IBTM World’s 2023 Incentive Travel Report has unveiled promising growth trends for the incentive travel sector, forecasting its global market value to soar to £174 billion by 2031.
Authored by IBTM Contributor Mike Fletcher, the report indicates an impressive annual growth rate of 12.1% for the sector. Furthermore, it anticipates a 61% surge in global participation in incentive travel programmes in 2024, compared to figures from 2019.
This growth underscores the increasing significance of incentive travel schemes in attracting, retaining, and motivating talent, especially in the era of remote and hybrid work models. As per the report, 66% of incentive travel agencies believe that benefits such as inclusivity, fostering peer relationships, and the option to include a partner on trips have gained prominence among employees.
However, the sector isn’t without its challenges. Talent shortages, inflation, escalating travel and supply chain expenses, and constricted corporate budgets have impacted the frequency of business trips and reduced the number of employees attending in-person events. The report emphasizes the need for businesses to adapt their incentive travel strategies to stay competitive.
Modern workforce expectations are shifting towards authenticity, wellness, and sustainability in incentive travel programmes. The report reveals that 35% of respondents value wellness activities more, while 44% stress the importance of CSR-focused team-building exercises. Such incentives might encompass experiences that allow employees to immerse in local cultures or activities designed to combat feelings of isolation, stress, and burnout.
To ensure the longevity and success of incentive travel schemes, the report offers insights for businesses. Key takeaways include the importance of fostering connections to enhance experiences and the need to remain attuned to the target audience’s preferences, ensuring that offerings remain relevant and engaging.
For more information, or to view the report in full, please visit: https://www.ibtmworld.com/en-gb/lp/mice-industry-insights.html.
