Bangkok (VNA) – Thailand’s MICE (meetings, incentives, conventions and exhibitions) industry this year is estimated to recover to 80% of the 2019 level in terms of revenue, but it may slow in 2024 as pent-up demand eases, according to the Thailand Incentive and Convention Association (Tica).
Sumate Sudasna, President of Tica, said Thailand remains a favourable MICE destination thanks to facilities for business.
He said the exhibition segment picked up faster than the other three branches of MICE this year as companies sought trade events that enabled their purchases or deals to be finalised within a short period.
Corporate meetings and incentives improved as companies were keen on face-to-face meetings to update their businesses and allow workers to meet.
Looking ahead to next year, he said the MICE segment could slow as pent-up demand that drove the market in 2023 fades, noting that obstacles include the conflicts in Ukraine and Gaza affecting business travel from European markets such as Poland and Israel, which are among the top leisure markets for Thailand.
Although the US Federal Reserve has signalled reduced interest rates next year, he said, it is uncertain how soon companies globally will spend or increase their investment, which affects business trips.
Thailand's MICE industry next year will be mainly driven by regional markets, especially Southeast Asia and India, which benefits from the visa exemption policy, said Sumate./.
Sumate Sudasna, President of Tica, said Thailand remains a favourable MICE destination thanks to facilities for business.
He said the exhibition segment picked up faster than the other three branches of MICE this year as companies sought trade events that enabled their purchases or deals to be finalised within a short period.
Corporate meetings and incentives improved as companies were keen on face-to-face meetings to update their businesses and allow workers to meet.
Looking ahead to next year, he said the MICE segment could slow as pent-up demand that drove the market in 2023 fades, noting that obstacles include the conflicts in Ukraine and Gaza affecting business travel from European markets such as Poland and Israel, which are among the top leisure markets for Thailand.
Although the US Federal Reserve has signalled reduced interest rates next year, he said, it is uncertain how soon companies globally will spend or increase their investment, which affects business trips.
Thailand's MICE industry next year will be mainly driven by regional markets, especially Southeast Asia and India, which benefits from the visa exemption policy, said Sumate./.
VNA
