Jamie Biesiada
What's your niche? Is it selling adventure travel? Corporate?
Your answer could have a big impact on your earning potential, according to new data from Host Agency Reviews (HAR).
Earlier this month, HAR released its 2023 Hosted Travel Advisor Report, which contains a slew of information on the 2,068 advisors who responded to the survey. Of those, 85% were hosted advisors or independent contractors affiliated with a host agency.
The average income of a hosted advisor in 2022 was $47,179, according to the report. That was an increase of 26% from 2021, great news and more evidence of the agency channel's continued prosperity as the pandemic wanes.
Unsurprisingly, full-time advisors with more experience under their belt generally saw higher incomes than those who work part-time or were just starting out in the industry. At the high end of the spectrum, HAR found that full-time advisors with 15-plus years of experience earn $67,436 annually.
But the report also took a closer look at niches. The vast majority of experienced hosted advisors, 91%, said they had a niche.
HAR ranked those niches by average annual income generated. This data was compiled from 451 responders, who reported being full-time advisors with more experience. Generalists were not included.
The highest-earning niche was corporate travel, with an average income of $107,768 in 2022. Following close behind was adventure travel at $97,532, a fast-growing segment worth a look from any advisor. Rounding out the top three was luxury, with an average income of $87,346.
Rounding out the top 10 were river cruises ($69,558), groups ($64,573), destination specialist ($58,347), wedding/honeymoons ($53,949), family travel ($53,126), ocean cruises ($45,018) and Disney ($38,982).
Several categories -- accessible travel, heritage travel, LGBTQ travel, medical tourism, wellness and MICE -- didn't have a high enough response rate to be included, HAR said.
It goes to show that niches can pay off. And it's important to remember that these are averages: A niche doesn't guarantee success, but it certainly can't hurt.