The Travel Network Group expects a “long and steady peaks and buoyant lates market” following a record year for most members.
Vim Vithaldas, chief commercial officer, told the consortium’s conference in Munich last week: “2023 has been a fantastic year for TTNG and the industry.
“We have heard from most members – people who have been trading for 10, 20, 30 years or more – it is their ‘best year ever’.”
He said he had analysed financial forecasts and trade predictions and told delegates that 2024 would be another “good year”, thanks in part to the growth in all-inclusive holidays and cruises, plus the strength of the “grey pound”.
“Expect a long and steady peaks and buoyant lates market,” he said.
“I do not think peaks will be as peaky as in the past.
“Young families will wait to see what their finances will be and there will be a buoyant lates market.”
Chief executive Gary Lewis told Travel Weekly that the prospect of discounting in the lates period was “not a major concern”, despite an extra 3.3 million seats having been added by the top three operators selling via high street agents – Jet2holidays, Tui and easyJet holidays – for the coming year.
“If they have got it right, fantastic,” he said. “If they have got it wrong, there will be discounting.”
He said October and November had been busy for members and, while cost-of-living concerns remained, added: “People prioritise travel over goods and other services. It is a fantastic position for us.”
Lewis also highlighted TTNG’s Cruise Club, which offers members exclusive cruise products and packages, and said it had seen a 35% increase in sales this year.
“It allows [members] to compete with specialists both on margin and unique ideas for products,” he said.
“We have got better – and members are more engaged.”
The Cruise Club team has grown over the past year, as have other departments such as marketing and membership, taking the total headcount in the TTNG head office in Woking, Surrey, to 65.
“We have grown as a business back to full staff despite the recruitment challenge,” Lewis added.
The consortium now has 1,160 members, with the addition of more than 120 new members in 2023 – although some others have departed.
Vithaldas also pointed to data showing how consumers are prioritising travel over other expenditure but warned that uncertainty may mean some will wait before deciding to spend.
He highlighted uncertainties such as two wars, high interest rates and UK and US elections in 2024.
The Paris Olympics and European football championships could be a feelgood factor or keep people off the high street, he added.
“There are lots of uncertainties – including snow,” he commented, referencing the heavy snowfall that meant only 260 out of 500 delegates were able to reach Munich.
He urged members to capitalise on trends such as older consumers feeling more financially comfortable than younger families, and the growth of short breaks and cruising.