Citation: MICE: EMERGING AS THE PROFIT SEGMENT FOR THE INDUSTRY, By Karishma Sen, T3 , May 14, 2013
Domestic and outbound travel has been the talk of not just Indian industry stalwarts but international ones as well. The mere statistics of tourism in India is enough to raise eyebrows and contribute to heated discussions that fuel a growing opinion of India’s tourism potential. The creeper that grows alongside this sector is MICE. Not only has it been contributing to a large chunk of the tourism sector, it has also grown leaps and bounds in quality, services and, most importantly, demand..
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Experts opine that MICE contribute as much as 40-45 per cent to overall travel volumes and India is no exception to it. Indians are now are now travelling abroad throughout the year on business. The recent statistics suggests that the Indian outbound MICE market is estimated to be around US$600 million and is expected to increase by 12-13 per cent over the next couple of years. Unaffected by the global slowdown, Indian corporates are spending on corporate travel, increasing the outbound market for MICE.
While the industry has witnessed growth in overall MICE traffic, there has also been a steady trickle of domestic and inbound corporate travel that is picking up speed as India improves its infrastructure and establishes itself as a quality MICE destination. India’s government, both Centre and States, and private sectors put serious efforts into improving India’s infrastructure with state-of-the-art convention centres. While most of them are still in the making, the existing ones enjoy bustling business largely from the domestic sector. It is calculated that the Business Tourism contributes for india some around INR 14,000 Crores to INR 24,000 Crores. The MICE Industry also adds to the multiplier effect of the other industry related directly or indirectly with it. According to EuroMonitor, the Indian outbound MICE market was estimated to be around US$ 550-600 million in 2011. It grew strongly and resulted in an outbound trip volume of 6.2 million, with around 1.5-1.8 million Indians travelling outbound only for MICE.
MICE is a very niche product and needs to be marketed in a focused...