American Marketing Group advisors forecast prosperous year ahead for travel sales despite challenges

OYSTER BAY, NY – Buoyed by a strong return to travel in 2023, the advisors of American Marketing Group’s affiliated agencies expect a profitable year ahead.  

Seventy-nine percent of respondents to a recent survey foresee their sales increasing in 2024. Of those, 31 percent envision significant growth, and 48 percent believe sales will grow somewhat. Only five percent predict sales will decline somewhat, with no one anticipating a significant drop.

“Travel has come roaring back,” said Kathryn Mazza-Burney, AMG Chief Sales Officer. “After so much built-up demand, travelers today are venturing far and wide and spending more on higher-end travel experiences. Premium and luxury are leading the way again for 2024.”

One advance advisors are anticipating positively is generative artificial intelligence. About half – 51 percent – view it positively, saying it’s a great tool or has potential. Eighteen percent view it neutrally and another 17 percent aren’t sure about its impact. Just 13 percent view it negatively.

Advisors named AI-assisted travel planning as one of the top five trends emerging in 2024. Two-thirds of those surveyed – 68 percent – have used AI already or want to try it. Almost one-quarter of respondents – 24 percent – say they are not using it and do not plan to try it.

“We’re excited about the power AI holds to help travel advisors with their planning and marketing tasks,” said Mazza-Burney. “We’re implementing it in our proprietary technology tools to free up an advisor’s time so they can focus on what they do best – providing excellent client service.”

While advisors are confident about sales growth, they are also realistic about the challenges they will continue to face in 2024. 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 geopolitical issues. As well, respondents predict competition from suppliers encouraging direct bookings from consumers. Many advisors, coming off an incredibly busy year, also anticipate dealing with burnout.

Survey results are as follows:

2024 Sales

48% predict sales will increase somewhat
31% predict sales will increase significantly
16% predict sales will stay the same
5% predict sales will decrease somewhat

Biggest Challenges

25% cited air issues (fare costs, NDC)
16% cited inflation/rising prices
16% cited geopolitical issues
12% cited direct booking competition
10% cited burnout

 Attitude Towards AI

35% say it has potential for advisors
18% say it’s neither good nor bad
17% say they don’t know
16% say it’s a great tool for advisors
7% say it’s not good for advisors
6% say it’s a threat to advisors

 AI Usage

36% want to learn how to use it
24% don’t and won’t use it
14% use it occasionally
10% have tried it
8% use it frequently

Advisors from TRAVELSAVERS, NEST and Affluent Traveler Collection affiliate agencies in the US and Canada took the survey from Nov. 8 to 27, 2023.

The article American Marketing Group advisors forecast prosperous year ahead for travel sales despite challenges first appeared in TravelDailyNews International.