Strong Growth for MICE industry in 2018
As we look back to the end of 2017, industry predictions indicate that the MICE (Meetings, Incentives, Conferences and Exhibitions) sector is set for strong growth in 2018.
The prospects for the MICE industry are looking very promising. The trends are continuously changing, which is a key indicator that the sector is making a robust comeback. In contempt of the uncertainty in the UK at the beginning of 2017 , the economy has been improving, and once again, there is a renewed demand for exhibitions, conferences, meetings and events.
Research conducted by venuedirectory.com shows that confirmed conference bookings between January and September 2017, have increased by 18.3 percent. In the same period, there has been a rise in small meeting (meetings of under 30 delegates) bookings by 8 percent, indicating that small meetings are big business for the MICE industry.
With this rise of interest in small meetings, the MICE industry is developing to create new, and more simplistic, ways for these types of meetings to be booked. At the same time, It is also interesting to explore where the most popular destinations have been for conferences.
Leading Cities in UK
While London being the most popular, confirmed conference bookings increased from last year by 27 percent. Birmingham followed with 25.3 percent, Manchester surprisingly increased by 54 percent. The changes in these trends has had a positive impact on business for venuedirectory.com, with the majority of venues wishing to renew their subscription for another year.
This increase was evident in November with 92% of independent venues successfully renewing their paid subscription and 100% of groups. This outlook suggests the growing importance that UK venues are putting on being visible within this developing industry. In addition, agents are now more frequently using 'Request For Proposal' (RFP) booking systems to send enquiries on behalf of their clients. RFPs combine venue information with prices and contact details, allowing simplicity in meeting and event bookings.
Currently several options are given to agents who would then shortlist to a number of venues that meet the client's specification. venuedirectory.com, are continuing to work within the industry by building partnerships in order to improve conversion rates to benefit all parties.