The use of AI and advanced technologies is on the rise in event planning, offering the ability to streamline data for efficient sourcing, negotiation, and personalization of content.
"The industry continues to evolve and technology naturally is the enabler and it's having a transformative impact on our industry, unlocking efficiencies and helping meeting professionals be more productive."
Clients are taking more time to make decisions on incentive travel due to economic and political uncertainties, leading to delayed booking cycles and meticulous consideration of contractual obligations.
"Clients are taking time to make decisions. They're not jumping in as they used to, going 100 miles an hour trying to go forward. What that's doing is they're delaying."
Incentive programs are increasingly exploring off-the-beaten-path destinations to provide unique and authentic experiences that differentiate from traditional tourist hotspots.
"People are looking for experiences, but what does that actually mean? And how do you put it into practice? Recent surveys on evolving travel preferences reveals three top desires."
Incentive travel earners have rising expectations for luxury experiences, driving demand for high-end accommodations and unique, personalized activities, despite budget constraints and increased costs.
"Our incentive earners expect to go to the nicest hotels and that's what they want to do. So it's putting pressure on what's going on."
Incentive travel is being tailored to generational preferences, with millennials and Gen Z seeking personalized and purpose-driven experiences, while baby boomers and Gen X prioritize luxury and relaxation.
"Explore the trends in incentive travel among generations. Now I find this personally really interesting in terms of the shift in the way that people are, how we're designing programs and we're sort of delving a little bit deeper into this because it is something that's going to define how we create those programs moving forward."
The global incentive market is projected to grow significantly, reaching $216 billion by 2031, with an average spend per person at $4900, indicating a robust sector with high potential for economic impact.
"So if we look at the global incentive market, it sits at $116 billion globally. Now that in the scheme of business events, we've got conferencing, we've got exhibitions, we've got events and meetings. It sits at about 10% of that. I know that sounds small, but it's mighty in a sense that it's the fastest growing sector, it's the highest per person spend and has the widest economic impact."
There is a growing trend towards curating travel experiences that focus on personal connections, with participants seeking to spend quality time with peers and engage meaningfully with local communities.
"People are looking for personal connection. They're looking for discovery, and we're looking to relax and recharge. Personal connection. I kind of talked about that in the quote."
There's an opportunity for destinations like New Zealand to attract regional programs from multinational companies, which can help in reducing carbon footprint and align with corporate sustainability mandates.
"Appeal to multinational companies, regional programs. Some of the clients that I work with are American companies, but they have from a carbon footprint print trying to say let's not, let's not bring everybody together for a global meeting, let's separate into regional meetings."
Sustainability is becoming an integral part of corporate travel planning, with clients expecting partners to contribute to their sustainability goals, leading to a focus on the carbon footprint of travel and events.
"Sustainability, as I said, it's not just about water bottles anymore. It's really getting into the corporate world and it's getting in there with it's coming on very quickly."
Artificial intelligence is transforming the business events industry by enhancing productivity and attendee experience, and aiding in the consolidation of information.
"Virtual reality and hologram programs are also adding new dimensions to the experience. And finally, when we think about technology, we have an opportunity to reduce the complexity and cost by integrating technology platforms."
Remarks by Sonja Soderbom, Tim Bruins, Patrick Rush and Barbara Maple.