Financial and insurance meetings and incentives are thriving, according to new research. Larger groups, increasing budgets and a higher-than-average spend rate for participants are among the findings revealed by the latest Incentive Travel Industry Index, a joint study by SITE, the Incentive Research Foundation and Financial & Insurance Conference Professionals. Those findings were mirrored in the most recent pulse study conducted by FICP.
Following, Successful Meetings
takes a closer look at this research to identify the major trends shaping the world of financial and insurance events today.
Top Trends in Financial and Insurance Meetings
Budgets Are on the Rise (But So Are Costs)
More than half (54 percent) of the respondents to the Incentive Travel Industry Index reported their budgets are increasing, albeit slightly. However, several planners Successful Meetings spoke with say the larger budgets aren't keeping pace with rising costs for high-ticket items like hotels, airfare, and food and beverage.
The Index found that median spending per participant for financial/insurance incentive programs is $5,000, one of the highest rates in the incentive industry, where the average spend in other sectors is $1,000 less per person. To read about the other trends affecting this industry, from new apps to greater security, read the full feature at NorthstarMeetingsGroup.com.