MICE Monthly Market Analysis- May 2023

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: May 2023

Data Point #1:

Groups and meetings business is forecasted to recover to approximately 110%  of 2019 levels in 2023.

Source: Knowland

What this stat tells us: This optimistic projection highlights the industry's resilience and underscores the importance of in-person meetings and events for businesses. It also suggests that face-to-face interaction makes businesses more eager to reconvene, network, and drive their objectives forward.  

Data Point #2:

64% of event professionals reported an increase in their spending this year.

Source: Amadeus

What this stat tells us: The uptick in spending indicates increased confidence among event professionals in the value and return on investment of MICE activities. This could be driven by the desire to enhance event experiences, integrate new technologies, or invest in more comprehensive safety measures. Another important contributing factor could be the rise in hotel prices, reflecting the recovering demand in the hospitality sector. Regardless, the increased investment in events signals optimism for a robust industry recovery and potential for growth and innovation within the MICE industry.

Data Point #3:

53% of event planners are sourcing or booking events less than one year out.

Source: Knowland

What this stat tells us: This trend likely stems from the need for flexibility and adaptability given the uncertainties of recent years. It underscores the importance for venues and service providers to be ready to accommodate last-minute bookings and changes, requiring many hotels to be agile and creative with their proposals.

Conclusion:

May 2023 delivered key insights into the emerging trends and opportunities within the MICE industry. The growth in international conferences, increased corporate event sponsorship, and a significant rise in sustainable practices all paint a picture of a rapidly evolving and forward-thinking industry.

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.