MICE-In layman terms mean travel made for attending an event or seminar. Companies keep organizing a seminar, conferences, trade shows or exhibitions at various locations across the globe, to keep up business engagements. A lot of iterations, as well as planning, is put into and companies spent a good sum of money in putting up the right show at the right place. Now, this form of tourism where a large group is brought together for special purposes with well-advanced planning is called Meeting, Incentive, Conventions, and Exhibitions(MICE). Everyone one must have come across the buzz revolving around the MICE industry as a field of tourism in current times. It is considered that usually, a MICE visitor tends to spend longer time than a leisure traveler. Wondering how? The answer simply lies in the fact that MICE travel is usually involved with benefits of leisure travel along with the purpose of business. Let dig deep and understand what is this sector or industry all about and why has it become the recent money-making policy in the travel industry. Not only it aims at enhancing tourism of a destination but also contributes towards the enhancement of business.
First, let’s begin with an understanding of what each letter of MICE means and who are the consumers of MICE tourism. While breaking the letters, it is found that M stands for Meeting, I stand for Incentives, C stands for Conventions and E stands for exhibitions, the word as whole aims towards business traveler with characteristics of travel & tourism. Meetings could generally range from a corporate sales meeting to annual meetings for associations. Incentives are usually paid vacations in return for good performance for target met by employees. While conventions, on one hand, are large-scale gatherings with specific objective and exhibition on other is a display of products or services. From corporate meeting planners, hotels to private tour operators, tourism boards are named few niche players in the field of MICE. Often destinations place bids through their conventions bureaus for MICE events alongside marketing themselves.
Now, how have MICE become a lucrative market for tourism industry players? MICE comprise of three main factors such as the event itself, travel and destinations & venue. As much as the business event itself is important, so as the visitors visiting the event who need to be provided with best of service but also with a strong reason i.e. the destination attractiveness. Not only is the revenue being generated by the event planner and venue but also by the organization involved for whom the MICE visitors are potential customers. The tourism growth of the chosen destination also sores up. Hence, in short, a MICE is a win-win situation for all. Also, there is the possibility that among these MICE travelers would return to the destination as visitors, hence promoting its tourism. Hence MICE events and travel are not only revenue potentials for venue & organizations involved but also spending for tourist places. Therefore, the upcoming trend is that MICE is a huge money-making market. Keeping this huge prospect in mind, many travel sellers are specializing in MICE and are usually get affiliated with large corporate organizations.