The Society for Incentive Travel Excellence (SITE) has recently released their Annual Analysis and Forecast. The result of polling 599 industry professionals (buyers and sellers and other industry professionals) from 62 countries, the index is recognized as the authoritative analysis and forecast for the global incentive travel market.
Board of Director of both SITE Global and World of DMCs Eda Ozden (our DMC member for Turkey) says:
With the positive findings of SITE Index for the incentives industry, we want to encourage of all the industry players to focus on creating value through innovative ideas. As SITE we are excited to bring this momentum to Rome with our Global Conference in January 2018 and Bangkok in January 2019.
The results propose a generally positive and healthy outlook for next 12 months: 60% of buyers plan to increase incentive travel budgets (Up from 47% in 2016) and 49% of buyers plan to increase incentive travel budgets (Up from 46% in 2016).
Here are some more key findings from the report:
- 60% of buyers report they plan to increase the number of people eligible for incentive travel awards in the next year.
- Nearly half of all buyers say that budgets have increased.
- Concerns around the state of the world economy have increased the importance of creating value, as 76% of sellers report working on greater creativity/innovated event design in order to increase value.
- Despite general concerns of health and safety, buyers report the highest incidences of increased use of incentive travel to North America, the Caribbean and Western Europe destinations.
- Only 23% of corporate buyers and 24% of third party suppliers “always” or “almost always” track return on investment (ROI). The primary reason given for not tracking ROI is a lack of requirement from management.
- The majority of buyers (57%) think disintermediation in the travel industry has negatively impacted their company. This trend may be explained by the growing role of event technology in the purchasing process, with 54% of buyers reporting their use of event technology will increase in the next three years.