Incentive travel the fastest growing segment in Asia Pacific events business

PHOTOS: ttrweekly.com

Responding to a study that says incentive travel is the fastest growing segment in Asia-Pacific’s events business, the Thailand Conventions & Exhibitions Bureau is adapting its game plan to tap into this lucrative market.

Last week, TCEB hosted the premier event, SITE’s 2019 Global Conference in Bangkok, a worldwide association dedicated exclusively to growing incentive travel.

SITE’s most recent research shows the incentive travel sector is the fastest growing element of MICE (Meetings Incentives Conventions Exhibitions), with the highest per person spend, distributed amongst the widest spectrum of destination suppliers.

Other key findings include the dominance of destination appeal among the top factors influencing destination selection, the rise of second tier destinations and the increasing importance of wellness as a key incentive program inclusion.

TCEB is responding with campaigns and initiatives that highlight Thailand’s cultural diversity, creative innovation and its abundance of wellness resorts.

Commenting on the research, Society for Incentive Travel Excellence president, Philip Eidsvold said: “Findings are clear: incentive travel planners place more importance on overall destination appeal than air access and hotel infrastructure and Thailand has star quality appeal for incentive travel qualifiers.

The SITE Global Conference was attended by 350 incentive travel professionals from 30 countries, while TCEB estimated hosting the event generated 25 million baht. However, the overall impact the meeting would have on earnings long term was far more substantial.

The meeting heard that, in the fiscal year ending September 2018, Thailand welcomed 369,370 incentive travellers representing a 35.90% growth (the highest in 14 years). The sector generated 20.67 million baht in revenue or 23.80% growth (the highest in seven years).

The 10 top source markets are: China (79,121 travellers); India (65,717); Malaysia (32,980); Vietnam (26,046); Philippines (22,025); South Korea (17,596); Indonesia (16,164); Singapore (14,596); Japan (13,187) and Laos PDR (13,157 travellers).

SOURCE: ttrweekly.com