Incentive travel is a tool used in businesses, whereby travel is promoted as a reward for achieving goals or performance metrics. From workations to company-wide trips, an incentive is a great tool to bring in new employees in such a competitive work field and create a happier and more productive workforce.
The MICE industry is a sector of the hospitality and tourism industries that focuses on organising the key elements of business communications, including meetings, incentives, conferences, and exhibitions. It is this industry that enables international connections to ultimately boost business growth.
Incentive travel is therefore a key element that can contribute to the growth of the MICE industry by 2025. This article will take a deeper look into the current trends of this kind of travel and how it will ultimately impact the global MICE industry. From the economic impact to the potential changes predicted as 2025 nears, rest assured we’ve done the work to ensure you understand any future changes.
The MICE industry is a sector of the hospitality and tourism industries that focuses on organising the key elements of business communications, including meetings, incentives, conferences, and exhibitions. It is this industry that enables international connections to ultimately boost business growth.
Incentive travel is therefore a key element that can contribute to the growth of the MICE industry by 2025. This article will take a deeper look into the current trends of this kind of travel and how it will ultimately impact the global MICE industry. From the economic impact to the potential changes predicted as 2025 nears, rest assured we’ve done the work to ensure you understand any future changes.
Current Trends in Incentive Travel
Though trends in incentive travel could change or develop in 2025, it’s important to recognise what’s happening in the current landscape. Ultimately it’s these that are encouraging employees to engage with the incentive and therefore boosting the MICE industry.
It makes sense that sustainability is a big trend in workforce travel, considering so many companies promote social responsibility in corporate agendas and company missions. The ability to give back to local communities as a result of everyday work is a rewarding way for employees to see their value. 48% of Europeans and 34% of North Americans who took part in a survey agreed that incentivized travel programs should focus on lowering carbon footprints.
Flexible incentive travel programs have also been said to be a deal breaker for potential employees. If a trip is flexible, this means that it isn’t fully planned out for workers going. Though attendees want to connect and enjoy time doing extraordinary things, it should be noted that an itinerary that is too packed could become tiresome and unenjoyable. Downtime can help ensure colleagues still feel heard and have the freedom to do as they please.
These travel trends are ultimately all reasons for the growth within the MICE industry.
It makes sense that sustainability is a big trend in workforce travel, considering so many companies promote social responsibility in corporate agendas and company missions. The ability to give back to local communities as a result of everyday work is a rewarding way for employees to see their value. 48% of Europeans and 34% of North Americans who took part in a survey agreed that incentivized travel programs should focus on lowering carbon footprints.
Flexible incentive travel programs have also been said to be a deal breaker for potential employees. If a trip is flexible, this means that it isn’t fully planned out for workers going. Though attendees want to connect and enjoy time doing extraordinary things, it should be noted that an itinerary that is too packed could become tiresome and unenjoyable. Downtime can help ensure colleagues still feel heard and have the freedom to do as they please.
These travel trends are ultimately all reasons for the growth within the MICE industry.
The Impact of Incentive Travel on the MICE Industry
In the MICE industry, incentive travel promotes a whole host of benefits. Travelling abroad creates a whole chain of payments, so it’s able to generate substantial revenue through accommodation, transport, and the event industry itself. As an area grows in increased demand for venues and accommodation, as well as airlines and destination management companies, there becomes a need for more jobs to be created across these various sectors. This is a huge multiplier effect which ultimately leads to more being brought into the overall economy, which in turn, allows for more future events in the MICE industry.
At a company level, incentivised travel is a powerful motivation tool to boost productivity day-to-day. Employees are bound to feel more appreciated with such high reward offerings and therefore have more of a reason to engage in high performance. A culture of appreciation like this helps to establish a much more positive workforce with rejuvenated colleagues committed to their roles. This then produces a reason for others to become more engaged and connect with your organisation at conferences and events (part of MICE), therefore helping to create future positions and innovation from external talent.
At a company level, incentivised travel is a powerful motivation tool to boost productivity day-to-day. Employees are bound to feel more appreciated with such high reward offerings and therefore have more of a reason to engage in high performance. A culture of appreciation like this helps to establish a much more positive workforce with rejuvenated colleagues committed to their roles. This then produces a reason for others to become more engaged and connect with your organisation at conferences and events (part of MICE), therefore helping to create future positions and innovation from external talent.
Technology innovation as a way to boost incentive travel is becoming integrated to drive better experiences for attendees. Digital platforms like online booking systems, mobile apps, and virtual previews are all means that can incentivise business travel even more as potential stresses become more and more diminished.
Regional Trends in the MICE Industry
As the MICE Industry continues to grow its international event offerings, destination choices are becoming more and more important. Employees want travel destinations that are well-equipped, connected, and culturally rich so they can get the most out of their trip.
The European continent has been popular for travellers, for decades. As it’s so greatly connected, travel between countries is easy and the continent is home to distinct cultural appeal across nations. Spain is a great pick for MICE Industry events. With bustling cities like Madrid and Barcelona hosting an array of conference venues and strong tourist infrastructure, it’s the perfect place for colleagues to mix work and pleasure. For organisations travelling to events here, villa stays in Spain are ideal hubs to encourage company bonding and allow everyone to stay under one roof.
The European continent has been popular for travellers, for decades. As it’s so greatly connected, travel between countries is easy and the continent is home to distinct cultural appeal across nations. Spain is a great pick for MICE Industry events. With bustling cities like Madrid and Barcelona hosting an array of conference venues and strong tourist infrastructure, it’s the perfect place for colleagues to mix work and pleasure. For organisations travelling to events here, villa stays in Spain are ideal hubs to encourage company bonding and allow everyone to stay under one roof.
Further afield, North America is a consistent performer for MICE hosting. Cities like America’s Las Vegas and Canada’s Toronto are globally renowned for expansive top-notch venues and connectivity to the rest of the world.
Future Predictions for 2025
As incentive travel continues to become more valued within companies and organisations, it’s predicted that the MICE industry will only continue to significantly simultaneously. With the world increasingly becoming more knowledgeable on the effects of climate change, companies are beginning to prioritise eco-friendly travel incentives and practices to align with company efforts of carbon footprint reduction.
Technology innovation will continue to shape the MICE and incentive travel landscape, continuing to formulate greater booking and planning methods to encourage more incentive programs for bigger businesses. Data is becoming increasingly more able to personalise individual needs, therefore helping to create the most memorable experiences for colleagues. As this happens, the MICE industry can continue to reap the greater travel going on in companies and hybrid global events with travel.
The increase of hosted buyer events within the industry can be a further help to streamline the planning process. These are events attended by qualified buyers to meet suppliers and potential partners. As these occur more, it creates another strand of opportunity that drives revenue. From this, another multiplier effect can help increase the volume of MICE events.
Technology innovation will continue to shape the MICE and incentive travel landscape, continuing to formulate greater booking and planning methods to encourage more incentive programs for bigger businesses. Data is becoming increasingly more able to personalise individual needs, therefore helping to create the most memorable experiences for colleagues. As this happens, the MICE industry can continue to reap the greater travel going on in companies and hybrid global events with travel.
The increase of hosted buyer events within the industry can be a further help to streamline the planning process. These are events attended by qualified buyers to meet suppliers and potential partners. As these occur more, it creates another strand of opportunity that drives revenue. From this, another multiplier effect can help increase the volume of MICE events.
