As per newly released data by Future Market Insights (FMI), the China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market is estimated at USD 97 Billion in 2022 and is projected to reach USD 173.71 Billion by 2032, at a CAGR of 6.0 % from 2022 to 2032.
| Attribute | Details |
|---|---|
| China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market Estimated Size (2022) | USD 97 Billion |
| China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market Projected Size (2032) | USD 173.71 Billion |
| China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market Value-based CAGR (2022 to 2032) | 6.0% |
Outbound thinking Mice tourism has risen as a result of economic changes and globalization. People have congregated in meetings from the beginning of time. MICE (meetings, incentives, conventions, and exhibits) tourism's target demographic is the vast number of people who travel nowadays for specific professional goals. B2B and B2C events, which still serve as the initiatives' main funding sources, are responsible for the majority of them. But today's government agencies, non-governmental organizations, and improvement organizations all play a big part in enabling such gatherings. The growing business sector on the international market and the developing economies are two major factors driving the growth of the outbound MICE industry.
Meetings, incentives, conventions, and exhibitions (MICE) are regarded to be the tourist industry that is growing the fastest. MICE strengthens local economies, generates foreign exchange, fosters trade, and investment, and advertises destinations.
Hybrid occurrences have traditionally drawn a lot of curiosity, and the pandemic has further increased that interest. More hybrid events than ever before have taken place in recent months, and this trend is increasing as more individuals use this format. Combining conventional face-to-face events with digital technologies is always a good option when a wider reach is needed and new target groups need to be recruited or included. For formats like conferences and congresses, there is space for expansion in this sector because it might result in the inclusion of customer groups that weren't previously convertible.
The fast economic expansion brought on by globalization is having an impact on the MICE sector globally. For instance, businesses like Adidas, Wal-Mart stores, and Toyota Motor Corporation have swiftly expanded their operations abroad in order to boost economic potential. It is believed that rapid globalization is what is driving the demand for MICE events. For instance, organizations from all over the world are prepared to spend more money to go to new places and hold events that offer uncommon chances and raise the value of travel. The liberalization of market entrance strategies in countries like Saudi Arabia, China, and India encourages companies to grow their operations in order to boost their market presence. As a result, these businesses actively compete
Traditionally-held perceptions of Europe, the USA and Australia in China are that Europe is rich in cultural heritage, tradition and luxury, The USA represents wealth, modernity and popular culture, and Australia offers a natural environment and a relaxed lifestyle, The top two choices for travellers who have never travelled abroad are Europe and the USA, while all three locations may provide a variety of attractions and activities to satisfy the needs of more seasoned travellers searching for destinations and activities outside of the typical tourist routes, There are comprehensive Chinese language programmes at all three locations. both in China's marketing strategies and the execution of tourism products and services offered there. The Chinese view the USA favourably because it is more sensitive to their needs and the needs of travellers.
The first-time traveller segment of the Chinese leisure market is made up of those who are drawn by the following factors: doing a lot of things quickly, shopping for international brands, getting good value for their money, finding familiar foods and mingling with Chinese communities, the prestige of seeing famous landmarks and getting their picture taken in front of them, and a safe environment.
The more seasoned traveller is still drawn to many of these features, but they are also looking to travel as a way to express their growing individualism and self-confidence also look for an emotional connection with the destination through authenticity, clear skies and clean air, access to the arts and culture, etc.
The levelling of birth rates, extensive urbanisation, and the rapidly ageing population are key demographic factors that have an impact on travel and tourism 38.
The age bracket of 60 to 64 will make up the majority of the Chinese population by 2030. International travel will increase as the population ages and more retirees have the means to travel. Increased leisure time, outside of the designated Golden Weeks, will also promote travel.
Meetings are the most preferred Application type in China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market
In spite of the fact that technology may be bringing us closer together every day, face-to-face interaction is still the most effective way to communicate. If you've traveled thousands of miles to attend or host a conference in China, you shouldn't have to worry about the setup's logistics or minor issues. The China Guide's rigorous planning and efficient communication will help you to relax. Board meetings, meetings with management, shareholder meetings, training sessions, gatherings with clients, partners, or suppliers, product launches, and strategic planning are some examples of the meetings that the China Guide can cover.
Online booking channels lead the booking channel segmentation
The results show that when it comes to booking channels, the online travel sector holds a sizable market share. Internet use has increased dramatically worldwide during the last few years. Customers may easily learn more about a number of industries. The service provider thinks there is a lot of potential for marketing and promotion on the internet because booking is so simple and convenient for the customer.
Packaged Traveler is the most prominent category
The majority of packaged visitors are those who book vacations that include particular locations. They are less likely to plan private tours, customize excursions, or buy specific travel packages. These clients can save money, time, and effort by buying goods in bulk and using packages designed by travel agencies, and they also find the tour package enticing. They currently account for the great majority of the hotel tour sector.
MICE, in the context of travel, stands for meetings, incentives, conferences, and exhibits. The sector, which denotes a specialized area of group tourism devoted to planning, arranging, and conducting conferences, seminars, and other events, is the largest source of revenue for the travel industry. CTM, Egencia United Kingdom, Fello, and others are important players. Due to CTM's massive global purchasing power, hotels, airlines, and car rental providers receive significant discounts.
For Instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | Europe; China |
| Key Countries Covered | Europe, China |
| Key Segments Covered | Application Type, Event Type, Booking Channel, Tourist Type, Tour Type, Consumer Orientation, Age Group, and Region |
| Key Companies Profiled | CTM; Egencia United Kingdom; Fello and others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market is currently valued at USD 97 Billion in 2022.
The China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market is currently forecasted to grow at a rate of 6% CAGR during the forecast period.
The excellent connectivity with major international destinations, reputable service support, supportive government policy, and regulations, as well as affordably priced well-known tourist destinations, are key trends in the China Outbound Meetings, Incentives, Conferences, and Exhibitions (MICE) Tourism to Europe Market.
Leading players operating in the China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market are CTM, Egencia United Kingdom, Fello, and others are important players.
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China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to Europe Market
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