The MICE market in the Asia Pacific region will experience a slight decline next year, a new report has predicted.
According to the American Express Meetings & Events 2014 Global Meetings Forecast, which gathered the opinions of meeting planners across the globe, the Asian region will see a slowdown next year, following two years of rising optimism. It now expected to experience a 1.2% decline in the meeting numbers in 2014.
Asia Pacific is also expected to experience the largest decline among all global regions in terms of meeting spend per organisation (-3.6%), as companies in the region tighten their cost controls. Asia Pacific meeting planners also forecast a 2.4% decline in the number of attendees per meeting.
“While businesses throughout Asia Pacific still recognise the importance of meetings and events, over the past year there has been a shift towards greater control and transparency within meetings programmes,” said Danielle Puceta, director of American Express Meetings & Events in Asia Pacific.
“After two years of optimism, in 2014 we expect slight decreases in the frequency and spend-per-organisation when it comes to meetings and events in the Asia Pacific region. We believe this is indicative of a maturing industry and a phase of greater scrutiny, aimed at ensuring meetings and events activity truly meets organisational objectives.”
Shanghai ranks as the top meeting destination choice among meeting planners in the Asia Pacific region next year, followed by Singapore and Sydney. Hong Kong-Macau has jumped from seventh the fourth in the rankings, with Bangkok in fifth.
The downward trend is apparent across most regions however, with only North America (+1.5%) expected to see a greater number of meetings next year. Europe’s demand for meetings is forecast to be flat, with a 1.8% decline in delegate numbers per event.