2023 Incentive Travel Index Sees Growth, More Scrutiny of ROI and Costs
More people will be attending incentive trips, per person budgets will increase, and with that will come more scrutiny of return on investment and costs, the report says. Click here for links to RRN Preferred Solution Providers.
The 2023 Incentive Travel Index (ITI) finds that the incentive travel industry is strong, with growth projected through 2025 in both the number of people participating in incentive trips as well as the per-person spend. The report also finds that “tangible financial ROI and concerns around cost are indexing higher than previous studies, highlighting an underlying caution that stems from an uncertain geo-political, economic, and environmental backdrop.” The study also notes increased interest in “new” destinations.
The Incentive Travel Index is a joint initiative of the Incentive Research Foundation (IRF) and Society for Incentive Travel Excellence (SITE Foundation) and is undertaken in partnership with Oxford Economics.
Observes SITE CEO, Annette Gregg. “The ITI clearly demonstrates that one size does not fit all. Incentive industry professionals need to be nuanced in their approach to client needs and mindful of the fact that there can be significant differences based on industry vertical or geographic location.”
Stephanie Harris, IRF President, states, “Incentive travel is expected to be fresh and exciting, with 71% of our respondents indicating an increased demand for new destinations not used before. With projected growth and increased demand, incentive professionals will also have to contend with challenges of availability, lift, and access to local resources. The supply chain for incentive travel experiences can be complex, so it’s critical to form strong partnerships with suppliers, including hotels, DMOs, and DMCs.”
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Profit From the “S” of Environmental, Social, Governance (ESG)
Through education, media, business development, advisory services, and outreach, the Enterprise Engagement Alliance supports boards, business analysts, the C-suite, management in finance, marketing, sales, human resources and operations, etc., educators, students and engagement solution providers seeking a competitive advantage by implementing a strategic and systematic approach to stakeholder engagement across the enterprise. Click here for details on all EEA and RRN media services.
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Through education, media, business development, advisory services, and outreach, the Enterprise Engagement Alliance supports boards, business analysts, the C-suite, management in finance, marketing, sales, human resources and operations, etc., educators, students and engagement solution providers seeking a competitive advantage by implementing a strategic and systematic approach to stakeholder engagement across the enterprise. Click here for details on all EEA and RRN media services.
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Stakeholder Management Business Plans; Human Capital Management, Metrics, and Reporting for organizations, including ISO human capital certifications, and services for solution providers.
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The EEA promotes a strategic approach to people management and total rewards through its e-newsletters, web sites, and social media reaching 20,000 professionals a month and through other activities, such as:
- Association of National Advertisers Brand Engagement 360 Knowledge Center to educate brands and agencies.
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