MICE: The Stand out Travel Segment

Dec 18
12:26

2014

Kshitij Thakur

Kshitij Thakur

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MICE travel is unique and an upcoming segment with so much potential for growth. MICE events, on the other hand, are fulfilling and productive for the various stakeholders, from attendees, exhibitors to organizers and also from tourist place, venues to the visitors and travelers.

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MICE is a sub-segment of this very wide and dynamic global travel industry. According to the World Tourism Organization (UNWTO) business travel segment accounted for 14% of total international tourist arrivals. As against this,MICE: The Stand out Travel Segment Articles travel for leisure, recreation and holidays segment resulted in 52% of international tourist arrivals. MICE comes under the business travel segment. So it is not a very big segment of the travel industry.

 

Yet, it is quite unique and different from rest of the travel industry and even different from the business travel market. The first and foremost aspect differentiating it from the rest of the travel industry is the growth it has been registering and the attention it is getting in recent years.

 

But there are other aspects of it which make it interesting. The first unique aspect is its composition and segments. MICE stands for Meetings, Incentives, Conferences, and Exhibitions. All these segments are different from each other due to their focus, objectives, agendas, duration and even can have different types of destinations. Apart from this, the incentives sub-segment is a totally stand out sub-segment, which essentially is company sponsored travel given to its employees, associates, dealers/distributors as an incentive for their performance. So, this is more of a leisure trip sponsored or provided by a corporate.

 

If we look at this travel segment, then we may say that it is not so much about travel as it is about regular business dealings related to marketing, supply chain, business reviews and as much about exploring new markets and geographies and even launching products. Therefore, it is primarily a normal business or operational activity which is essentially tailored around travel, and outdoor locations and external destinations. And thus, the reach and impact of MICE goes well beyond the traditional travel industries.

 

 

MICE serves many purposes for its target audience and consumers segments. As said before, it is primarily business oriented with accompanying leisure benefits. And so, the benefits of MICE events for its audience are more than business or travel, as in fact it is both. An exhibition or a trade show provides huge opportunities for both the exhibitors and visitors to take home several business deals of good value as well as good exposure. This is due to the large number of visitors and exhibitors, but more so about the focus of the business event. MICE travel is very purpose oriented and the target audience or the MICE travelers are usually the decision makers, much like the whole business travel market. The MICE travelers are primarily corporate and association executives. They travel to attend meetings, conferences, symposiums, trade show and exhibitions.

 

What both visitors and exhibitors, or any business event attendees in general get to experience is a new country, a great tourist place, new destination, world class and specifically focused services, and more. What is important is that a change of environment, atmosphere is very refreshing for everyone.

 

After having pondered over its business aspects and looking at MICE as more of business events, the tourism aspect of it cannot be ignored or taken lightly. The destinations play an important role in business events. The destinations are critical for the event organizers, they are important from the visitors’ point of view, as they enhance the attractiveness of business events.

 

Holding a business event is also beneficial for the destination and the city/country. The venue first of all gets substantial revenues from the event, which also is an opportunity for a repeat business. The city and/or the adjoining places get travelers and also travel spending. Having sound MICE infrastructure is critical for a tourist place, which also boosts its image, reach and visibility. What is equally important is that business events bring large group of visitors not only to that event but also to the tourist spots of that area. As, not all business visitors would be tourists. And so, the opportunity for that tourist place is that they can get back some of the visitors as tourists in future. Many of the visitors are there just for the event and they get to visit the places. So, some of them may return to that place in future with their friends or family for a vacation. And if they like the experience, they may even refer that place to others as a vacation or as a business event spot, or even both.

 

So, we can say that MICE travel, although a small part of travel industry, is unique in itself and an upcoming segment with so much potential for growth. MICE events are also very fulfilling and productive for the various stakeholders, from attendees, exhibitors to organizers and also from tourist place, venues to the visitors and travelers.