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24
Apr

inVOYAGE launches first inSPIRE report

We’re thrilled to unveil our first inSPIRE ANNUAL EDIT – an in-depth 33-page report on current and future trends in the luxury events and incentives market, featuring exclusive research and interviews with industry experts from across the globe.

The report reveals that not only is the sector in rude health, but the future outlook is overwhelmingly positive. Our research across the last quarter of 2018 shows that luxury events, and incentives in particular, experienced strong growth last year, and this is forecast to continue throughout 2019.

We’ve already shared a few of the features with you in our inSPIRE edit newsletter over the past few weeks, and now you can download the report in its entirety. “We’re absolutely delighted to bring you our all-new inSPIRE Report built on exclusive insights from our inVOYAGE community,” said inVOYAGE co-founder & CEO Richard Joslin. 

“The report focuses exclusively on the luxury market for incentives and events, with it’s purpose to provide insights and to inspire events professionals globally… very much in-line with the cornerstone values of the annual inVOYAGE event and our weekly inSPIRE edit blog and newsletter. Built by events professionals, for events professionals, I would like to thank all our great contributors and experts along with our editor Susie Harwood and I hope you enjoy the first of our annual inSPIRE Insights Reports.”

To create the report, we surveyed 200+ international attendees from our buyer and supplier community at inVOYAGE 2018 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, with 20% seeing no change and just 16% reporting a decrease.
* 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.
* Despite some wider global economic and political concerns such as Brexit, which could impact on spend in the sector, the forecast for 2019 is incredibly positive – 82% of respondents expect to see their luxury events business grow in 2019, with only a small minority expecting no change (11%) or a decrease (7%) in business.
* Personalisation, local experiences and technology remain a key focus for high-end event planners, while sustainability – both from an environmental and social perspective – is becoming a greater consideration.
* The report also uncovers which destinations are currently in favour for luxury events, spotlights the six hottest emerging MICE destinations, and reveals the top ten hotel openings that luxury event planners are most excited to check out in 2019.

By Susie Harwood

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