Back in early March, barely a week following the initial onslaught on Iran, we featured how the cost of organising and staging global MICE events would become cumbersome as crude oil prices soared to US$100 a barrel.
Experts also pointed out that West Asia’s MICE hubs Dubai and Qatar stood to lose up to 38 million traveller arrivals as events got cancelled or shifted to hybrid set-ups.
Just last month, we also pointed out how MICE organisers and the business events sector are setting their sights on East and Southeast Asia, as well as Oceania as safe haven destinations capable of hosting major events.
With this dynamic shift in event destinations, we take a closer look at how and why the Asian MICE sector continues to show resilience in the face of an ongoing socioeconomic as well as geopolitical crisis.
What the Asia Pacific MICE sector has going for it
Currently, experts see the Asia Pacific as the fastest-growing region for MICE anywhere in the world.
Indeed, it is estimated that the entire regional industry will be worth around US$336.04 billion by the end of the current decade as it is growing at a compound annual growth rate (CAGR) of approximately 9.85 percent.
The region is also using the concept of bleisure, that interesting mix of business and leisure, to draw in business travellers who may wish to enjoy a bit more of the host nation even after an event drops its final curtain.
Interestingly, a number of regional events are featuring a leisure component or a wellness-centric fam trip prior to or immediately after their main shows, helping participants rev up or blow off steam to keep them fresh for the event.
Likewise, in technology-savvy nations like Japan, Singapore, and South Korea, nascent technologies like artificial intelligence (AI) are coming into play to maintain engagement among participants on site as well as those off-site.
Indeed, the use of virtual and augmented reality modules, as well as long-distance conferencing platforms have actually helped event organisers increase the number of attendees, albeit virtually for the most part.
This does not mean, of course, that the industry has not faced challenges resulting from the ongoing crisis: even Asian event companies have been challenged by mounting costs which are driving them to downsize events or consider hybrid scenarios to ensure maximum participation from a global audience.
But regardless of these challenges, one thing remains: MICE in the Asia Pacific is a thriving sector and the region is poised for growth.
