Addressing the conference in Malta on Wednesday (14 May), Advantage’s chief commercial officer Kelly Cookes revealed that, over the past three weeks, nearly 40% of bookings had been for departures within 12 weeks. "It’s huge – higher than I’ve ever seen it," she said.

The market, Advantage revealed, is not just late, but acutely late "with the current departure month consistently accounting for the highest booking volume".

However, despite people booking later than ever, commercial director John Sullivan told TTG this wasn’t coming at the expense of members’ revenue and that when clients were ready to book, they weren’t seeking budget options.

Sullivan said Advantage members’ revenue during peaks (January to March) was up by 13% year-on-year. And after a flat April, which he put down – in part – to the lateness of Easter, May revenue to date (15 May) was up by 10% year-on-year compared with the same period last year, driven strongly by cruise (+30% YoY).

He added it was imperative not to conflate "value" with "cheap", while research issued by Advantage at the conference highlighted people’s willingness to cut back in other areas of their lives – or even work extra jobs – to maintain their holiday spend.

Cookes continued: "The interesting thing for me, particularly over the past few months, has been the sheer focus on value. Everyone wants value, that’s nothing new, but I’ve never seen it be a driver like it has been in recent months.

"And we’re seeing that desire for value in every sector, from budget through to ultra-luxury. Travellers want their budgets to stretch further, and to be able to experience as much as they possibly can. Everyone wants that little bit more whatever price they’re paying."

Cookes added travel had become "so much more than just going to a destination, spending some time there, and then leaving". "They [customers] want to go to the best restaurants, they want to have different cultural experiences."

Advantage chief executive Julia Lo Bue-Said told delegates "all the signs point to a strong lates market" despite "increasing pressures" on household budgets, adding: "Value continues to be king, although it’s worth noting value is increasingly defined by experience and quality rather than merely by price."

Kerri Thorpe, Advantage’s senior commercial manager, offered further insights into trading during a "News at Almost 11.30am" session with Cookes, framed as the segment’s weather forecast.

These included a trend towards clients trading down on their choice of destination to allow them to trade up on accommodation and board, which she described as "luxury for less". Popular destinations for this, she said, include Turkey, Egypt and Cape Verde.

Thorpe said Spain, Greece and Dubai were proving popular among those booking to travel within 12 weeks, while expedition cruising led the way in terms of cruise growth during Advantage’s first quarter, with revenue up by 24% year-on-year.

A third of families, she continued, are opting for multigenerational holidays with grandparents. Elsewhere, touring sales were up by a third during peaks, and Thorpe also reiterated the "destination dupes" trend Advantage noted in its research to accompany the conference, highlighting Albania’s capital Tirana as a popular example.

She said more clients were looking east owing to the value offered by destinations such as Thailand, Japan and Vietnam, and flagged too favourable exchange rates that were making South Africa and Australia attractive prospects.