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MICE Tourism: Everything You Need To Know

19/07/2023

MICE tourism is a segment in the hospitality industry, that delivers a large number of a property's revenue depending on its target market. 

It involves travelling for the purposes of business-related means, and it's a concept consistently rising throughout the corporate landscape. 

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In this post, we discuss the value of MICE travel and its impact on the tourism market - a great resource for anyone looking to educate themselves on MICE tourism.

Are you visiting Manchester for MICE? Consider CitySuites! We're offering corporate rates for business stays to ensure a smooth stay when you're in the city. 

What Does MICE Tourism Mean? 

MICE tourism stands for meetings, incentives, conferences, and exhibitions (hence, MICE). So things surrounding corporate events, meetings, seminars and the like are covered under MICE travel.

This type of tourism blends business and travel, where we can often find other professionals in the same industry together in the same place to exchange tips, knowledge, expert opinions and opportunities. 

What is an example of MICE travel? 

A great example given for MICE travel is an industry-specific networking event. 

A networking event in this capacity will have business people (from entry-level to managers) from other companies will gather in this event to build professional relationships, therefore expanding their business connections. 

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Another great example is the exhibition portion of the acronym. 

During conference events, for example, there may be opportunities to explore an exhibition area where businesses can showcase their products, services and upcoming innovations. Visitors can then identify great products they can use for their business, present their own offerings to other employees, and even exchange numbers to enhance their business relationships.

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Corporate travellers gain valuable industry insights in these types of events, expanding their networks to a significant degree and having opportunities to immerse in local cultures.

What are the features and benefits of MICE tourism? 

The characteristics found from MICE tourism are small in number, but all equally impactful and important for professional growth - according to OSF's study.

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High growth potential

Fantastic growth potential and career development opportunities are available for attendees. 

High-added value for businesses

The number of showcases and other useful services that often get presented is beneficial for both businesses and buyers.

High renewal benefits

Businesses can also exchange information on personal benefits that might affect things like health, work motivation, etc.

Attendees can acquire refined experience and knowledge from other employees. The amount of networking opportunities available through these events (in addition to more relationship-building-focused events) is quite immense too. Overall, the benefits largely outweigh any potential downsides of MICE events. 

What are the 4 major components of the MICE industry?

Meetings

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Meetings, the first letter in the acronym of MICE, cover gatherings from small boardrooms to corporate get-togethers to solve a challenge, discuss key plans or set goals - or all three! 

These events are typically for one day (but can be extended depending on the topic's volume). 

Incentives 

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Incentives are what motivate individuals and/or teams to excel in their professional performance. Incentives can be from booking a few days in hotels, resorts, a night in a high-profile restaurant and so on are great incentives to encourage employee loyalty.

Conferences

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An upgraded version of meetings is conferences, which see more attendees in a single room, sharing expert guides, knowledge and industry-specific tips in one day. The day can also include guest speakers, market research presentations, and other helpful resources.

Exhibitions

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Corporate exhibitions are showcases that will have businesses promote their own products and services to attendees or the general public. These are focused events that help employees network too, making it a perfect event for building relationships.

Impact Of MICE Tourism In The Travel Industry

The effects of MICE on the tourist landscape have been vast mainly due to the expansion of the market - attracting bigger audiences under the business category. 

In Europe alone, the MICE market is the highest revenue contributor to the tourism industry, projected to reach $1,439 billion in 2025! 

With near-endless opportunities for corporate travellers, event organizers and members of both business and the general public to enhance their professional development, MICE tourism has become an exciting feature within travel.  

 

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