How to thrive in 25: Navigating Turbulence and Transformation in the Business Events Industry

by Pádraic Gilligan, Co-founder, SoolNua Consulting

As we usher in 2025, the business events industry faces a turbulent yet transformative landscape. Global macroeconomic shifts, geopolitical instability, and the rise of a new world order cast ominous shadows over the horizon. Yet, despite the challenges, there are significant opportunities for those of us prepared to adapt, innovate, lean into resilience and play the long game.

While enjoying the unseasonally mild weather in Ireland over Christmas, I caught up on my reading – some McKinsey reports, the FT, the Economist etc. So drawing now on insights from economics, geopolitics, and luxury trends, here’s how I think incentive travel professionals can not only survive, but thrive, in this ever-changing, chaotic environment.

A New Global Order: Navigating the Winds of Change

In 2024, political and economic narratives coalesced around the idea that the “old is dying, and the new cannot be born,” as Italian activist / philosopher Antonio Gramsci famously observed. Throughout 2024 I used a quote from Pope Francis to underline the fundamental change we were experiencing: we’re not living in an epoch of change, but rather in the change of a epoch. Francis’s prophetic words were echoed by many others with, for example, even Putin talking about a “new global era defined by turbulence and transformation.” The rivalry between the so called BRICS (Brazil, Russia, India, China, South Africa) and the G7 is reshaping alliances and economic strategies, further emphasizing a re-balancing of global power.

For the business events and incentive travel industries, this means understanding the implications of these shifts. Emerging markets such as India, Mexico, and Southeast Asia, buoyed by a growing middle class of 300 million, become new potential source markets and present lucrative opportunities for destinations marketing organisations and their supplier communities. Conversely, the EU’s economic struggles may prompt us to reassess the viability of some European markets – particularly Germany, previously a key source market, while capitalizing on Ireland’s and Spain’s surprising economic resilience.

Actionable Takeaway: Target the newly emerging high-growth source markets while maintaining a keen eye on geopolitical stability.

Economics of Resilience: Weathering Fiscal Storms

The economic outlook is a tale of two hemispheres. While the U.S. economy continues to show robust growth, the EU faces downgraded forecasts and cautious consumer spending. This divergence will likely influence buyer behavior, particularly for business events and incentive travel buyers seeking value for money – and who’s not seeking this these days?

Quiet luxury—a trend born out of “reality checks” in the luxury sector—offers a guiding principle, particularly for incentive travel professionals. High-quality, understated experiences resonate with the zeitgeist, and move us further away from conspicuous consumption and extravagant displays toward truly meaningful connections and sustainability.

Incentive travel programs can embrace this ethos by continuing to focus on unique, immersive experiences that elevate personal narratives without excess. Consider luxury brands’ increasing accountability for ESG (Environmental, Social, Governance) factors and align incentive offerings with values of sustainability and ethical consumption.

Actionable Takeaway: Craft programs that reflect the quiet luxury trend—authentic, high-quality experiences with a sustainability-first approach.

The Rise of New Technologies: From Cocoa to AI

Industries as diverse as agriculture and technology illustrate the power of innovation. Consider the rise of cell-based cocoa startups like Celleste Bio, which addresses climate change-induced shortages of cocoa beans in West Africa. (But be ready too to pay way more for your chocolate treats in 2025!)

Similarly, AI-driven solutions are reshaping operations across sectors, including business events and incentive travel.

For business events professionals, embracing technological advancements is non-negotiable. AI can streamline operations, enhance personalization, and even predict client preferences. Moreover, innovations in sustainable food and materials could inspire eco-conscious program designs.

Actionable Takeaway: Invest in AI tools to optimize operations and explore partnerships with sustainable innovation leaders for program differentiation.

Cultural and Economic Shifts: Lessons from the Luxury Market

The luxury market’s evolution provides valuable lessons particularly for incentive travel. As middle-market brands gain traction with emerging consumers, travel too must pivot toward inclusivity without compromising on premium quality. The weak yen, coupled with Japan’s rising allure among global travellers, exemplifies how specific market conditions can redefine “luxury” destinations.

Moreover, the emphasis on creativity amidst economic conservatism highlights the need for original program design. Standardized offerings risk being overshadowed by competitors willing to take risks on unique, culturally enriched experiences.

Actionable Takeaway: Blend creativity with cultural authenticity to design programs that stand out while appealing to a broader, values-driven audience.

Sustainability as Strategy: Meeting the New Era’s Demands

Sustainability continues to dominate conversations in travel and luxury. The demand for brands to account for their supply chains mirrors the travel industry’s increasing focus on sustainable practices. Clients are no longer satisfied with token greenwashing; they seek tangible commitments to reducing carbon footprints and supporting local communities.

Business events and Incentive travel programs can lead by example, offering itineraries that prioritize eco-friendly accommodations, local sourcing, and community involvement. Collaborating with brands already championing these values adds credibility.

Actionable Takeaway: Position sustainability not as an add-on but as a core strategy for incentive program design.

Thriving Amidst Complexity: The Human Factor

The late Abhijit Banerjee’s observation that the wealth gap has grown starkly—from 1:60 to 1:60,000 between workers and bosses—echoes an urgent need for inclusivity. In an industry built on rewarding people, incentive travel must champion equity and belonging.

This aligns seamlessly with the rising importance of DEIAB (Diversity, Equity, Inclusion, Accessibility, and Belonging). Tailoring programs that recognize diverse cultural and personal narratives not only fulfills ethical imperatives but also strengthens client loyalty.

Actionable Takeaway: Make inclusivity a hallmark of program design, ensuring experiences resonate across diverse participant demographics.

Overcoming Dark Clouds: Hope for Business Events & Incentive Travel

Yeats’ haunting words from “The Second Coming” may seem ominous—“Things fall apart; the centre cannot hold”—but they also remind us of resilience in chaos. Business events & Incentive travel professionals are uniquely positioned to navigate this interregnum by drawing on their industry’s transformative power.

The industry’s ability to connect, inspire, and reward transcends economic and political uncertainties. By aligning programs with contemporary values of sustainability, inclusivity, and creativity, professionals can create memorable experiences that not only meet but exceed client expectations.

Final Reflections

2025 promises to be a year of significant upheaval and opportunity. Business events & Incentive travel professionals who adapt to global macro trends, embrace innovation, and lead with purpose will not just survive—they will thrive. This industry thrives because it is about people—rewarding them, inspiring them, and helping them build lasting memories.

Let’s ensure those memories are not only extraordinary but also enduring testaments to the resilience and creativity of incentive travel in the face of uncertainty.

Big thanks to my friend Mathias Posch, President, ICS Events who suggested the title of this blog during a discussion of a forthcoming panel discussion involving us both!