It’s fair to say that the meetings and events industry has been through a lot in recent years. The arrival of COVID-19 shut down international travel and, as a result, incentive travel suffered massively. While we saw employers adapt immediately to hybrid meeting solutions, it took longer for incentive travel to return to company benefit schemes despite the figures showing a clear demand from employees.
Finally, in 2023, the industry appears to be making a strong recovery. And that’s where M&I comes in, with our brand-new event for high-end incentives: Luxe by M&I, Porto Montenegro 2023. We believe in the power of incentive travel, but we also understand that it needs to adapt to survive. So, how do we future-proof them, and why are they worth saving?
(Regent Porto Montenegro)
Let’s take a look at incentives pre-pandemic. What did they look like and how effective were they? Well, the stats show us that the global market for incentive travel, motivational meetings and business events was valued at $77.1 billion in 2006, growing to $805 billion in 2017. There are also figures from the 2019 Incentive Travel Index (ITI), a combined research effort from SITE, IRF and FICP, that prove incentive travel budgets were increasing. It’s clear that the industry was alive and thriving – there was a desire for incentive travel and businesses saw the value of investing in it.
Research from the 2022 ITI shows that the industry is strong, and its recovery is in full force. And of those surveyed, ‘91% agree that, with a dispersed workforce, incentive travel will have an even more critical role in building engagement and company culture’. This statistic is particularly interesting as it reflects the effect that hybrid or remote working has on company culture, something that could be improved through incentive travel.
A further ‘67% of respondents felt the greater importance of retaining talent is contributing to the increasing importance of incentive travel’. With “The Great Resignation” brought on by widespread job dissatisfaction post-pandemic, job retention has become a hot topic for businesses. What can one company offer that another can’t – remote or hybrid work, pay and reward schemes, paid travel? Businesses are now expected to meet the growing demand from job seekers for greater flexibility and benefits – and that’s where incentives come in.
‘91% agree that, with a dispersed workforce, incentive travel will have an even more critical role in building engagement and company culture’
Further research from the Incentive Research Foundation (IRF) also shows that although incentive travel is universally appealing, ‘the percentage of sales professionals who found group incentives to be “extremely” or “very motivating” rose from 81% in 2021 to 92% in 2022’.
Going forward it’s clear incentive travel programmes need to respond to employee trends in order to stay relevant. The IRF found that in 2021 and 2022 the three most important aspects for those surveyed were ‘being able to take a plus one on a trip, going to an appealing destination and having additional expenses covered’.
According to a 2023 trend report published by IRF incentive travel needs to be ‘more exciting, more exclusive, more experiential, more authentic, and more memorable than ever’. The research points towards a higher value appointed to uniqueness; something exclusive that can then be shared to social followers.
‘the percentage of sales professionals who found group incentives to be “extremely” or “very motivating” rose from 81% in 2021 to 92% in 2022’
When it comes to destination choices, data from 2022 shows that buyers in the North American market are most in favour of Hawaii, with the Caribbean coming a close second and the Western United States and Western Europe just behind. While buyers from the rest of the world plan to increasingly make use of Western and emerging European destinations, as well as Gulf States. It does seem, however, that globally most buyers are interested in trying something new in the future if they had to.
On the length of a trip, 50% would prefer one to last 4-6 days while only 8% preferred a trip to last 1-3 days.
And in regard to programme content, corporate social responsibility is at the top of everyone’s agenda. The Hilton 2023 travel trends report surveyed 7,000 consumers about what they expected from travel in the coming year. CSR proved a popular want from a large percentage, following a desire to give back to the local communities in the area hosting them.
Carbon offset schemes are also a popular choice, with demand for more sustainable incentive travel programmes increasing. Offset schemes allow businesses to invest in environmental projects to counteract their carbon footprint. This could be investing in renewable energy, reforestation or sustainable waste disposal projects. Other options include incorporating more sustainable travel, accommodation and food and beverage options into a programme. From e-scooters to locally sourced food, in 2023 there’s no excuse for planners to skimp on sustainability.
While you can never ensure that an incentive trip is 100% sustainable, with the right research there it’s entirely possible for buyers and suppliers to implement sustainable choices at every step. And in facilitating an incentive trip responsibly, businesses can reap the benefits. It can act as yet another motivator for employees, instilling greater respect in their employer and forging closer bonds.
We saw the emerging demand for incentive travel post-COVID and we jumped at the opportunity to honour the growing incentive segment of our audience. So, in an effort to offer something new and exciting to the market, we created M&I Luxe, our new Forum for high-end incentives and corporate groups. Designed specifically for the top-tier of the MICE industry, we’re taking incentives to the next level.
On the 11-14 October, you’ll find our delegates networking on the sparkling marinas of Porto Montenegro.
If you’re a global supplier offering luxury experiential products and exceptional properties or a planner booking exclusive incentive trips, this is the Forum for you. And if you’re still unsure, check out our Luxe Diamond Suppliers for a taste of the guestlist.
© M&I is part of Worldwide Events, a division of Worldwide Events Group Ltd, 27 Furnival St, London EC4A 1JQ
Global Buyers
16-20 Mar 2025 | Morocco
American buyers
24-27 Mar 2025 | Canada
UK & EU buyers
27-29 Aug 2025 | Croatia
The M&I Forum experience streamlined into two impactful days
Open your property up to a new range of events and opportunities by taking advantage of an online assessment created by our event partner, Healthcare Venues, which will determine if your venue is capable of hosting healthcare meetings and events.
If your property passes, you’ll receive Healthcare Venue certification, verifying you to our buyer network as a specialist healthcare venue.
Tim Chudley
Managing Director, Sundial Group
