A new report from organiser of the luxury MICE sector event inVOYAGE claims an overwhelming majority (82%) of event professionals expect their luxury events and incentives business to grow in 2019.
Despite various global economic and political concerns, which could impact on spend in the sector, the outlook for the luxury end of the events market is incredibly positive, says inVOYAGE, with only a small minority of event professionals expecting no change (11%) or a decrease (7%) in luxury events business.
The inaugural inSPIRE ANNUAL EDIT is a 33-page downloadable report on trends in the luxury events and incentives market, featuring research and interviews with industry experts from across the globe.
“We’re delighted to bring you our all-new inSPIRE report built on exclusive insights from our inVOYAGE community,” said inVOYAGE co-founder and MD Richard Joslin.
The report focuses exclusively on the luxury market for incentives and events, and inVOYAGE surveyed 200+ international attendees from its buyer and supplier community at its 2018 event in Ras Al Khaimah last October, followed by a further 100+ luxury event professionals throughout November and December.
Key findings include:
- A majority of respondents (64%) said they had seen a year-on-year increase in the number of luxury events organised or hosted in 2018, compared to 2017
- Incentive travel programmes are the biggest area of growth in the luxury event sector according to the research, with 62% of respondents reporting an increase in incentives in 2018
- Budgets are predominantly either growing or holding steady – more than half (52%) reported an increase in their clients’ luxury event spend per head in 2018, compared to 2017, whilst 24% said budgets remained the same and 24% reported a decrease. However, budgets remain a key challenge with clients increasingly demanding more.
The full report can be downloaded here.