The incentive travel sector is showing signs of recovery, growing at an annual rate of 12.1%, according to IBTM World’s 2023 Incentive Travel Report. The report predicts that the number of participants in incentive travel programs worldwide will increase by 61% in 2024 compared to 2019, and the industry’s global market value is expected to reach £174 billion (US$212 billion) by 2031. Incentive travel programs are seen as a valuable resource for attracting, retaining, and motivating talent, and they play a significant role in shaping corporate culture and reputation, especially in the face of remote and hybrid work arrangements.
The report also highlights the importance of authenticity, wellness, and sustainability in designing incentive travel programs that align with evolving workforce expectations. Employees place a greater emphasis on experiences, corporate social responsibility, and employee well-being, making wellness activities and CSR-focused team building more relevant. Such programs offer opportunities for employees to connect with local cultures and alleviate feelings of loneliness, stress, and burnout.
Despite this revival, the sector faces challenges related to talent shortages, inflation, rising travel and supply chain costs, and reduced corporate budgets. To remain competitive, companies must adapt their incentive travel schemes to meet these changing expectations.
IBTM World, IBTM Events, IBTM Americas, Rocío Corrales, Jonathan Vis, Evelina Bucinskaite, Alissia Begag, Ben Dunster, Neslihan Gundes, Ruken Kilic, Luciana Deller, LinkedIn News #association #incentivetravel #venue #destination #meetings #miceindustry #meetingsandevents #eventprofs #convention #meetingprofs #linkedinforcreators #linkedinnews #linkedinnewsletter #linkedinnewsasia #bei
