MICE revival on cards as IBTM prepares to reopen doors

Sri Lanka gets into the act, with Sri Lanka MICE Expo 2021
2021-11-19
/
/ New Delhi
MICE revival on cards as IBTM prepares to reopen doors

IBTM World Barcelona will focus on quality one-to-one business meetings, inspiring educational content and rewarding networking opportunities to help attendees re-connect

After having collapsed by about 80 pc in 2020 due to the Covid-19 pandemic, MICE travel is now picking itself up as borders reopen to tourism across the globe.
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The global MICE industry, that refers to meetings, incentives, conferences and exhibitions, mainly catering to corporate travels, was valued at USD 805 billion in 2017. According to reports, it is expected to grow at USD 1,337.4 billion by 2028, registering a CAGR of 21.3 pc from 2021 to 2028. MICE is believed to be the largest component of tourism industry and after a year and half of unprecedented challenges, there are several signs of a rapid revival in the industry.

The trends for 2022 and the following years are likely to emerge in the next few days as the biggest gathering of the MICE industry from around the world gets under way in Barcelona on November 30. For four days, thousands of visitors will get to interact with exhibitors from all around the world. The exhibitors include destinations, business travel management companies, destination management companies, incentive agencies, event management companies as well as hotels and destinations from around the world.

Under the theme of ‘New Business, New Tech, New World’, IBTM World Barcelona will focus on quality one-to-one business meetings, inspiring educational content and rewarding networking opportunities to help attendees re-connect and thrive in the next chapter in meetings and events.

The organisers say they have had robust sales ahead of the event, with strong representation from some of the world’s best-known destinations and suppliers. The exhibitors include Dubai Tourism, Atout France, Germany Convention Bureau, Rwanda Convention Bureau, Meet in Ireland, Istanbul Convention Bureau, Cyprus Convention Bureau, Hungarian Convention Bureau, Norway Convention Bureau, who are attending with 18 partners, Croatia Convention Bureau, Lithuania, Turespana Convention Bureau (Spain), Czech Republic Convention Bureau, Hilton, Titanic Hotels, Hyatt, Basquetour and GL Events. Sardinia will attend IBTM World for the first time and joining the Tech pavilion will be Z-Factor from Poland, who provide software solutions for many of the leading hotel groups.

“Our fantastic exhibitor sales demonstrate that there is a real appetite to return to events. People clearly want to meet up face-to-face again as soon as possible and get back to business, and we are delighted that many exhibitors are returning with larger stands than previously, and some with additional stand partners. We have put robust safety measures in place for IBTM World Barcelona, and we are looking forward to meeting up with many of our industry friends and colleagues at the show,” says David Thompson, event director.

The two segments that account for a large chunk of the total MICE revenues are hotels and transportation, which benefit by offering their services and facilities to the planners and attendees of these events. Hotels are the main suppliers of MICE and are the main beneficiaries as well. Reports suggest that business travellers who attend MICE events spend as much as 65 pc of their total budget on hotels, while 15 pc is spent on restaurants outside the hotel. Local transportation and shopping account for another 10 pc each, says a report by Dun & Bradstreet, a consultancy.

Sri Lanka MICE Expo 2021: Early bird gets into the act

One of the first countries to talk MICE is the Emerald Island of Sri Lanka that is already accelerating towards a quick restart of MICE tourism as it hosts a hybrid meeting of MICE. The Sri Lanka MICE Expo 2021 will take place from December 1 to 3 and has been organised by the Sri Lanka Convention Bureau in association with members of the trade such as Sri Lanka Association of Professional Conference, Exhibition and Event Organisers (SLAPCEO).

The Expo, with a select in-person gathering onsite, comprises a virtual exhibition, four business forums on the key issues of the industry today as well as an interesting range of engaging experiences.  At the expo, the local sellers representing the Sri Lankan meetings & events industry will exhibit their products & services and the oragnisers say that the event is expected to attract foreign buyers including a large representation from the Asian region, specially from India. To make the experience even more enriching, the organisers have lined up several virtual visitor experiences such as Master MICE Challenge, visitor competitions, tea experiences, culinary experiences and relaxation activities.

Sri Lanka has been active as a MICE destination for long and has attracted MICE groups not just from its neighbouring Asian countries but also numerous groups from Europe, notably France, Germany and the United Kingdom. It is evidently hoping on recouping the market now that the borders have reopened and travel is on. “MICE is the voice of Sri Lanka,” says Kimarli Fernando, chairperson of Sri Lanka Tourism.

Online meetings pose long-term threat

Though MICE is set to come back and rather strongly, but the pandemic has led to some fundamental changes which are set to leave a long-lasting mark on the sector. The growth of online formats and video meeting platforms like Zoom and Google Meet that have gained immense traction over the past 18 months are likely to lead to significant changes as many companies started using these digital platforms for conducting MICE events that also saved significant amount of costs. The growing penetration of online platforms for conducting MICE activities is expected to have a very long term impact on the MICE industry, says the report. Business travel is costly and during the Covid-19 period many company looked at it as an unnecessary expense. So they might seek the services of online platforms for hosting MICE events in future.

Yet, the growth of MICE business is set to grow as reports suggest Asia-Pacific is expected to witness the highest growth rate during the forecast period. This region is significantly driven by emerging countries such as Singapore, China, and India. Moreover, ease of visa restrictions, investments in better infrastructure, and high demand in commercial aviation further fuel the growth of the MICE industry.

 

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