Macau’s Meetings, Incentives, Conferences, and Exhibitions (MICE) sector has demonstrated a strong recovery in the first half of 2024, as evidenced by a significant increase in the number of events and overall revenue generation. According to recent data from the Statistics and Census Service (DSEC), the MICE industry is recovering to near pre-pandemic levels, with a notable rise in meetings and conferences and a mixed performance in exhibitions and incentive programs.
Significant Increase in MICE Events
In the first half of 2024, Macau hosted a total of 702 MICE events, marking a substantial 34.5% increase compared to the same period in 2023. This surge in activity reflects a recovery to 95.6% of the pre-pandemic levels recorded in the first half of 2019. The robust performance highlights the resilience and growing appeal of Macau as a destination for MICE activities.
Surge in Meetings and Conferences
Among the various types of MICE events, meetings and conferences saw the most significant growth. There were 658 meetings and conferences held in the first six months of 2024, representing a 33.7% increase from the previous year. This rise was accompanied by a 4.6% increase in the number of attendees, totaling 74,000. This growth indicates a strong demand for business gatherings and professional discussions in Macau.
Mixed Performance in Exhibitions
The exhibitions segment showed a varied performance. The number of exhibitions rose by two, reaching 26 in the first half of 2024. These events attracted 3,000 exhibitors and 19,117 professional visitors, marking increases of 38.6% and 82.7%, respectively. However, there was a significant drop in overall visitor attendance, which fell by 33.4% to 399,000 visitors. This decline in attendance suggests that while the number of exhibitions and professional participation is increasing, general public interest may be fluctuating.
Growth in Incentive Programs
Incentive programs also experienced growth, with the number of events increasing by 12 to a total of 18. The number of participants in these programs rose by 16.6%, reaching 5,748. This increase underscores the appeal of incentive travel and rewards programs, which are crucial components of the MICE sector.
Decrease in Overall Attendee Numbers
Despite the overall rise in the number of MICE events, the total number of attendees across all events decreased by 29.1% year-on-year, falling to 479,000. This decline is primarily attributed to the reduced attendance at exhibitions. The decrease highlights the need for ongoing efforts to attract and engage visitors in various MICE segments.
Revenue and Spending Insights
The MICE sector generated approximately MOP$2.47 billion (US$308 million) in revenue for the non-gaming sector in Macau during the first half of 2024. This represents a 35.8% increase compared to the same period in 2023. The average per capita spending of MICE visitors was MOP$4,992 (US$622), which is about 100% higher than the average per capita spending of MOP$2,260 (US$282) by general visitors to Macau.
Future Outlook for the MICE Sector
Looking ahead, the Commerce and Investment Promotion Institute (IPIM) anticipates a further increase in MICE events in the second half of the year. The peak season, running from September to November, is expected to drive a significant rise in MICE activities. IPIM projects that Macau will host around 1,500 MICE events in 2024, underscoring the city’s growing role as a premier MICE destination.
Macau’s MICE sector has shown impressive recovery and growth in the first half of 2024, with notable increases in meetings and conferences, a mixed performance in exhibitions, and growth in incentive programs. The sector’s ability to generate substantial revenue and high per capita spending highlights its importance to Macau’s economy. As the city approaches the peak season, the MICE industry is poised for continued growth and development, reinforcing Macau’s position as a leading destination for international events and business gatherings.