MICE Industry Outlook for 2023

Summary

The MICE (Meetings, Incentives, Conferences, and Exhibitions) industry in Thailand is a key economic driver, especially through tourism. In 2023, post-pandemic, the sector is seeing a strong recovery, although challenges like economic instability and lingering concerns about COVID-19 persist. The APEC 2022 event showcased Thailand's soft power, emphasizing design, culture, and innovation. The MICE Youth Challenge helps raise awareness of the industry's economic contributions. Despite a workforce decline during COVID-19, the industry hopes to attract a new generation, supported by technology and rapid information access, to revive the sector.

Takeaways

• 📈 The MICE (Meetings, Incentives, Conferences, and Exhibitions) industry is a major economic driver in Thailand, especially through tourism.
• 🔄 After the pause in business caused by COVID-19, the MICE industry is seeing a resurgence due to pent-up demand.
• 📊 Although there is a surge in MICE events in late 2022, expectations for 2023 are more moderate due to budget limitations and reduced corporate needs.
• 🌍 The ongoing political crisis in Europe and global economic uncertainty, along with COVID-19 concerns, pose challenges to the MICE industry's growth.
• 📅 Business in the MICE sector is expected to return to 40% of pre-pandemic levels, especially compared to 2019.
• 🇹🇭 Hosting APEC 2022 showcased Thailand's 'soft power,' including cultural aspects like logo design, special food, and unique ingredients.
• 🏅 The FICA Asia MICE Youth Challenge raises awareness about the importance of the MICE industry in driving global economies, especially post-pandemic.
• 💼 The government should recognize the crucial role MICE tourism plays in economic recovery, potentially surpassing other sectors like exports.
• 👩‍💼 There has been a significant decline in the MICE workforce due to COVID-19, and the industry is now looking to younger generations to fill the gap.
• 📱 The younger generation has the advantage of technology, which allows them to learn and adapt quickly, but they must understand the significance of the MICE industry.

Q & A

What is the current state of the MICE industry in Thailand after the pandemic?

The MICE industry in Thailand is seeing a surge in arrivals and business event programs due to pent-up demand after nearly three years of disruption caused by COVID-19.

What are the expectations for the MICE industry in 2023?

While there will still be new events in 2023, the volume may decrease compared to the last quarter of 2022, as corporations have already spent much of their budgets and the need to meet has lessened.

What challenges might the MICE industry face in 2023?

Challenges include the ongoing political crisis in Europe, a weak global economy, and lingering concerns about a resurgence of COVID-19.

How does the current performance of the MICE industry compare to pre-pandemic levels?

The MICE industry in 2023 is expected to recover to about 40% of its 2019 levels, which was before the pandemic.

What were some of the key takeaways from hosting APEC 2022 for Thailand?

APEC 2022 showcased Thailand’s soft power, such as unique designs and special local ingredients, which could be used in future business events.

How does the Asia MICE Youth Challenge benefit the global MICE industry?

The Asia MICE Youth Challenge enhances awareness of the MICE industry's contributions to the world economy and showcases how tourism and business travel boost post-pandemic economic recovery.

Why is tourism, including MICE, important for Thailand’s economy post-COVID-19?

Tourism and business travel, including MICE, are viewed as key drivers of economic recovery, surpassing even export and other sectors in significance.

What impact has COVID-19 had on the MICE industry’s workforce?

The workforce in the MICE industry has declined due to business stagnation during the pandemic, leading to layoffs and a shift in workers to other ventures.

What role is the younger generation expected to play in the future of the MICE industry?

The younger generation is seen as crucial to filling the workforce gap in the MICE industry, and their ability to quickly adapt to new technologies will be a key asset for the sector’s future.

How does the younger generation’s approach to the MICE industry differ from older generations?

The younger generation benefits from access to modern technology and information, allowing them to learn and adapt faster compared to older generations, but they still need to recognize the importance of the MICE industry.