MICE INITIATIVES

Incentive Travel is poised for significant growth through 2026

Incentive travel is poised for significant growth, with a new report predicting increased spending and an elevated strategic role for the sector.

Incentive travel buyers have shared that activity and per-person spending will surpass 2024 levels in the next two years. This comes as senior leadership views on incentive travel evolve, presenting a demand for incentive travel to play a more distinct role in motivation and culture-building while also managing programmes for financial ROI.

These takeaways were derived from a survey conducted for the newly released 2024 Incentive Travel Index (ITI), a joint initiative of the Incentive Research Foundation (IRF) and Society for Incentive Travel Excellence (SITE) undertaken in partnership with Oxford Economics.

In addition to increased spending, workplace trends are also enhancing the strategic importance of incentive travel. A greater focus on retaining talented employees and maintaining a competitive hiring advantage were cited as key factors shaping incentive travel's future.

The report also identified emerging new generations of leaders and qualifiers and a more dispersed workforce as trends that will amplify the need for incentive travel. However, with sustainability on the rise, carbon footprint concerns will likely become a central focus for businesses planning such programmes.

Disruptions ahead for incentive travel The incentive travel sector is on the cusp of significant change. As younger generations of qualifiers emerge, they are driving a fundamental shift in the industry. Many believe that AI will play a crucial role in the future of incentive travel, automating tasks such as preparing programme materials and financial planning.

However, the human touch remains essential. Planners recognise the importance of personalised experiences and believe that AI cannot fully replace human interaction.

Additionally, there is a growing demand for unique destinations. Buyers are increasingly seeking out new and exciting locations, while regular and all-inclusive resorts are also gaining popularity.

Source : M&C / ASIA