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Incentive Journey Market Exhibits Indicators of Progress with Expectations for Elevated Spending and Participation
Tuesday, October 8, 2024
The not too long ago printed 2024 Incentive Journey Index (ITI) provides an optimistic outlook for the motivation journey trade, projecting regular development by 2026. Based on the report, incentive journey consumers anticipate each a rise in actions and better per-person spending over the following two years, surpassing 2024 ranges. Nonetheless, the trade faces some ongoing challenges, with rising prices, attracting and retaining expertise, and making certain security remaining high issues for stakeholders.
A collaborative effort by the Incentive Analysis Basis (IRF) and the Society for Incentive Journey Excellence (SITE), in partnership with Oxford Economics, the ITI delivers insights into vacation spot developments, program inclusions, budgeting methods, and the evolving function of incentive journey in enterprise. This 12 months’s report sheds gentle on important trade matters, together with developments in know-how and synthetic intelligence, local weather change issues, and the rising give attention to sustainability. By addressing these areas, the 2024 ITI highlights each the alternatives and hurdles throughout the incentive journey panorama, providing a complete snapshot for companies and trade professionals aiming to leverage journey as a software for motivation and engagement.
“The strategic importance of incentive travel is being bolstered by key workplace trends,” mentioned Stephanie Harris, IRF President. “Retaining talented employees and competitive advantages in hiring are cited as increasing in importance, as well as more recent trends such as new generations of qualifiers and leaders and a more dispersed workforce.”
“Incentive travel buyers are increasingly looking for something new, with over 70% of our respondents indicating they are seeking destinations they haven’t used before,” mentioned SITE CEO, Annette Gregg. “Resorts – both all-inclusive and regular – have gained in popularity, while destinations within shorter distances from participant origin are also expected to see increased use.”
The 2024 Incentive Journey Index (ITI) made a dynamic debut at IMEX America, drawing a full home of enterprise occasions professionals keen to listen to the newest trade insights. The launch occasion was co-moderated by Stephanie Harris of the Incentive Analysis Basis (IRF) and Pádraic Gilligan of the Society for Incentive Journey Excellence (SITE). They have been joined by a panel of trade specialists, together with Maggie Worthington from Hilton, Jennifer Attersall from Vacation spot Canada, and Justin Myers from Bishop McCann, who provided their views on the report’s findings and the way forward for incentive journey.
