Some 200 incentive planners, hotels, DMCs, convention bureaux and students are attending the Site Executive Summit 2014 at Paradisus Palma Real in Punta Cana, Dominican Republic, which runs from 31 January to 2 February.
Speakers at the summit delivered a number of key statistics on the incentive travel market, including:
The percentage of employees that spent a cash incentive from their company on bills, according to a Wirthlin worldwide survey, which interviewed 1,000 participants.
Some 18% do not remember what they spent the reward on, 11% spent it on savings and 11% on gifts.
Of budgets have stabilised or seen a moderate increase, according to the Incentive Research Foundation’s fall 2013 Pulse Survey.
A study commissioned by the US Travel Association found that corporate companies that use incentive travel generally enjoy a ROI of 4:1 - for every $1 invested in incentive travel, it represented a $4 return on revenue.
Of travelers want trips with substance and meaningful experiences where they immerse themselves within the culture, according to an American Express Spending & Saving Tracker 2012.
Amway China brought 7,200 delegates in waves to Melbourne for an incentive travel trip in September 2012, which generated £10m for the local economy. It is one of the largest ever corporate incentive travel programmes in the world.
US corporate companies spend £146bn ($240bn) a year on incentive travel.