The Incentive Research Foundation has released the IRF 2017 Outlook Study, an analysis of how incentive, rewards and recognition programs are being designed and budgeted for 2017. The study includes a detailed look at key industry metrics. With the release of the IRF 2017 Outlook Study, the IRF launches its Net Optimism Score, a new simplified metric to track the economic outlook for the incentives industry.
Executed in the fall of 2016, nearly 250 industry representatives including suppliers, corporate end users, and incentive house representatives gave their feedback on the outlook for U.S. incentive travel and reward programs in 2017.
“The IRF has tracked the vitality and variability in the incentive, rewards, and recognition market for almost 10 years,” said IRF President Melissa Van Dyke. “The IRF 2017 Outlook Study not only provides up-to-date industry data, it also puts this year’s findings in a historical and cyclical context, so we can deliver a big-picture view of the industry.”
The IRF 2017 Outlook Study introduces the IRF’s new simplified metric to track the economic outlook for the incentives industry. The Net Optimism Score is the percentage of people providing a positive rating, subtracted from the percent giving a negative rating. A higher positive score indicates optimism in the industry. The Net Optimism Score is similar to the Net Promoter Score management tool used to gauge the loyalty of a firm’s customer relationships. Analysis shows that the Net Optimism Score within the incentive travel industry tracks closely with overall U.S. economic performance, often acting as a leading indicator. For example, in late 2011, the industry Net Optimism Score showed a dramatic dip — likely in anticipation of the economic decline that began shortly after.
Additional insights from the IRF 2017 Outlook Study include:
For details, download a copy of the full study: http://theirf.org/research/irf-2017-outlook-study/2020/.