Although 76 percent of buyers and suppliers report a decrease in motivational events, half of them believe that the recession is over and that the industry will recover within two years, finds a new survey from the Society of Incentive Travel Executives (Site) International Foundation.
Part of a new ongoing research project announced last spring—called The Site Index, which Site describes as the "first comprehensive forecast of trends and activity specific to the motivational events and travel industry"—the survey examines the thoughts of incentive travel professionals with regard to the current economy.
"During the last year we have observed rapid shifts in our business environment," Site International Foundation President Roger Tondeur, president of MCI Group Holding S.A., said in a statement. "Economy, operations and trends are significantly interconnected. As such it is vital that we have a mechanism to assess internal and external challenges and opportunities to our business that will impact the sustainability and growth of our market. The Site Index will fulfill this need if each individual in our industry chooses to share their perspectives."
Titled "Focus on the Economy," the first annual Site Index survey found that:
• 87 percent of incentive travel professionals believe motivational event cancellations will decrease or stay the same within the next six months.
• 74 percent of incentive travel professionals expect more flexibility in cancellation policies within the next year.
• 67 percent of incentive travel professionals have experienced a decrease in international destinations for motivational events.
• 86 percent of incentive travel professionals expect companies to rely on their motivational events providers to keep them aware of industry regulations.
"Our objective in these surveys is to learn more about buyer and supplier behavior," said Site International Foundation Trustee and Research Committee Chair Steve O'Malley, vice president and general manager of Maxvantage. "For example, this data revealed 78 percent of customers have had senior management become more involved in the decision making. So now is the perfect time to enroll senior executives in discussions about how to use motivational events to add to employee engagement and bottom-line results for companies."
For more information about The Site Index, and for full "Focus on the Economy" survey results, visit www.siteglobal.com