Landmark Study of the Incentive Travel Industry

The Incentive Research Foundation (IRF), Society for Incentive Travel Excellence (SITE) and Financial and Insurance Conference Professionals (FICP) are proud to announce the release of the first joint study of the global incentive travel industry.

Key highlights include:

• Over half (54%) of buyers report an increase in budgets year over year with the median per person spend remaining stable at $4,000. Corporate users report a higher median spend ($4,550) versus incentive agencies ($3,500).
• Sixty-five percent (65%) of buyers are increasing the number of incentive program qualifiers, fueled by company growth and optimism in the economy.
• Sales and profitability remain the top reasons to run an incentive program, but more importance is being given to building relationships between management and employees, increasing productivity and employee engagement.
• Almost 70% of buyers say their programs are effective at achieving business objectives. However, only a quarter always measure ROI/ROO, with more than 50% saying such measurements are not required.
• All-inclusive destinations are on the rise particularly for incentive agencies as, for  the fourth year in succession, buyers continue to seek cost reductions. Sellers are looking to add value through creativity, innovation, and partnerships.   
• North America, the Caribbean and Western Europe remain the most popular destinations for incentive travel, with destination appeal being the top criteria for selecting one destination over another followed by overall safety and value for money.
• Fam trips and hosted buyer meetings are the primary sources buyers use to learn about a destination.
• Wellness, including yoga, is now a top inclusion for incentive planners as CSR initiatives drop slightly in popularity.
• Over two-thirds of corporate users include meetings in their incentive programs (heavily weighted towards finance sector); less than a third of incentive agencies do.   

Read more here.