Society for Incentive Travel Excellence (SITE), Incentive Research Foundation (IRF), and Financial & Insurance Conference Professionals (FICP), along with research partner Oxford Economics, are proud to announce the release of the second joint study of the global incentive travel industry. Incentive Travel Industry Index, Powered by SITE Index, IRF Outlook and FICP, is the largest-ever survey undertaken into the incentive travel industry, achieving an unprecedented number of submissions from five categories of incentive travel professionals.
“Following last year’s hugely successful inaugural joint study, we wanted to increase responses, both numerically and geographically, so as to ensure deep penetration into the universe of incentive travel. We received a total of 2,600 submissions from over 100 destinations around the world, almost triple the number received in 2018,” said SITE CEO Didier Scaillet, CIS, CITP.
Conducted in association with Oxford Economics, well known to global incentive travel professionals for its extensive work with the Events Industry Council (EIC), US Travel Association and Meetings Mean Business coalition, the study is a wide-ranging inquiry into the state of the incentive travel nation, at once an historical snapshot of where the industry has come from and a predictive hypothesis of where it’s going.
“Almost half of all responses came from corporate end-user and agency buyers, representing 15 distinct industries or sectors that typically use incentive travel as a performance-enhancement tool. Financial services and insurance, pharma/healthcare and information and communications technology were the top three sectors represented, with automotive a close fourth,” said Steve Bova, CAE, FICP executive director.
The survey findings show further increases over 2018 in per-person investment with hotel spend and not airline costs – the outlier in 2018 – now capturing the majority of the spend. Destination infrastructure – i.e. hotels – is also the top consideration in destination selection, relegating destination appeal into third position, after safety.
“Beyond the hard dollar outcomes, we’re finding soft-power objectives like engagement, relationship building and company culture emerging stronger, continuing the trend identified in 2018,” added IRF VP of Content, Andy Schwarz. “And the primacy of the human touch within the world of incentive travel is carried across many other areas of inquiry, with reputation being the leading factor influencing supplier choice – significantly more important than financial stability and value.”
This important research project would not have been possible without the support of the following sponsors:
- Champion Level: Accor Hotels, Peerless Performance, One10
- Prime Level: Business Events Canada, Meliá Hotels International
- Principal Level: Hilton, Caesars Entertainment, Eco Destination Management Services, IMEX Group
The full study will be released at IMEX America during SMART Monday at 1:45 – 3:00 PM at Marco Polo 801, Level 1, The Venetian® l The Palazzo® Congress Center
A panel of industry experts representing SITE, FICP and IRF will discuss the findings with Adam Sacks, Founder and President of Tourism Economics, an Oxford Economics company.
The session will be streamed live on the SITE Facebook page.
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About Incentive Travel
Incentive Travel, the “I” in MICE, is the fastest growing sector of the Business Events industry with the highest per capita spend and the widest supply chain.
Accounting for about 7% of all Business Events activities, the Events Industry Council’s Global Economic Impact study (2018) estimates the incentive travel industry to be worth around $75 billion globally.
Financial & Insurance Conference Professionals (FICP) is a community of financial services and insurance industry meetings and events professionals dedicated to developing members, and advocating the positive impact and value of their work. We elevate the profession by leveraging partnerships and our members’ collective skills and experiences to create purposeful interactions for all stakeholders whose professional success is linked to our members’ work.
The Incentive Research Foundation funds and promotes research to advance the science and enhance the awareness and appropriate application of motivation and incentives in business and industry globally. The goal is to increase the understanding, effective use, and resultant benefits of incentives to businesses that currently use incentives and others interested in improved performance.
The Society for Incentive Travel Excellence (SITE) is the only Business Events association dedicated exclusively to the global incentive travel industry. Founded in 1973, we are a professional association of 2,500 members located in 90 countries, working in corporations, agencies, airlines, cruise companies and across the entire destination supply chain. We bring value to our members at both global and local chapter level by networking, on-line resources, education, certification and advocacy. SITE is deeply committed to the new generation and operates a best-in-class Young Leaders programme and dedicated annual conference.
SITE Foundation was established by SITE to raise funds and support research, education and advocacy projects on behalf of the incentive travel industry. Monies raised by the SITE Foundation enable us to make the business case for incentive travel and highlight the transformational potential of travel experiences on individuals, enterprises and communities.