Fortune 500 companies are using group travel as a strategic tool. 

The Wall Street Journal recently reported that “group travel is buoying the hotel business.” In the article, Kate King reports that this sector is now outspending 2019 levels, and outpacing other kinds of travel expenditure. 

Since the initial travel limitations of the pandemic were lifted, we have seen a surge in demand across the engagement, recognition, and incentive industry.  King identifies one major cause: many companies are challenged by remote and hybrid workforces, with increasingly dispersed across the country and across the globe. Bringing people together for a retreat, meeting, or incentive is an impactful way to deliver a message and build relationships.

Business leaders take a strategic view of the expenditure for group travel, recognizing the lift not only in the bottom line, but also in valued relationships. 

As we recently reported, the Incentive Research Foundation and SITE just released research that supports this strategic view of group travel revealing: 

• 40% of senior leaders are focused on “managing incentive travel programs for more financial ROI” 

• 53% of senior leaders are focused on incentive travel “playing a more distinct role in motivation and culture building” 

The Wall Street Journal article shares “Fortune 500 companies are driving the increase,” and that demand is particularly high from financial services organizations and technology companies. This is consistent with our experience here at Next Level, although we are also seeing growth in manufacturers and distributors, as well as other sectors.

And it’s not just employee programs getting a boost.

Channel programs where organizations build connections with important customers are also strongly trending up. Like workforces, customer bases are also broadly dispersed and face-to-face events are essential to building loyalty and increasing mind share.

If a retreat or incentive program is the embodiment of your brand to its employees or customers, it has to exceed expectations. King also notes that companies are investing it the quality of the experience, quoting Mark Fioravanti, CEO of Ryman Hospitality Partners, “When organizations are bringing people together, many of them for the first time post-pandemic, they are willing to commit the budgetary dollars to that group event to ensure that it goes off flawlessly.” Demand and budgets may be high, but so is the return when applied strategically.

Many companies engage partners specialized in these kinds of corporate events, such as Next Level, to be sure that not only are budgets managed properly, but also to be sure to integrate communications and a flawless participant experience, worthy of the anticipation and hard work of participants, and the company’s investment.

Let’s talk about how we can help you bring your most important employees or customers together to deliver your message and build your company’s future.