;at optimism was corroborated by the SITE
Foundation’s Annual Analysis and Forecast for
the Incentive Travel Industry. It reported that 60%
of buyers plan to increase the number of people
eligible for incentive travel awards in the next year.
Nearly half of all buyers in that survey said that
budgets had increased.
While worldwide markets may fluctuate and industries ebb and flow, the incentive universe continues to grow at a solid, steady pace. An 2017 Incentive Travel IQ survey indicated that about 40 percent of respondents
see their annual merchandise award budgets increasing, a healthy figure especially
when you consider that 50 percent see their budgets as staying the same.
In addition to quantity, quality has also been on
the upswing. SITE’s analysis said that concerns
around the state of the world economy have
increased the importance of creating value, as
76% of sellers reported working on greater
creativity/innovated event design in order to
MORE NUMBERS TO
BACK IT UP
According to the Incentive Federation, a study
of a cross-section of US businesses confirms
that award points, gift cards, incentive travel, and
merchandise are commonly used by firms seeking
to reward and recognize their employees, sales
teams, partners and customers. Key findings from
the study include:
• 84% of U. S. businesses use non-cash rewards to
recognize and reward key audiences in the form of
award points, incentive travel, merchandise and gift
cards up from 74% in 2013.
• Over a two-year period, U.S. businesses spent
$90 billion on these types of non-cash rewards, a
17% increase from $77 billion.
According to the Incentive Research Foundation
(IRF): “;ere is a strong positive outlook for
budget increases in incentive travel programs —
overall and for F&B and rooms. Stakeholders
also expect an increase in the number of rooms
(but not nights) and the number of participants
earning a trip. Wellness and all-inclusive pricing
are common. ;e industry also expects much more
involvement of procurement, but not of third-party service providers.”