18 September 2023: IBTM World’s 2023 Incentive Travel Report indicates that the recovery of the incentive travel sector is going from strength to strength, with its global market value projected to reach £174 billion by 2031.
The report, written by IBTM Contributor Mike Fletcher, finds that the sector is growing at an annual rate of 12.1 per cent, and predicts that the number of people participating in incentive travel programmes worldwide will grow by 61 per cent in 2024, compared to 2019.
These figures reflect the power of incentive travel schemes as a valuable resource to attract, retain and motivate talent and as an essential driver of culture and reputation, particularly as the modern workforce becomes ever more disparate with working-from-home and hybrid working. Benefits such as inclusivity, peer-to-peer relationships, and being able to take a partner on a trip have become more relevant to employees, according to 66 per cent of incentive travel agencies.
Despite its revival, the sector still faces significant challenges including talent shortages, inflation, rising travel and supply chain costs. Plus, tighter corporate budgets which have resulted in a reduction in the frequency of business trips and fewer employees attending face-to-face events. The report highlights the need for companies to adapt their incentive travel schemes to ensure they remain competitive.
The importance of authenticity, wellness and sustainability are highlighted, driving a new breed of incentive travel programmes which reflect the changing expectations of the workforce. Employees now place more emphasis on incentives which provide valued experiences, support corporate social responsibility (CSR), and demonstrate concern for employees, with 35 per cent of respondents placing greater value on wellness activities and 44 per cent underlining the importance of CSR-focused team building. These incentives could include opportunities which enable employees to connect with local culture, and excursions which counteract loneliness, stress and burnout.
As companies continue to navigate the changing business travel landscape, the report shares advice for ensuring incentive travel schemes thrive into the future. This includes remembering the power of connection to enhance an experience and never losing sight of who the programme is aimed at to guarantee that what is on offer is relevant and engaging.
For more information, or to view the report in full, please visit: https://www.ibtmworld.com/en-gb/lp/mice-industry-insights.html.
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Notes to Editors:
IBTM is a world-leading showcase for the meetings and events industry with a portfolio of events and products offering business solutions across four continents. The portfolio includes IBTM World, IBTM Americas, IBTM Asia Pacific and IBTM Africa.
IBTM World, the leading global event for the meetings and events industry, is the must-attend three-day event for the worldwide meeting, incentives, conference and events industry. Thousands of meetings and events buyers, suppliers and international trade media visit Fira Barcelona every November for IBTM’s flagship show.
Next event: Tuesday 28 November to Thursday 30 November 2023 at Fira Barcelona
IBTM Americas, the leading event for the meetings and events industry in North America, Latin America, Europe and beyond, is the must-attend two-day event for the region’s meeting, incentives, conference and events industry.
Next event: Wednesday 13 to Thursday 14 September 2023 at Centro Citibanamex in Mexico City.
IBTM Asia Pacific, the leading event for the meetings and events industry in Asia Pacific, is the must-attend two-day event for the region’s meeting, incentives, conference and events industry.
About RX (Reed Exhibitions)
RX is in the business of building businesses for individuals, communities and organisations. We elevate the power of face-to-face events by combining data and digital products to help customers learn about markets, source products and complete transactions at approximately 400 events in 22 countries across 42 industry sectors. RX is passionate about making a positive impact on society and is fully committed to creating an inclusive work environment for all our people. RX is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. www.rxglobal.com
About RELX
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves customers in more than 180 countries and has offices in about 40 countries. It employs more than 35,000 people over 40% of whom are in North America. The shares of RELX PLC, the parent company, are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX.
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