New IRF survey of 2018 industry trends show regulations and well-being are top 10 trends for meeting and incentives professionals.
The Incentive Research Foundation has just released The IRF 2018 Trends Study, highlighting cultural shifts, innovations, and policy changes that will impact the non-cash rewards industry this year.
Industry optimism has caused an increase in annual spending, but despite this the increase in budgets has yet to catch up with an increase in costs.
Destinations are headed off the beaten track, and merchandise is becoming more meaningful, but incentive and events planners are facing more regulation and reporting.
The biggest increase in the top 10 trends was in program elements centering around wellness, so plan on 2018 being the healthiest year yet.
Be the Brand
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More than 80 percent of the value of a business is in its intangibles. Non-cash awards will focus on brand, culture, and innovation.
Budget Growth
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Optimism in the incentive travel industry lead to an average annual per-person spend of $3,915, a 4 percent increase.
The Price Is Not Right
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60 percent of respondents said costs are rising faster than budgets.
Rules and Regulations
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More than 70 percent of respondents said they had made changes to program design, communications, rewards, and/or reporting in order to comply with regulations.
Privacy Please
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From PCI compliance to concerns over the EU’s General Data Protection Regulation, program participant data security is a priority.
Tech Trends
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Predictive analytics, artificial intelligence, and augmented reality capabilities will be available for incentive travel, rewards, and events.
Well, Well
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The largest net increase (38 percent) reported by survey respondents was the inclusion of wellness program elements, including fitness, food, and comfort.
Unique Destinations
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Planners are interested in new and different destinations, for example Puglia, Italy (shown) versus Rome.
Meaningful Merchandise
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There is a strong desire in 2018 not for more choice, but for more meaning.
Get Carded
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Mid-size firms on average spend almost half a million dollars annually on gift cards across all programs, while the largest firms each spend over $1 million annually.