US Business Travel: Meetings, Incentives, Conferences and Exhibitions Market Report 2023
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This report offers a complete analysis of the business travel industry; the consumer, competitors, and market are analysed extensively. Below, we provide the report definitions, key topics covered, and offer handpicked insights from the report.
MICE travel is business travel conducted to attend a group meeting, incentive travel, conference or exhibition.
A MICE traveller is an adult employed by a company who has gone on a MICE trip in the last 12 months or anticipates going on a MICE trip in the next 12 months (Mintel Report definition).
The uneven lifting of COVID-19 restrictions and a rocky economic environment have slowed business travel’s recovery. The global MICE industry is poised to make up ground, with the UFI predicting last year that exhibition revenues would recover largely to 2019 levels in 2022 and more so in the first half of 2023.
Recovery has been stronger in the US, with domestic business travel revenues forecast to reach $294.7 billion in 2023, 97% of 2019 revenue. However, uncertainty about the economy persists – with economists predicting a short recession, businesses remain cautious about their spending. As such, full domestic recovery will likely not happen until 2024. Global recovery in 2025 will ensure steadiness in the years to come.
Most employees view business travel positively as a benefit of their job, so companies should look into ways to use this enthusiasm to both draw in and keep talented personnel. This can be done by offering incentive (the “I” in “MICE”) trips or by providing plentiful chances for business travel that are not overly restrictive.
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Leading travel and leisure analyst Mike Gallinari provides in-depth insight into the US business travel landscape.
The MICE travel industry is on the brink of full recovery from the pandemic, but that isn’t to say it’s the same. Remote working has further blurred the lines between work life and home life, and workers are now seeking the same fluidity in work and leisure in professional events. Delivering on these expectations can make these events more memorable, and thus more attractive.
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*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.