I am noticing 5-6 trends in the travel auction consignment sector. I cover three in today’s video.
1. Adding activities to trips
Adding wine tastings, tours, dinners and other activities to consigned trips is popular.
Tip: For many of my clients, I’d advise against this as I tends to make the package more expensive overall.
2. Winner’s Choice
This stems from the auction world where it’s often called “High Bidder’s Choice.” For instance, I use it as a way to drive prices higher on similar items.
Assume I’m selling two paintings in similar value, I might say, “The high bidder gets to select which one they want.” (Learn more about it here.)
When used in the auction consignment industry, it’s often called Winner’s Choice and tied to raffles.
That is, the consignor packages 2-5 trips of similar value into a raffle. The nonprofit sells tickets for the raffle, advertising all locations as a possible prize. The winner of the raffle gets to select which trip they want to take.
More consignors are offering Winner’s Choice as a package.
3. Finding more affordable places to offer
In an effort to find affordable trips, consignors are looking to lesser known cities and locations for better deals.
Watch the video for details.