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An all-time high of 72 agencies are on this year's Power List, an annual collection of the world's biggest sellers of travel, and a strong sense of buoyancy prevailed in insights gleaned from the accompanying survey responses.
Even with a new threshold of $110 million in global annual travel sales to qualify, there are 11 more companies on the Power List than last year, which had a $100 million minimum. A record 24 companies reported sales of more than $1 billion in 2023, up from 18 in 2022.
The top six's ordering remained the same, but that's likely to change next year if American Express Global Business Travel's (No. 3) acquisition of CWT (No. 5) is approved. Other companies believe more consolidation can be expected in 2024.
Among the newcomers to the Power List are Navan, ATPI, Trevolution and Vacations to Go, all with jackets to the $1 billion club.
What Power Listers said
In their Power List questionnaire, agencies were invited to provide detail on their accomplishments, future plans and industry outlook. Optimism about their companies and a general enthusiasm about the industry were pervasive.
Just two years ago the pandemic was all anyone could talk about. But this year only a few mentioned the pandemic's effects on travel, mostly just to provide context about their pivot from rebound and recovery operations to expansion and growth initiatives.
One company official observed that travelers now prioritize travel as a key component of their health and wellness budgeting. Another said that "travel demand remains hearty, with the baby boomer wealth transfer driving historic appetite for life experiences." Year-over-year growth, opportunities for expansion and technological innovation were common refrains.
Many noted the allure of artificial intelligence and how it can help create "frictionless travel." After a delayed flight, for example, AI-powered technology can automatically adjust car rental reservations, hotel check-in and even dinner reservations on an itinerary with no extra effort (or heartache) required from the traveler.
Investment in AI to improve both advisors' and customers' experiences; develop more effective ways to implement and measure sustainability efforts; and create more personalized experiences for travelers continues to be prevalent throughout the industry.
Just a few notes of wariness about the next two quarters detracted from the otherwise confident mood. Among the concerns: The uncertainty that NDC deployment has had on travel management companies; high interest rates; persistent inflation pressure; geopolitical unrest, especially in the Middle East; climate change and the increase of extreme weather events; and potential controversy stemming from the fall's general election in the U.S.