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- US Business Travel: Meetings, Incentives, Conferences and Exhibitions Market Report 2023
This report offers a complete analysis of the business travel industry; the consumer, competitors, and market are analyzed extensively. Below, we provide the report definitions, key topics covered, and offer handpicked insights from the report.
Report Definitions
MICE travel is business travel conducted to attend a group meeting, incentive travel, conference or exhibition.
A MICE traveler 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).
Key Topics Covered
- Domestic business travel recovery and revenue forecast.
- The types of employees that engage in MICE travel.
- Characteristics of MICE events that attract and repel prospective attendees.
- The kind of tech that MICE attendees want to engage with at events.
- How MICE events affect the professional lives of attendees.
- Where the event industry should be headed on accessibility and inclusion.
Business Travel Market Overview
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.
Current Trends in the Business Travel Sector: Consumer Focus
- Who’s engaging in MICE travel? Nearly half of employees have taken a MICE trip in the past year, with almost a third traveling for company meetings specifically. Among those anticipating MICE trips in the next year, 23% are individual contributors (employees who are not in supervisory or senior positions).
- Why do workers want to travel? Attending business events for professional development and networking are the primary reasons for MICE trips, yet 32% of travelers are also drawn to the prospect of exploring a new destination.
- What makes workers not want to travel? A majority of MICE travelers report that a negative prior experience with an event reduces their enjoyment of the event, and nearly half would even choose to forgo the trip altogether. This indicates that the success of an event is more important than cost when it comes to attendance.
Opportunity for Companies
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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Additional Features Included in Your Report
Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.
Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.
Expert Analysis from a Travel Specialist
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.
Mike Gallinari
Senior Travel & Leisure Analyst
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
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Executive Summary
- Top Takeaways
- Consumer trends
- Local cultural experiences are becoming more appealing
- Figure 1: Benefits of MICE travel, 2023
- History and location make spending on events valuable
- Figure 2: Discouraging MICE travel factors, 2023
- Decision makers seek local experiences
- Figure 3: Desired MICE destination features, by employee role, 2023
- Competitive strategies
- Exhibitors fight to be the greenest
- Venues have accessibility in mind
- Figure 4: @OverlandParkCC Sensory Inclusive Certified venue tweet, 2023
- Remote work sparks new thinking in venues
- Events are ready for a return
- Figure 5: Total US sales and fan chart forecast of business travel, at current prices, 2017-27
- Figure 6: Category outlook, 2023-28
- Opportunities
- Employers can use travel as an incentive
- Figure 7: Attitudes toward MICE benefits, 2023
- Appeal to younger attendees by turning freebies into philanthropy
- Figure 8: Attitudes toward swag, by age groups, 2023
- Reach out to groups directly to improve inclusion
- Figure 9: Attitudes toward inclusivity, by race and by gender, 2023
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Market Size and Forecast
- Business travel, events poised for full recovery by 2024
- Figure 10: Total US sales and fan chart forecast of business travel, at current prices, 2017-27
- Figure 11: Total US sales and forecast of business travel, at current prices, 2017-27
- Business travel, events poised for full recovery by 2024
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Market Drivers
- Successful companies can dangle MICE travel as a perk to workers
- Figure 12: Monthly total job separations rate, 2013-23
- The US makes inbound travel easier
- Tech has a place, but isn’t for everyone
- Figure 13: Virtual Tech – Use and interest, 2022
- Successful companies can dangle MICE travel as a perk to workers
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Competitive Strategies and Market Opportunities
- Unravel Carbon presents a vision of a net-zero convention presence
- By creating leisure opportunities, airport hotels can compete as MICE venues
- Improved corporate booking can expand incentive travel options
- Venues need to address a wider variety of disabilities
- Figure 14: @OverlandParkCC Sensory Inclusive Certified venue tweet, 2023
- Troop investment shows need to coordinate travel of spread-out teams
- Entertainment venues offer unique MICE experiences
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The MICE Traveler – Fast Facts
- Who’s engaging in MICE travel?
- Why do workers want to go on MICE trips?
- What makes events less appealing?
- Where do MICE travelers want to go for events?
- What kind of event tech do MICE travelers find useful?
- How is MICE travel seen by workers?
- What do event attendees think of free swag?
- Are events doing enough to accommodate attendees?
- Are MICE events inclusive enough?
