65% of Travel Advisors Under Pressure from TravelTech Titans
Voyagu surveyed US-based travel advisors to gain insights into the state of the travel industry and the challenges they face. The study, titled “Travel in a Post-Pandemic World: The State of the Industry According to Travel Advisors,” revealed some startling findings. TravelTech Titans
60% of travel advisors do not feel confident that their incomes will rise, with 65% seeing competition from direct-to-consumer online platforms – such as Expedia and Booking.com – as an obstacle to revenue growth. However, on a positive note, 53% of advisors surveyed believe that technology will be a key driver to increase their revenues and grow their business.
The Demand for Personalized Services TravelTech Titans
The study also highlighted the high demand for personalized services among travel agents. 79% of travel agents experience high demand for personalized services, but only 46% highlighted that clients prioritize expertise and personalized services over cheaper prices. The majority demand personalized travel services for the same price as online bookings, posing a challenge for travel agents to make a profit.
The Role of Technology in the Travel Industry
While the competition from TravelTech giants is a significant concern for travel advisors, many see technology as a potential ally rather than a foe. 53% of travel agents believe that technology will be a key driver for increased revenues and business growth. Only 16% believe that technology is squeezing them out of the industry. This indicates a growing acceptance of technology and its potential benefits in the travel industry.
The Future of Travel Advisors in the Age of TravelTech
Despite the challenges, travel advisors have a crucial role to play in the travel industry. As Ivan Saprov, founder and CEO of Voyagu, points out, “Implementing technological tools can help travel advisors enhance the human touch where it matters the most, and with its help, be more fluent at developing a niche market that is capable and willing to pay for their services.”
In conclusion, the dynamics between TravelTech giants and travel advisors are complex and ever-evolving. While challenges exist, the potential for growth and adaptation in this digital age is immense. The key lies in leveraging technology to enhance services and meet the evolving demands of travelers.
