The Meetings, Incentives, Conferences, and Exhibitions (MICE) sector in Macau has experienced a remarkable resurgence, witnessing a staggering 231% year-on-year growth in the number of events held during the third quarter of 2023, according to data released by the Statistics and Census Service (DSEC). While this represents a slight sequential decrease from the previous quarter, the sector’s overall trajectory signals a robust recovery, with substantial increases in participants, attendees, and economic contributions.
Quarterly Performance Overview:
In Q3 2023, Macau hosted a total of 245 MICE events, showcasing a remarkable surge from 74 events in the same period the previous year and a marginal dip from 263 events in Q2 2023. The number of participants and attendees recorded an impressive 59.9% year-on-year increase, reaching 545,000 individuals.
Breakdown of MICE Events:
DSEC’s report reveals that the majority of events in Q3 were meetings and conferences, totaling 221, marking a remarkable 262% YoY increase. The number of participants in these meetings surged by an impressive 633%, reaching 48,000. The average duration of meetings increased slightly by 0.3 days to 1.2 days, and the total floor area utilized expanded significantly by 385%, reaching 166,000 square meters.
Exhibitions experienced notable growth, increasing from eight to 20, with the number of attendees rising by 47.3% to 493,000. Additionally, four incentive events were held, attracting 5,035 participants.
Economic Impact:
The economic impact of these events was substantial, with receipts and expenditure for exhibition organizers reaching MOP$38.58 million (US$4.8 million) and MOP$97.76 million (US$12.2 million) respectively in Q3. This represents impressive YoY growth of 279.0% and 155.5% respectively.
Non-government organizations played a significant role in organizing 16 exhibitions, generating MOP$18.24 million (US$2.3 million) in receipts. However, despite this revenue, the exhibitions incurred a loss of MOP$7.19 million (US$895,000) after deducting expenditure from receipts.
Q3 Exhibitor Overview:
Exhibitions during this period attracted 2,549 exhibitors and 21,000 professional visitors. Sales of goods constituted the majority of exhibitors’ receipts (90.0% of total), while expenditures were primarily directed towards booth rental (58.3% of total) and booth installation and decoration (21.8%).
Year-to-Date Performance:
For the first three quarters of 2023 combined, Macau hosted a total of 757 MICE events, marking an impressive 188% YoY increase. The cumulative number of participants and attendees rose by 50.3% to 1,220,000. Meetings and conferences surged by 221% to 703, with participants soaring by 394% to 118,000. Exhibitions increased by eight YoY to 44, attracting 1,092,000 attendees.
Macau’s MICE industry has demonstrated remarkable resilience and recovery, with substantial growth in event numbers, participants, and economic contributions. The sector’s ability to adapt to changing circumstances and attract diverse events positions Macau as a prominent destination for MICE activities. As the industry continues to evolve, the data reflects a positive outlook, reinforcing Macau’s status as a dynamic hub for business events and conferences in the Asia-Pacific region.