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MICE Travel and Travelers
- Nearly half of employees have engaged in MICE travel
- Figure 15: Business travel completed in last 12 months vs anticipated business travel in next 12 months, 2023
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- Figure 16: MICE and other business travel completed in the last 12 months, 2023
- Attendee demos point toward more focused event topics
- Figure 17: Anticipated business travel in next 12 months, by size of employer, 2023
- Figure 18: Anticipated business travel in next 12 months, by employee role, 2023
- Nearly half of employees have engaged in MICE travel
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Benefits of MICE Travel
- Engaging with peers is more important than star power
- Figure 19: Benefits of MICE travel, 2023
- Older attendees see events as a way to stay relevant
- Figure 20: Benefits of MICE travel, by age, 2023
- MICE events are still geared toward office workers
- Figure 21: Benefits of MICE travel, by work location (office vs home vs hybrid), 2023
- Engaging with peers is more important than star power
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Factors Discouraging MICE Travel
- Organizers are tasked with including the right amount of fun
- Figure 22: Factors discouraging MICE travel, 2023
- Company decision makers won’t pay for a shoddy venue
- Figure 23: Factors discouraging MICE travel, by employee position, 2023
- Younger MICE attendees are more open to lesser-known venues
- Figure 24: Factors discouraging MICE travel, by age, 2023
- “Out of office” doesn’t mean disconnected
- Figure 25: Factors discouraging MICE travel, by work location (office vs home vs hybrid), 2023
- Gender dynamics can make women more discerning in attendance
- Figure 26: Factors discouraging MICE travel, by gender, 2023
- Organizers are tasked with including the right amount of fun
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Desired MICE Destinations
- Schedule events to take advantage of weather and culture
- Figure 27: Desired MICE destination features, 2023
- Decision makers seek local experiences
- Figure 28: Desired MICE destination features, by employee position, 2023
- Don’t assume employees of big companies have seen it all
- Figure 29: Desired MICE destination features, by company size, 2023
- Restaurant access is a way to appeal to older attendees
- Figure 30: Desired MICE destination features, by age group, 2023
- Schedule events to take advantage of weather and culture
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MICE Tech
- Event tech shouldn’t get in the way of personal meetings
- Figure 31: Desired tech solutions for MICE travel, 2023
- Virtual meeting software is still important
- Figure 32: Desired tech solutions for MICE travel, by employer size, 2023
- Event tech shouldn’t get in the way of personal meetings
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Attitudes toward MICE Benefits
- Travel is very attractive to workers
- Figure 33: Attitudes toward MICE benefits, 2023
- MICE can be leveraged differently by all sizes of business
- Figure 34: Attitudes toward MICE benefits, by company size, 2023
- Older MICE travelers are all business
- Figure 35: Attitudes toward MICE benefits, by age, 2023
- MICE can be a part of RTO initiatives
- Figure 36: Attitudes toward MICE benefits, by work location (office vs home vs hybrid), 2023
- Travel is very attractive to workers
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Attitudes toward MICE Swag
- Event freebies need to be more useful than promotional
- Figure 37: Attitudes toward swag, by work location (office vs home vs hybrid), 2023
- Younger attendees see opportunity for good in shunning swag
- Figure 38: Attitudes toward swag, by age, 2023
- Remote workers are bringing business swag to home offices
- Figure 39: Attitudes toward swag, by work location (office vs home vs hybrid), 2023
- Event freebies need to be more useful than promotional
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Attitudes toward MICE Accessibility
- Organizers need to ensure attendees are feeling even-keeled
- Figure 40: Attitudes toward accessibility, 2023
- Remote attendees find safety measures lacking
- Figure 41: Attitudes toward accessibility, by work location (office vs home vs hybrid), 2023
- Accommodating mental health is a future necessity
- Figure 42: Attitudes toward accessibility, by age, 2023
- Organizers need to ensure attendees are feeling even-keeled
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Attitudes toward Inclusivity
- Events are doing a decent job at including everyone
- Figure 43: Attitudes toward inclusivity, 2023
- Reach out to groups directly to improve inclusion
- Figure 44: Attitudes toward inclusivity, by race and by gender, 2023
- Events are doing a decent job at including everyone
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Appendix – Data Sources and Abbreviations
- Data sources
- Forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
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Appendix – The Market
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- Figure 45: Total US sales and forecast of business travel, at inflation-adjusted prices, prices, 2017-27
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