In a significant boost to Macau’s economy, the average spending of MICE-related business visitors in the first half of 2024 has reached MOP4,992 (US$620), more than double the MOP2,260 average spending of regular tourists visiting the region during the same period. This surge in spending highlights the importance of the Meetings, Incentives, Conferences, and Exhibitions (MICE) industry in driving economic growth and supporting Macau’s diversification strategy. The data, released by the Commerce and Investment Promotion Institute (IPIM), underscores the robust recovery and transformation of Macau’s MICE sector.
Economic Impact of MICE Visitors
The MICE industry has proven to be a significant contributor to Macau’s economy. In the first half of 2024, the industry generated approximately MOP2.47 billion, marking an increase of over 30% compared to the same period last year. This impressive growth is attributed to the high spending power of MICE-related business visitors, who spend more on accommodation, dining, and entertainment compared to average tourists.
The latest data from the Statistics and Census Service (DSEC) reveals that Macau hosted a total of 702 MICE events in the first half of 2024, a figure nearly on par with the same period in 2019. The increase in the number of exhibitors and trade visitors, by nearly 40% and 80% respectively, has further boosted the economic impact of the MICE industry. The significant rise in international participants has also contributed to the overall growth, highlighting Macau’s appeal as a premier destination for global conferences and exhibitions.
The MICE industry’s success aligns with the SAR government’s “1+4” strategy for appropriate economic diversification. Over 70% of the MICE events in the first half of 2024 were themed around “Trade and Management,” “Tourism,” “Information Technology,” and “Finance”. This strategic focus has helped attract high-spending business visitors and support the growth of related industries.
Strategies for Continued Growth
To sustain the momentum and further enhance the MICE industry’s contribution to the economy, IPIM has outlined several strategic initiatives. One of the key measures is the appointment of 24 industry leaders and experts as “Macao Conference Ambassadors”. These ambassadors will play a crucial role in promoting Macau as a top destination for international conferences and exhibitions.
Additionally, IPIM has formed an “Exhibition Bidding Support Working Group” in collaboration with local associations and major integrated resorts. This working group aims to attract more high-profile events to Macau and provide comprehensive support to event organizers. By participating in domestic and international exhibitions under the “MICE² Macao x Hengqin” brand, IPIM seeks to enhance Macau’s visibility and competitiveness in the global MICE market.
The second half of 2024 is expected to be the traditional peak season for the MICE industry, with an estimated 1,500 events to be held throughout the year. IPIM’s efforts to cultivate talent, support local industry associations, and enhance the organization of MICE events will be instrumental in achieving this target. The focus on talent development and international partnerships will ensure that Macau remains at the forefront of the MICE industry.
Future Prospects and Challenges
As Macau’s MICE industry continues its robust recovery and transformation, the city is poised to cement its position as a premier destination for international conferences, exhibitions, and events. The significant increase in average spending by MICE-related business visitors underscores the industry’s potential to drive economic growth and support Macau’s diversification efforts.
However, the industry also faces challenges, including the need to maintain high standards of service and infrastructure to meet the expectations of international participants. The competition from other global MICE destinations requires continuous innovation and investment in facilities and services. Additionally, the industry must navigate the uncertainties posed by global economic conditions and geopolitical developments.
Despite these challenges, the future prospects for Macau’s MICE industry remain promising. The strategic initiatives outlined by IPIM, coupled with the strong support from the government and private sector, provide a solid foundation for sustained growth. By leveraging its unique strengths and addressing the challenges, Macau can continue to attract high-spending business visitors and reinforce its status as a leading MICE destination.
