ㆍAs business trips increase, demand for meetings and events also increases significantly
ㆍThe Self-survey result shows the demands of meeting·event increased 80% on a year-on-year basis
ㆍHigh concentration on ‘Unique Venue’ … Planner sets up to discover more
‘The power of local knowledge’
Recently, Euromic has started a new journey – a ‘#Tags program’ tailored to the next generation incentive travelers and those who want to know that specific country. The journey itinerary marked with #Tags is designed specifically for young people around the world. It will be able to observe cultures, habits, history, and travel destinations of each country in more detailed perspectives to each individual. More vivid and pleasant programs will approach everyone with ‘New Knowledge’.
Euromic is an association organized by full-service DMCs. More than 70% of Euromic members from 53 countries around the world are also members of the MICE association such as SITE, ICCA, MPI, ASTA, FICP, and ADMEI. They regularly meet to discuss the global MICE industry trend in- depth and share the latest experience from country to country. Throughout this series, we hope that the national/regional information of Euromic will be shared interestingly with Korean MICE industry leaders.
Intermediate Travel, average expenditure per person is ‘$4000’
Before starting the series, let us present the global MICE industry trend in scrutiny. First of all, it is a wave of the travel tourism market. Especially, different aspects of transition on ‘Incentive Tour’ can be understood by 5 different keywords. These keywords include: △Changes in Budget △Increased Bidding △Incentive travel as a workplace culture △Increased utilization of ‘Unique Venue’ △Increased health programs.
In recent years, business travel has grown exponentially, and the size/demands for corporate meetings and events are both increasing. According to consolidated data from Euromic members, the demand for the size of 20 to 500 attendees conferences/events has increased by more than 80% compared to 2016, and the number of participants and budgets are increasing as well.
According to a report (Incentive Travel Industry Index 2018, IMEX), about 54% of the events that occurred around the world are hosted on an increased budget than usual. In the case of intermediate travel, the average per person median has increased from $3000 in the year 2016 to $4000 in the 2018 figure. The average cost per person for corporate buyers is $8151, and the per person average for agencies is about $5000. In addition, in the areas where the participants had high consumption, a wide range per person spend on incentives of $50,000.
As above, although the global MICE market has met such huge opportunities, the majority of planners have been submitting “unstable” project plans to reduce the already increased budgets to win the bidding competition. Rather than the competition for better quality events, competition for more is identical everywhere in the world.
‘Safety’ yet an important luring factor
Entering into the era in stabilization of ‘Incentive Tour’, this year’s major issues in Europe and the United States, are definitely local fair (festivalisation) or unusual shaped structures, and special outdoor spaces such as islands. A unique venue is proposed beyond everyone’s imagination. Therefore, the planners who are preparing for catering and decorating have become more concerned. In order to make stronger impressions than before, planners struggle to discover more venues, hotels, and various partners. This also led to the country’s travel competitive edge. In addition, innovative technology suggestions, business and leisure complex programs, and gourmet experiences are common worldwide trends.
Especially, due to the terrorist attacks that occurred locally in Europe around 2017, ‘Safety’ has become a compulsory element for MICE. Euromic also shares regional accidents quickly. After the national bankruptcy of Argentina was determined, all the members of Euromic unanimously agreed to hold the annual general meeting in Buenos Aires. Furthermore, the local DMC shared biographical information in real-time when the Sri Lanka bombings occurred a while ago.
We hope that many readers will be able to sympathize and often enjoy local cultural issues and events that are happening around the world at this time delivered once again by MICE planners.
Huw Tuckett – Executive Director of Euromic