Today’s incentive winners are inspired by memorable experiences and personalized merchandise, according to a new report from the Incentive Research Foundation. The IRF found that 21 percent of incentive program owners will add experience-related products and gift cards that offer a variety of shopping experiences to their award portfolios in 2015.
“Many incentive travel program owners now forgo the standard merchandise pillow gifts and instead, offer robust ‘fitting experiences’ for a range of products while trip earners are on the property,” the report states. The rise of the amenity room—where winners choose their gifts, flowers and beverages for the week—is evidence of the trend. Another example might include a choice of high-end sunglasses or leather sandals at a resort destination.
Another trend highlighted in the report is personalization. Luxury today is not as much about high-end labels or brands as about building one’s personal brand. “The new economy gives us the ability to affix our personal brand through unique additions or personalization, essentially elevating the personal brand on par with the corporate brand.”
Incentive winners will be expecting the opportunity to customize their awards, whether that means a blue jeans bar, cowboy boots or leather gloves fitted to size, or custom iPad cases.
The IRF uses the phrase “new luxury” to describe the most popular awards today—electronics and open gift cards—because both can be viewed as luxuries as well as necessities. iPads and other such devices allow people to remain connected while they work, while open gift cards can be used to purchase either needed items or luxuries.
“Items that can be personalized and items that ride the line between hedonistic and security drives will be key merchandise and non-cash reward trends in 2015 and beyond,” the report concludes.
