Incentive recipients are reaching more for luxury items, according to a new report published by the Incentive Research Foundation (IRF). According to a recent article in Incentive Magazine, the IRF’s "2016 Trends in Incentive Travel, Rewards, and Recognition" report shows higher-end merchandise at the top of the list of today’s incentive program offerings.
Participants of the IRF’s 2015 “Pulse Survey” reported electronics as the most popular merchandise offering in rewards and recognition programs (at 31 percent), followed by open-loop gift cards (28 percent), luggage (24 percent) and watches (23 percent), reflecting a preference toward higher-ticket items.
While there is a clear trend toward luxury incentive merchandise right now, this doesn’t mean you should completely overhaul your program offerings with only high-end items — but it does mean that it’s worth revisiting your program offerings to ensure they’re up to date with current trends and recipient preferences.
As an incentives planner, it’s a good idea for you to continually review and revise your incentive offerings on a regular basis anyways — this is something that we specialize in at Hinda, and we take great pride in helping you achieve your goals with our incentive rewards portfolio. After all, the rewards which your employees consider to be meaningful are likely always be evolving, just as your company and its culture are evolving. It’s good practice to continually be tapped into what your employees value, so that you can be sure your rewards and incentives are aligned.
If you’d like bring a touch of luxe into your organization’s rewards and recognition program, stay tuned for our next Merchandise Monday article, which will highlight just a few examples of our newest luxury items to consider for your rewards offerings.