“Travel is booming once again,” said Jane Clementino, senior vice-president and general manager of TRAVELSAVERS Canada, in a statement. “After so much built-up demand, people are prioritizing travel, specifically higher-end experiences. We’ll continue to see premium and luxury travel soar well into 2024 and beyond.”

Role of artificial intelligence

The survey also addresses the role of artificial intelligence (AI), with sixty per cent of advisors holding a positive view of it, saying it’s a great tool or has potential.

Eighteen per cent view AI neutrally and another 17 per cent aren’t sure about its impact. Just five percent view it negatively.

Sixty per cent of advisors with TRAVELSAVERS Canada hold a positive view of artificial intelligence (CHUAN CHUAN/Shutterstock)

With that, advisors named AI-assisted travel planning as one of the top five trends of 2024.

Two-thirds of those surveyed – 68 per cent – have used AI already, or want to try it, and only 12 per cent say they are not using it and do not plan to try it.

“We’re excited about the possibilities AI brings and how it can be leveraged by

advisors to streamline their planning and marketing tasks,” said Clementino. “We’re implementing AI in our proprietary technology tools so that advisors can

focus on what they do best – providing excellent customer service.”

Future challenges

While advisors are confident about sales growth, they are also realistic about the challenges they will continue to face in 2024, the company says.

The top concern survey respondents envision are issues related to air travel, such as fare costs.

They also foresee problems related to rising prices and a potential recession.

Many advisors, coming off an incredibly busy year, also anticipate dealing with burnout.

The results

The survey results are as follows:

2024 sales

  • 46% predict sales will increase somewhat
  • 30% predict sales will increase significantly
  • 21% predict sales will stay the same
  • 3% predict sales will decrease somewhat

Biggest challenges

  • 19% cited air issues (fare costs, NDC)
  • 18% cited inflation/rising prices
  • 16% cited burnout
  • 11% cited fears of recession/less purchasing power
  • 11% cited geopolitical issues

Attitudes towards AI

  • 49% say it has potential for advisors
  • 17% say it’s neither good nor bad
  • 17% say they don’t know
  • 11% say it’s a great tool for advisors
  • 4% say it’s not good for advisors
  • 2% say it’s a threat to advisors

AI usage

  • 47% want to learn how to use it
  • 12% don’t and won’t use it
  • 11% use it frequently
  • 11% use it occasionally
  • 9% have tried it

TRAVELSAVERS Canada advisors took the survey from Nov. 8 to 27, 2023.

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