Hearing it for the first time you might mistake it for a rodent. But it is very far from it.
MICE stands for Meetings, Incentives, Conventions, and Exhibitions. It is a niche industry that is under the tourism sector. It represents specialized sectors of tourism that require higher standards of tourism services and facilities.
Some countries are replacing the acronym MICE with Business Events. Others try to expand the meaning of MICE to Meetings, Incentives, Conventions, Exhibitions, and Events.
Whatever your preference, at the end of the day they mean the same.
According to Allied Market Research, The global MICE industry size was valued at $805.0 billion in 2017, and is estimated to reach $1,337.4 billion by 2028, registering a CAGR of 21.3% from 2021 to 2028.
Before the pandemic, the growth of the MICE Industry in the Philippines is vibrant. Foreign companies are entering and organizing international shows in the country.
In the last MICEConnect of the Department of Tourism, led by the Tourism Promotions Board, held last November 13-15, 2021, the event generated 27 Million pesos revenue for contracted events.
MICE as a niche component of the tourism sector brings 8x of business in any country focused on maximizing its potential.
As the world slowly awakens and gets up from the slump due to the pandemic, the MICE industry will again play a critical role in producing revenues and new experiences for the attendees and sponsors supporting it.