Industry Trends
Discover the latest MICE industry trends in our July 2023 market analysis. Learn insights to navigate the evolving MICE landscape.
Every month HopSkip analyzes data from around the meeting and events industry to understand trends in the market. HopSkip picks a few of the most relevant trends from research conducted throughout the month, and we share those data points with the rest of the community.
HopSkip Market Analysis: July 2023
Data Point #1:
The top 25 markets in the United States are 90% recovered for year-to-date June 2023 performance compared to 2019.
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Source: Knowland
What this stat tells us:
This data suggests that the MICE industry's recovery is well on track. It also highlights the resiliency of the sector and the desire to meet in person.
Data Point #2:
Meeting and event volume in June 2023 was up more than 30% compared to June 2022.
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Source: Knowland
What this stat tells us:
This Year-over-year increase in meeting and event volume underscores the pent-up demand for in-person meetings and events.
Given that this increase occurs during a traditionally busy period for the MICE industry + recession fears, it demonstrates the desire for in-person interaction and the perceived value of face-to-face meetings for collaboration and decision-making.
Data Point #3:
82% of the top 250 conventions will meet in 20 destinations in 2023.
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Source: MINT+ 2023 Top 250 Report
What this stat tells us:
This data shows that many big conventions happen in just a few destinations. This could mean these markets have everything needed to host these events, like good access, infrastructure, hotel accommodations, and local activities. It also suggests that these places have done an excellent job promoting themselves to convention organizers.
However, this concentration of conventions could be a big issue if any of these destinations have unexpected problems like natural disasters or political events.
Conclusion:
Navigating the MICE industry's current dynamics presents challenges and opportunities for event planners and hoteliers. As these recent data points illustrate, complexities in contract negotiations and compression in the market are shaping the landscape in Q3 2023.
As the industry evolves, so does the need for enhanced negotiation skills, flexibility, advanced booking strategies, and effective use of available tools. Amid these challenges, however, lies the potential for collaboration and innovation. By embracing these opportunities, planners, and hoteliers can drive the industry forward, resulting in improved experiences and more successful events.
Every month HopSkip analyzes data from around the meeting and events industry to understand trends in the market. HopSkip picks a few of the most relevant trends from research conducted throughout the month, and we share those data points with the rest of the community.