Mice Industry Singapore

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Meaning of the MICE industry

MICE is a type of tourism which is an acronym for meetings, incentives, conferences, and exhibitions.

The MICE events target special interest groups, trade Organisations, schools, professionals, and academics. For example, medical facilities and theme parks.

MICE events are generally based on a certain topic or theme.

• Meetings– the coming together of groups of people at one place, for example, executive board meetings or Annual General Meeting.
• Incentives – a program that offers rewards based on the performances or future expectations to the delegates. For example, an award ceremony conducted by the organization for rewarding high performing employees.  
• Events/Exhibition– public assembly organized with the objective of education, celebration, or marketing. For example, the Singapore film festival.
• Conferences/conventions– it invites participants for the exchange of fact-finding and information. They are limited to time and have particular objectives.

MICE Singapore

The MICE sector plays a strategic role in developing the Singapore economy. Singapore is a global financial, commerce, and transportation hub. It is a perfect place for organizing MICE events.

MICE industry has provided around 35000 jobs and its contribution to Singapore GDP is nearly 1% according to the data provided by STB (Singapore Tourism Board).

It is estimated that an economic value of around S$3.9 billion was generated by the MICE industries.

For example, the mini-program launched by WeChat to target Chinese MICE travelers was launched in Singapore.

 Importance of the MICE industry?

• MICE Industries helps in boosting the local economy and will accelerate the economic growth of the host city.
• It benefits small business owners and professionals such as hoteliers and taxi drivers thereby, boosting the local culture. The local places will also enjoy certain benefits as a traveler may visit these places such as theatres, museums, and galleries.
• It helps in creating new job opportunities, for example, a professional is hired for hosting the event
• MICE tourism can directly provide benefits to tourism enterprises.
• It will help in recognizing the host city around the world as a travel destination.

Characteristics of the MICE industry

•  It must have an Exhibition Centre or purpose-built convention that provides a stand-alone facility for exhibitions, trade shows, and meetings.
• It must provide a large flexible space that can be subdivided into sections and can be used for various purposes.
• It must offer a variety of services and should have the capability to host a variety of events.
• It must be equipped with the latest technology, catering facilities, and ancillary services.

Contribution of the MICE industry

•  It contributes the biggest portion in expanding a business to the business sector.
•  Their contribution to annual tourism revenue is about 33%.
•  It helps organizations and businesses to expand their client base.
•  The MICE industry helps in increasing revenues and sales and also helps in synergizing ideas.
• The MICE industry can also be said as a service industry and it helps in encompassing travel, finance, sales, and transportation.

What makes a good MICE destination

•  The destination or a host country’s unique attributes.
•  Country brand strength in terms of economic and political stability.
•  The host country’s general capability and attractiveness as a tourism destination.
• Magnificent weather and infrastructure quality. 
• Accessibility and great activities program.

Successful MICE destination: Singapore

•  The hospitality business environment in Singapore provides world-class venues and is the easiest place to do business.
• Singapore has more than 150 International organizations and more than 7000 operating MNC’s.
• Changi Airport of Singapore is easily reachable and connects to the world. It provides a great airline network of about 100 airlines operating.
•  The great public transport system network that is efficient and fast.
•  Singapore is a place that offers peace of mind and also provides shelter from natural disasters, possesses a low crime rate, and is politically stable.
• Professional and experienced industry player’s providing an ecosystem and well-structured organizing events.
• Singapore provides sustainable venues and green recreational options.
• Singapore is a winner of multiple accolades and awards for many years and is the most successful business event destination in Asia.

Conclusion

The MICE industry is a very special type of tourism or travel market. It is very niche as it involves events that are customized for a specific purpose. The travel for MICE events includes both leisure travel and business travel.

So, we can see that the MICE industry has the potential for boosting the country’s economy. Hence, it should be promoted.

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