New Delhi: The business of organizing meetings, incentives, conferences and exhibitions has witnessed a boom in India in the last five years. For example Leisure Travels, a company that focuses on providing such services, grew about 35% over the last five years.
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Glamorous conferences are less frequent and incentives less generous now, but they continue to be a motivation and reward tool for sales representatives, trade partners, and dealers - who are all very important for a company in hard times. However, with airfares and hotel prices falling substantially, companies are able to operate within their lowered budgets. “Compiled packages are coming with the budget of corporates which is in the budget of Rs20,000-25,000 per person,” says Ghanendra Gupta of makemytrip.com. “Earlier they used to spend Rs30,000-35,000. For the same travel they can now spend 20,000-25,000.”
Companies are also opting for low cost destinations like Singapore, Malaysia, and Thailand, and cutting down on US and Europe trips. Those in the travel industry agree that this year will be a tough one for this segment, even though growth is better in India than in other parts of the world.