EIBTM‘s just-released Trends Watch Report reveals that the mood of the MICE industry has shifted to quiet optimism for 2014.
EIBTM industry analyst Rob Davidson presented the report in a session at EIBTM 2013, which was held this week in Barcelona, Spain. The report’s content is based on a compilation of surveys and research conducted in the meetings and incentive travel industry.
According to Davidson, the change in mood is based on the fact that the fragile recovery of 2012 evolved into a more sustained upturn in the world economy this year, resulting in growing global demand for meetings, events and business travel. “Similarly, almost all forecasts for 2014 indicate increasing levels of optimism and growth in these three sectors [meetings, events and business travel], albeit modest,” he said.
The key themes presented in the session included:
- Inversion of economic growth patterns: Advanced economies are gradually strengthening while growth in emerging market conditions has slowed demand.
- Recovery of the corporate meetings sector: “Over the past 12 months, there have been numerous indications that companies are increasingly loosening their purse-strings and boosting their spending on corporate events,” said Davidson.
- Significant increase in international association business: Davidson reported that the European MICE industry is also being bolstered by increased activity in the international association sector.
- Incentive travel is making a comeback: The SITE Index, published by the Society of Incentive Travel Executives, revealed that “the overall use of motivational travel experiences was on an upswing,” with 86 per cent of respondents predicting that it will increase (or substantially increase) in the next one to three years.
The EIBTM Trends Watch Report will soon be available online at www.eibtm.com/trendsreport.