The latest research from the Society for Incentive Travel Excellence (SITE) Foundation shows continued optimism about the incentive travel market’s future thanks largely to an ever-improving economy and an upswing in the use of motivational travel experiences.
The SITE Index Annual Analysis and Forecast for the Motivational Events Industry was released last week by the SITE Foundation during the association’s annual Global Conference in Rotterdam, Netherlands. Data for the Index was derived from a survey sent to all registrants of the SITE Index database as well as SITE members.
“Through research we are able to provide deeper insights into why incentives are a vital business tool to drive desired behavior and positive performance resulting in definitive business results,” said Tina Weede, vice-president research and education, SITE Foundation and president, US Motivation, Atlanta, Georgia. “The 2014 SITE Index demonstrates not only the business case and need but also provides valuable information into industry trends and forecasts predicting optimism for future growth and change in the incentive travel industry.
Key findings include:
- 52% of respondents say the use of incentive travel will increase or substantially increase in the next six months, a 4% increase over last year
- 80% of respondents are optimistic about the following six to 12 months, an 11% increase over last year
- In 2013, 79% of respondents believed that the requirement for ROI and ROO measurement would increase. This year, 49% of respondents reported that the requirement for will stay the same in the next six months.
- 86% of respondents (+6% over 2013) said the use of smart/mobile technology in program operations was important to very important.
- 59% measure the effectiveness and value of using social media, a modest increase over 2013 indicating that the use of social media platforms may have peaked
- Corporate social responsibility (CSR) components of programs are here to stay and part of budgets.