Strong partnerships: crucial for success. Photo Credit: Adobe stock/ solthanya
The newly released 2023 Incentive Travel Index (ITI) reports that the
overall incentive travel industry is strong with growth projected
through 2025 for both number of people participating in incentive trips,
and per-person spend.
Tangible financial ROI and concerns around cost are indexing higher
than previous studies, showing caution that stems from an uncertain
geo-political, economic, and environmental backdrop.
While industry-wide trends emerged, the study reflects variation by geography and by industry sector.
Now in its sixth edition, the ITI is a joint initiative of the
Incentive Research Foundation (IRF) and the Foundation of the Society
for Incentive Travel Excellence (SITE Foundation) and is undertaken in
partnership with Oxford Economics.
“Incentive travel is expected to be fresh and exciting, with 71% of
our respondents indicating an increased demand for new destinations not
used before,” said Stephanie Harris, IRF president. “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.”
“The 2023 Incentive Travel Index drills down to examine the data by
industry and geographic location, enabling incentive industry
professionals to target the data they need to make decisions to meet
their specific goals,” said 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.”
The 2023 online survey, fielded globally from June – July 2023, had
more than 2,400 incentive travel professionals participating in the
survey. Respondents represented five incentive travel professional
roles: corporate end user, third party agency, DMC, destination supplier
and DMO.
The 2023 Incentive Travel Index was supported by Accor, Destination
Canada, IMEX Group, Hilton, ITA Group, Tourism New Zealand, and Tango.