10 Incentive Travel Facts You Can Use
In honor of Global Meetings Industry Day April 6 the IRF has compiled 10 Incentive Travel Facts everyone should know in 2017
- 38% of all U.S. Firms over $1MM in revenue use incentive travel to motivate their people and partners. (Incentive Federation)
- U.S. firms spend over $14B Annually on incentive travel. (Incentive Federation)
- Net Optimism Score for incentive travel in the fall of 2016 was 26%, meaning the industry is still moderately positive about the outlook for incentive travel (Read More)
- As of fall 2016, per-person incentive travel budgets are most commonly between $3,000 and $4,000, although about 40% of the industry spends more. (Read More)
- Average per-person spend has increased by 5% annually since fall 2014. (Read More)
- Most commonly selected destinations for incentive group travel are now the USA, Caribbean, Mexico, and Europe, showing a return to long-haul destinations. (Read More)
- Analysis shows that the economic Net Optimism Score for incentive travel tracks closely with overall U.S. economic performance, often acting as a leading indicator. (Read More)
- Almost 60% of planners have experienced some form of disruption in their events, estimating that almost a quarter of their events have been affected in some way. (Read More)
- Planners view “Flawless Execution” as the #1 way their most trusted Hotel Partners add value; Hoteliers view “Providing a Strong Vision” as the #1 way their most trusted Planner Partners add value to the relationship. (Read More)
- Although Planners and Organizations are enthusiastic about wellness, there is often a disconnect in implementation.
Bonus: On average, employees most selected large award. (i.e. delivered after a year-long effort or major accomplishment.) Was travel and experiences…beating out cash. (Read More)
The Hotelier Planner Relationship: A View From Both Sides
Advancing the incentives industry requires building stronger, better partnerships throughout the program delivery cycle. The most recent IRF-Prevue study shows that although the hotelier-planner relationship is most often collaborative and supportive while delivering meetings and incentive programs, there are a number of opportunities for improvement throughout the discovery, RFP, and execution phases of the relationship.