MICE Industry crossesd 37,000 Cr mark in 2019: BW Applause & everythingexperiential.com Report
A good 38% of the MICE in Hotels is International inbound from around 8500 events.
India’s Experiential market is one of the few Industry segments, which is recession-proof. A huge market, growing exponentially, with pretty high profitability, but largely unorganized. In organizing, the challenges have already been tabled in many forums and indeed, are equally huge. But then, we have to find solutions and do this.
Unlike Digital, the apple of the Investors’ eye, experiential is about real action, real revenues, and real profitability. So, if we position ourselves well, build an ecosystem, and scale up on all fronts, and get investments, we can do it.
Keeping the high potential of the events and experiential in mind, recently BW Applause & everythingexperietial.com released a white paper on the overall size of the events and experiential industry and how marketers could leverage the immense potential that it presents.
Among the sectors mapped are experiential, wedding and MICE, there are some interesting figures and trends that have emerged.
As we know, 42% of India’s Tourism comes from MICE. MICE events have a huge multiplier effect on business and economy in general. And, like most segments of experiential a small proportion is from the organized players. As per the report, MICE Industry crossed 37,000 Cr mark in 2019 and grew at a rate of over 8 percent per annum.
Based on a rigorous study of 700 stakeholders across 12 locations for the Ministry of Tourism, Majestic MRSS1 estimates that 600+ Hotels conduct about 14600 MICE events. and 69 Convention Centres conduct 745 exhibitions. The study also tracks 1423 educational Institutions which hold over 60 conferences.
A good 38% of the MICE in Hotels is International inbound from around 8500 events. The average Revenue of Hotels ranged from 6 lakhs to 22 Lakhs. Delhi topped with over 2800 engagements per year, while Mumbai had over 2100 engagements per year.
As per the report, the emerging segments of Medical, Adventure and Eco-Tourism also show a grand picture. About 6.5 Lakhs foreigners visited India for Medical Tourism alone. The revenue generated from adventure tourism by Central/State Govts is around 475 Crores and Kerala alone has a record Rs 14000 Cr revenue from eco-tourism, as per the report.
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