Incentive Travel Set to Boom
By Alex Palmer
February 7, 2014
Incentive planners are feeling bullish about business, according to new data from the Site International Foundation
. The motivation industry organization’s Site Index Annual Survey, found that 87 percent of survey respondents feel that the use of incentive travel will increase in the next one to three years — the highest it has been since Site began tracking these sentiments in 2010.
Additionally, nearly half of respondents (48 percent) expressed greater optimism about the short-term (next six months) potential for incentive travel. That’s a sizable increase on the 33 percent of respondents who said the same thing last year.
“After several years of intense scrutiny, companies are realizing the important role incentive travel and motivational events have played on their past success and are implementing new programs to elevate future performance,” said Kurt Paben, President, Site International Foundation, in a statement. “This can be attributed to an overall improving global economy, but also reflects the current state of bookings for programs that will operate within the next three years.”
The report, which is based on the responses of 142 users and providers of motivational events, found a growing demand for demonstrating ROI, with 79 percent expecting to see this increase in the next 12 months, and 82 percent expecting to see growth in the next one to three years.
An additional area where organizations are putting their focus on the business value of incentive travel is how business events are being incorporated. Some 72 percent of respondents expect to see a greater convergence of meeting and incentive events in the next 12 months (compared to 66 percent in 2012). More than three-quarters (77 percent) say it will increase in the next one to three years.
“As the motivational events industry continues to evolve, it is more important than ever that professionals gain insight on how the industry is performing and be aware of what trends are shaping the future,” said Kevin Hinton, chief staff officer of Site and the Site International Foundation, in a statement. “Leveraging the Site Index, the Site International Foundation strives to measure what is relevant and important so companies can use this information to build sales and marketing plans that drive business results.”