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.
Tags: 2023 Incentive Travel Index (ITI), incentive travel industry, Strong growth
