What is MICE? (Meetings, Incentives, Conferences and Exhibitions)
MICE stands for Meetings, Incentives, Conferences, and Exhibitions. It’s about businesses that are responsible for organizing meetings, conferences, large-scale exhibitions, and incentive-driven initiatives.
Held primarily in hotel conference rooms or event centers, meetings are often one-off or single-day events that encourage working professionals and stakeholders to come together.
Incentives are rewards or recognition meant to honor members of an organization, company, or even VIP clients of the business, as a way to demonstrate thanks or appreciation for a job well done. Incentive travel can also be awarded to recipients in order to boost morale and increase employee loyalty between an organization and their individual staff, teams of people, or company partners.
Similar to meetings, a conference gathers professionals united over a common interest or topic and amplifies it. Often spanning multiple days, conferences usually contain a large group of people in attendance and are typically held at an events center or convention center.
Finally, there are exhibitions. Massive in scale and known for their extensive planning efforts, exhibitions are typically held within convention centers or arenas. They bring together either a single company or multiple organizations to showcase and promote key products and services to members of the public.
In 2021, the global MICE industry was valued at $658.5 billion US. The rapid growth of MICE around the world is primarily related to improved infrastructure, enhanced tourism thanks to the growth, and expansion of businesses stretching across borders, as well as positive economic growth and trends.
Below, we’ve included a few of the primary challenges that face the MICE industry, including venue and event location and business traveler spend, as well as sudden itinerary and schedule changes as per the demands of presenting events of all sizes.
On average, business travelers that attend MICE events spend over 65% of their income on hotel rooms and hotel dining and another 10% on local transportation.
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Attendees to MICE-related initiatives are more conscious than ever about the destination of their desired conference. In fact, one recent study found that 70% of attendees noted the event venue as a determining factor in deciding to attend.
The MICE industry is subject to sudden change. Shifting schedules, meeting times, and conference dates means employees need to be on their toes should their business travel plans fall through or shift suddenly.
Travel managers and event planners alike are able to overcome the challenges of the MICE industry with TravelPerk. Find out how the comprehensive business travel platform can help you successfully facilitate employee booking and travel for meetings, incentive-driven trips, conferences, and exhibitions.
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