As per a recent market analysis by Future Market Insights (FMI), the China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to US Market is poised to reach a valuation of US$ 60 Billion in 2022. Sales are projected to increase at a 4% CAGR, with the market size reaching US$ 88.81 Billion by 2032.
MICE, in the context of travel, stands for meetings, incentives, conferences, and exhibits. The travel industry’s MICE sector, which is focused on planning, scheduling, and setting up conferences, seminars, and other events for business purposes, is where the most money is made. Numerous parties are involved in the planning and execution of an event, including participants, sponsors, planners, convention and visitor bureaus, meeting places, housing, and suppliers.
The sector provides straightforward, doable event planning advice and helps in picking the perfect venue, both of which are crucial elements of a successful event. The group travel market for the tourism industry has grown exponentially as a result of fast globalization, the expansion of the service industry, and the rise in group travel.
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The MICE industry is quite complicated, and a large range of suppliers offer a number of interconnected services. The MICE client has high standards for excellent services and tailored client care. MICE vendors need to be prepared, knowledgeable, and competent to work with the European market. Local tour operators have a lot of potential to create marketable goods as a result of the rise in demand for bleisure experiences, which is defined as leisure combined with business.
Key Takeaways from the China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to US Market Study:
- Ratio of target market in the China Business is 19%-23%
- The Covid-19 pandemic had a 120% impact on the value of the Europe MICE tourism sector.
- Business Field and Exhibitions are the most popular Application types in the China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market
- Online booking channels lead the charts in China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market booking channel segmentation.
“Hotel and resorts in Europe are managing business meetings and exhibitions, raising the MICE Tourism and attracting customers from China.” – FMI Analyst said.
Impact of COVID-19
The COVID-19 pandemic’s emergence posed a severe danger to the global MICE industry. Travel and tourism were either completely or partially prohibited as a result of the strict Lockdown restrictions. The vast majority of travel destinations have limitations on admission. The global tourism industry has been impacted by the over 74% decline in international visitor arrivals.
All MICE events planned for 2020 were consequently either cancelled or postponed, which had a detrimental effect on MICE stakeholders. Online and ICT platforms like Zoom, Skype, and Google Meet experienced significant development under such conditions. Additionally, the vast majority of companies have begun using these digital platforms to hold MICE events, which has led to huge cost reductions.
Who is winning?
Meetings, incentives, conferences, and exhibits are known as MICE in the tourism industry. The industry’s greatest source of income is the sector, which refers to a specialised segment of group tourism focused on organising, planning, and hosting conferences, seminars, and other events.
The key players in the China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market are CTM, Egencia UK, Fello and among others.
The China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market by Category
By Application Type:
- Business Field
- Academic field
- Political Field
- Exhibitions, others
By Event Channel:
- Meetings
- Incentives
- Conferences
- Exhibitions
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tourist Type:
- Domestic
- International
By Tour Type:
- Independent Traveller
- Package Traveller
- Tour Group
By Consumer Orientation:
- Men
- Women
By Age Group:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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