2024 Incentive Travel Index

Inspiring Research Foundation 2024 Incentive Travel Index (ITI) was presented in October with SITE at IMEX America, but key points were discussed in a recent webinar hosted by IRF President Stephanie Harris.

Joined by: Chris JohnsonDirector of Corporate Events and Sports Partnerships Land O’Lakes and Richelle SewellChief Revenue Officer a 10The webinar focused on motivating professionals on how to deliver outstanding travel programs within the budget constraints of ITI reporting.

Although the survey conducted for the study was international (2,800 respondents from 19 countries), the group focused primarily on data reported by 56% of North American respondents representing third-party incentive travel companies, Enterprise program owners, vendors and DMOs.

Here are some highlights from the panel discussion:

• More business options Cash Reward Travel Awards; Surveys show travel awards are expected to increase by 37% in 2025 and by 45% two years later.
• Only half of the respondents said they Budget Matching inflation; the rest said the budget was flat. The group’s recommendations for dealing with smaller budgets include:
  • Use destination during off season. Mexico is cited as an example because of its mild year-round climate.
  • choose one all inclusive resort to control costs. “We’re starting to use these attributes more because food and beverages are easier to control,” notes Chris Johnson.
  • Include other cost control ideas rearrange agenda The stage is placed in less time than if it were placed in a ballroom and potentially left unused.
• When calculating budget per capita For 2024, the majority of planners (27%) report plans to spend between $3,000 and $5,000; only 9% report per capita budgets of more than $10,000. Richelle Suver said One10 averages $10,000 and above. “When you think about a program like the African Safari, you see much higher numbers,” she said.
• More winners are sailing away cruise rewardspanelists praised it for offering multiple destinations in one trip while keeping food and beverage costs in check.
• Group dining experience The jump to first place as the most admired activity in incentive travel programs seemed to surprise the panellists, although Richelle Suver admitted there was “a real need to foster connection through sharing bread”.

More thoughts on budgeting

In a wide-ranging discussion exploring budget issues, Richelle Suver noted airline cap Impractical because 1) fares change early in the planning process and 2) you don’t know where the winners will come from – they may require multiple connections.

To lower the budget, planners may need to difficult conversations Chris Johnson said. “Someone wins a prize and then there are other delegates who come on the trip,” he said. “You really have to go home and talk about who need there with whom want to There.

For more key findings 2024 Incentive Travel Index For research and reports from previous years, visit centreindex.com.

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