Top 3 Takeaways from the 2024 Incentive Travel Index

It’s that time of year again; leaves are falling, pumpkin spice and apples are everywhere, and the IRF has released its annual Incentive Travel Index.

With the hustle and bustle of this time of year, it’s easy to feel like there’s barely time to keep up with multiple priorities at work (hello budgets and year-end deadlines) and home (how many weekends until the holidays?!). That’s why we’ve compiled the most essential insights from the latest industry reports, giving you quick, valuable takeaways without missing a beat.

1. Incentive Travel Index Trend: Incentive Travel as a Key Driver in Motivation and Culture Building 

By 2025, Gen Z employees will make up over a quarter of the workforce, and they are known for their appreciation of unique experiences. As the influence of this demographic grows, the role of incentive travel is likely to do the same. Therefore, we find it as no surprise that 58% of senior managers see incentive travel playing a more distinct role in motivation and culture building.

Incentive travel programs not only attract new talent but also help retain the talent you already have. These programs build stronger team dynamics, enhance employee engagement, and foster a positive company culture. But not all incentive travel is the same. According to the survey, respondents ranked group dining experiences, cultural sightseeing, and activities that promote relationship-building as the top three keys to a successful program, with group dining being the most appreciated activity.

If you haven’t already been thinking about how to attract and retain Gen Z talent, now is your time, and incentive travel is a great place to start!

2. Incentive Travel Index Trend: Increase of AI in Incentive Travel Programs

According to the Incentive Travel Index, 63% of respondents said that AI will soon be used (or is already being used) effectively within incentive travel.

We totally agree! But there are caveats. While we believe AI will be used in incentive travel programs—and frankly, it already is—it needs to be used correctly. As our CRO Richelle Suver mentioned in her blog article on navigating AI in incentives, AI is simply a tool. It is great for brainstorming and getting started, but it is not the end-all, be-all.

As experts in the travel and events space, we understand that incentive travel programs need to be extremely personalized at both the company and individual levels. For example, when brainstorming an incentive travel trip to Hawaii for an automotive company, AI can help generate initial ideas and logistics. However, the real value comes from adding unique touches, such as arranging a private tour of a niche museum or organizing a team-building surf lesson for a group of adventure-seekers, to create a memorable and tailored experience for the clients.

3. Incentive Travel Index Trend: Incentive Program Buyers Want New Destinations 

According to the Incentive Travel Index, 70% of incentive travel buyers are seeking new destinations for their programs. We are on the same page…cookie cutter itineraries are out!

In our recent webinar, “The Changing Incentives Landscape,” our CRO Richelle Suver, along with Stephanie Harris, President of the Incentive Research Foundation, and Tim Houlihan, host of the Behavioral Grooves podcast, discussed the growing trend of attendees wanting authentic cultural experiences and unique adventures during their incentive trips.

The great thing about this trend is that you can provide these new experiences anywhere—it doesn’t necessarily have to be far from your home base. Whether it’s a cooking class in a local kitchen or an outdoor activity unique to your location, the feeling of a new destination can be achieved both near and far!

For more key takeaways and top incentive travel trends, you can request the full report here.

Need help planning your next incentive travel trip? Contact our experts today.