Incentive Travel has emerged as a popular means of rewarding the employees, achievement and contribution by several multinational companies, insurance companies, banks etc. Travel incentives are a reward subset of an incentive, recognition or a loyalty program, which is a business tool used to change behavior to improve profit, cash flow, employee engagement and customer engagement.
Everywhere in the World, rewarding achievements and excellence has become an effective retention and motivational strategy. Business successes are celebrated at exotic locales where development and team building exercises are optimally accomplished. Today, in order to motivate employees to invest extra efforts at work, they must be offered something more than a pleasant experience. It is not only a trip any more, but an experience on the trip which would enliven them with surprises, special moments and unusual events.
- Understanding the growing need of Incentive travel and the emergence of India as a favored destination across the World. India combines the very best of age old traditions, an ancient civilization, a rich cultural heritage and a history of welcoming guests over the centuries along with the very best of deluxe hotels, excellent air connectivity, a progressive economy, improved infrastructure & immense business opportunities.
- MICE is emerging as a growing sector in tourism industry. Travel agencies who are particularly working on MICE only are Hi-MICE, Alpcord Tour India, The India Tours, Incentive Destinations, Discover India, Connexons etc.
- The most popular incentive choice in India is the Golden Triangle of Delhi, Jaipur and Agra which combines a three in one experience of metro life, a royal touch and the Taj Mahal. One of the must activities in Jaipur, at the Rambagh Palace, is a mock Indian Wedding, with all its colour and pageant, in which horses, camel and elephants participate.
- Packages start at about Rs 1-1.3 lakh per person and go up to over Rs 2 lakh per person, which includes airfares, hotel stays, sight-seeing and visit to museums, etc. Industry players estimate that of the 11-12 million travelers who travel abroad every year, nearly 2-2.5% are travelers who design their incentive travel.
- According to the International Congress and Convention Association (ICCA), India stands 27th in the global meetings market. The Indian inbound MICE segment is growing at the rate of 15 to 29 per cent annually. As a potential MICE destination, though in its infancy stage, India has virtually everything a modern conference organizer or delegate could expect.
- In 2012, Indians were traveling around 21,902 Thousand trips abroad for Business, MICE and Leisure purposes. Nearly 4 per cent (approx 500 Thousand) of the total India outbound tourist was traveled for MICE purpose in 2012 .During that period, they expend nearly INR 452 Billion. It is predicted that by 2015, Indians will travel abroad around 21,902 Thousand trips and they will expend INR 604 Billion during their trips.
- Indian outbound MICE market was estimated to be around US$ 550-600 Million in 2013. It grew strongly and resulted in an outbound trip volume of 6.2 Million, with around 1.5-1.8 Million Indians travelling outbound only for MICE.