IBTM World’s 2023 Incentive Travel Report reveals that the
recovery of the incentive travel sector is strengthening, with its global
market value projected to reach £174 billion by 2031.
The report, written by
IBTM contributor Mike Fletcher, finds that the sector is growing at an
annual rate of 12.1 per cent, and predicts that the number of people
participating in incentive travel programmes worldwide will grow by 61 per cent
in 2024, compared to 2019.
The report indicates that incentive travel schemes remain a
valuable resource to attract, retain and motivate talent and as a driver of
culture and reputation.
The importance of authenticity, wellness and sustainability were also highlighted in the report. Employees now place more emphasis on incentives
which provide valued experiences, support corporate social responsibility
(CSR), and demonstrate concern for employees, with 35 per cent of respondents
placing greater value on wellness activities and 44 per cent underlining the
importance of CSR-focused team building.
Read the full report here.
