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Research Shows MICE Market May Recover Last From COVID-19

New research reveals that meetings, incentives, conferencing, and exhibitions (MICE) tourism, impacted by the Covid-19 pandemic, could be one of the last to revive completely. GlobalData, a leading data, and analytics company say that International business arrivals are expected to fall by 35% in 2020.

Ralph Hollister, a tourism analyst at GlobalData, said, “MICE events are now taking place online, without the need for companies operating in the tourism sector. This is a worrying trend for all industries involved in travel and tourism – the longer restrictions and guidelines last around MICE tourism, while other national economies start to pick up, the more companies, attendees and event organizers may start to become accustomed to hosting and attending MICE events online, while appreciating the unseen benefits they bring.”

Companies in all sectors will be finding ways to reduce costs as Covid-19 affected the economy

Business travel being a costly expense for all companies, will be deemed unnecessary, as video conferencing software such as Zoom and Google Meet rise. 

coronavirus

“The ongoing danger of contracting the virus at a MICE event paired with the fact that business travelers can now the same objectives and goals of a conference in the comfort of their own home, means that demand for many MICE events is likely to fall.”

“Although it’s likely that meeting and conference tourism demand may never fully recover, exhibitions and trade fairs, on the other hand, are much more effective when they take place face-to-face due to attendee motivations around networking and assessing and experiencing products and services in person. However, due to the mass gatherings of people that these kinds of events encourage, it is unclear when it will be safe and secure to start holding these,” Hollister added. 

Also Read: Puerto Rico Changes Reopening Plan After COVID-19 Spike

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