Corporate Incentive Budgets Mostly Flat for 2006: Study
(Corporate Meetings & Incentives)— than a third of the respondents to our annual incentive trends survey say that 2006 budgets for group travel incentives will increase over 2005. That leaves the majority of respondents looking at decreased (18%) or stagnant (47%) budgets in a time of generally increasing costs for the resorts, restaurants, airline tickets, gifts, and special touches that make incentive travel a motivating experience. (Another 5% of respondents didn’t know which way their 2006 incentive budget was headed as of our mid-November survey.)
While we’re not happy to see corporate belt-tightening added to all the other challenges of orchestrating a successful incentive program, we are pleased to know that this survey can be of service. When the going gets tough, it’s time to benchmark— our survey results provide solid numbers against which you can measure your programs. How much are other companies spending on their incentive qualifiers, and how are they spending it? Where are they taking their groups, and how many people are invited? How much is spent on air versus hotel versus F&B, and who is managing the logistics? When budgets drop, what gets cut first?
