The newly released 2023 Incentive Travel Index (ITI) reports that, overall, the incentive travel industry is strong. Growth is projected through 2025 for both number of people participating in incentive trips as well as per-person spend.
LAS VEGAS, Oct. 16, 2023 /PRNewswire-PRWeb/ -- The newly released 2023 Incentive Travel Index (ITI) reports that, overall, the incentive travel industry is strong. Growth is projected through 2025 for both number of people participating in incentive trips as well as per-person spend. That said, tangible financial ROI and concerns around cost are indexing higher than previous studies, highlighting a underlying caution that stems from an uncertain geo-political, economic, and environmental backdrop. While industry-wide trends emerged, the study reflects variation by geography as well as by industry sector.
The Incentive Travel Index is joint initiative of the Incentive Research Foundation (IRF) and the Foundation of the Society for Incentive Travel Excellence (SITE Foundation) and is undertaken in partnership with Oxford Economics.
"The 2023 Incentive Travel Index drills down to examine the data by industry and geographic location, enabling incentive industry professionals to target the data they need to make decisions to meet their specific goals," said SITE CEO, Annette Gregg. "The ITI clearly demonstrates that one size does not fit all. Incentive industry professionals need to be nuanced in their approach to client needs and mindful of the fact that there can be significant differences based on industry vertical or geographic location."
"Incentive travel is expected to be fresh and exciting, with 71% of our respondents indicating an increased demand for new destinations not used before," said Stephanie Harris, IRF President. "With projected growth and increased demand, incentive professionals will also have to contend with challenges of availability, lift, and access to local resources. The supply chain for incentive travel experiences can be complex, so it's critical to form strong partnerships with suppliers, including hotels, DMOs, and DMCs."
For additional key findings from the 2023 Incentive Travel Index study as well as reports from previous years, visit https://www.incentiveindex.com/.
About the Incentive Travel Index
Now in its sixth year, The Incentive Travel Index is a collaboration between IRF and SITE Foundation. With research partner Oxford Economics, the organizations have again created an indispensable annual report on the state of incentive travel, providing data on current and future evolution.
The 2023 online survey, fielded globally from June – July 2023. More than 2,400 incentive travel professionals participated in the survey. Respondents represented five distinct incentive travel professional roles: corporate end user, third party agency, DMC, destination supplier and DMO.
The 2023 Incentive Travel Index has been supported by Accor, Destination Canada, IMEX Group, Hilton, ITA Group, Tourism New Zealand, and Tango.
Media Contact
Andy Schwarz, VP Content & Communications, Incentive Research Foundation, 703-556-7160, [email protected], www.theirf.org
SOURCE Incentive Research Foundation
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