"navigating European Markets: Business Travel Insurance For Trade Professionals"

 "navigating European Markets: Business Travel Insurance For Trade Professionals" - MICE tourism includes meeting (M), incentive (I), conference (C) and exhibition (E) travel, of which the conference market is the most profitable. The UK and Germany are the biggest European markets. However, this approach to the market is fundamentally different from that of resort tourism. As a company, you can act as an event host or participate in activities before, during and/or after the event. This part of the free time presents interesting opportunities, as more and more delegates wish to extend their visits to destinations. To generate interest, you need to offer consistent products and services.

MICE travel is business travel for the purpose of meetings, awards, conferences and exhibitions. They are organized to achieve a variety of business, academic, professional or cultural goals. The acronym MICE clearly identifies the components of the market, as shown in Figure 1.

"navigating European Markets: Business Travel Insurance For Trade Professionals"

MICE tourism is a place in business tourism. However, the word business should be understood in a broad sense. It also includes public and semi-public bodies such as NGOs, associations, universities and any other type of organization.

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MICE tourism is a type of tourism where large groups of people gather in a particular place and for a specific reason, such as the common good. Therefore, it can also be considered as a specific type of group tourism. When meetings involve a large group of people, they often take place in convention centers.

In recent years, the term MICE has become less common. Increasingly, it is being called the conference industry or the events industry.

As a company, you can help organize MICE events. This means you can contribute by providing all kinds of creative services, such as signage, banners, displays, booths/galleries, event photography, marketing event marketing, sponsorship management, production /audio-visual engineering, execution of team atmosphere, on-site logistics and HR events, vendor management, virtual meetings and risk management services.

The MICE market is the biggest contributor of revenue to the tourism industry. Globally, its value is estimated at $805 billion in 2017, $916 billion in 2019 and is expected to reach $1,439 billion in 2025 and $1,780 billion in 2030. As such, the market worldwide is showing continued growth - with a decline in 2020 due to the pre-Covid-19 pandemic.

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Several factors are driving the growth of MICE tourism. Some of these factors are listed in Table 1.

All MICE countries are growing and (before the COVID-19 pandemic breaks out) this growth is expected to continue in the future. Overall, however, the Meetings area is the largest of the four. In 2017, it achieved a turnover of 505.8 billion dollars.

Europe dominates the global MICE market with a 50% market share and Europe is expected to maintain this position until 2030. Furthermore, in terms of the number of participants in international association conferences, Europe Europe is the largest market in the world. In 2000, 6% of all outbound trips from Europe were MICE-related. Of the non-MICE trips, 48% are conferences/congresses/seminars, 42% exhibitions/fairs and 10% incentive trips (unfortunately, Association figures are not available. Recommendations are not recorded) .

The European MICE market is not only attractive because of its large size and growth. It is important to note that MICE tourism has a positive impact on the development of businesses, cities and destinations as it is an influential and important economic factor because:

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Thus, the European MICE market is a very profitable type of tourism and offers great opportunities for any destination.

Conferences are the crown jewel of MICE to focus on as they are the most profitable. Conferences of international associations, such as those of architects or cardiologists, are a good example. They can attract up to 30,000 participants. If you are in a place already known for leisure tourism and with an attractive climate, it is an advantage. It is likely that the main infrastructure for flight, airport and hotel connections is already in place. They make your destination attractive for incentive trips. Tanzania is an excellent example of such an incentive destination.

As the MICE sector increasingly seeks unique and unforgettable experiences, new MICE destinations are emerging that may become more important than ever before. Countries in Latin America, Africa and Asia are paying more and more attention to domestic MICE tourism. A country like Egypt has developed its infrastructure and seen an increase in MICE tourism. Please be aware that your country's response to the COVID-19 pandemic will be a factor in the decision-making process of MICE event organizers. This is a disadvantage for developing destinations.

For destinations to open up to MICE, a conference office must be established. This is a necessary step for destination marketing and branding, as opposed to leisure and resort marketing. The conference office is, in fact, a destination management organization (DMO), but different from travel DMOs. The size of a convention center doesn't have to be big. It can include only one person. They are usually employees of local residents. The skills of the men and women who work there determine their level of success.

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The Kenya conference office being established is an excellent example. This put the country on the map as a MICE destination. Namibia, Rwanda and Ethiopia have recently entered the market with new conference offices. The main focus of these convention desks is on conferences (of international associations) and incentives.

Important considerations for MICE planners and market players are location, quality, experiential value and sustainability. These are important conditions that you must have in your destination to be attractive on the European MICE market. In terms of location, accessibility, security and capacity are paramount.

Quality refers to facilities such as customer service, safety/security and reliable transport, clean and comfortable accommodation, good food and conference rooms with excellent technical infrastructure. . Experiential value refers to a venue that offers a unique and memorable experience at a reasonable price, for example with a fun entertainment program before and/or after the official part of the show.

The market share of European countries is quite stable. The UK and Germany have for many years been the main source markets for MICE and business travel in Europe. Topping the list is the UK market with 4.5 million outbound MICE trips per year, followed closely by the German market with 3.3 million MICE trips. France comes next with 1.6 million MICE trips. Switzerland (a non-EU country), Spain and Italy are ranked below with similar ratios of 1.1 million, 1.1 million and 1.0 million MICE trips abroad , respectively.

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The UK is the most important source country for outbound MICE travel. In 2012, there were 4.5 million MICE trips abroad. Although data on the distribution of these trips between MICE markets is available 10 years ago, it seems that most non-MICE trips are for meetings and incentives, given that the number of MICE trips for congresses and exhibitions is relatively low.

The UK market looks promising for small and medium-sized enterprises (SMEs) in the leisure sector, as 29% of business travelers surveyed during the coronavirus pandemic wanted to extend their stay to take advantage of time off in the future destination.

Percentage of tourists who wish to take advantage of the opportunity to extend their business trip to have free time at destination (2021)

Germany's foreign MICE market is the second largest, with 3.3 million trips in 2012. In Germany, foreign MICE trips account for more than a third of all business trips abroad (35 %). Although the data in the table is incomplete, it is likely that the main contributors to non-MICE travel are meetings and conferences.

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Companies, mainly in the finance, insurance, pharmaceutical and automotive sectors, hold a large share of the foreign MICE market and spend high budgets on events and incentives. These industries mainly organize startup events, conferences and meetings. In 2018, intercontinental events represented 20.8%, an increase of 4.6% in 10 years. Only 15% of travelers surveyed during the COVID-19 pandemic said they would like to extend a business trip to a destination for leisure purposes.

Percentage of tourists who wish to take advantage of the opportunity to extend their business trip to have free time at destination

France is Europe's third largest MICE market by outbound travel, but is much smaller (1.6 million outbound arrivals) than the UK (4.5 million arrivals) and Germany (3.3 million arrivals). The French MICE market represents a significant share of business trips abroad (40%). Although the French data is incomplete, it can be assumed that travel to trade fairs and congresses represents the largest share, while the contribution of travel to Meetings and Incentives is quite low. One in five tourists

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