This report offers a complete analysis of the business travel industry; the consumer, competitors, and market are analyzed extensively. Below, we provide the report definitions, key topics covered, and offer handpicked insights from the report.
Report Definitions
MICE travel is business travel conducted to attend a group meeting, incentive travel, conference or exhibition.
A MICE traveler is an adult employed by a company who has gone on a MICE trip in the last 12 months or anticipates going on a MICE trip in the next 12 months (Mintel Report definition).
Key Topics Covered
- Domestic business travel recovery and revenue forecast.
- The types of employees that engage in MICE travel.
- Characteristics of MICE events that attract and repel prospective attendees.
- The kind of tech that MICE attendees want to engage with at events.
- How MICE events affect the professional lives of attendees.
- Where the event industry should be headed on accessibility and inclusion.
Business Travel Market Overview
The uneven lifting of COVID-19 restrictions and a rocky economic environment have slowed business travel’s recovery. The global MICE industry is poised to make up ground, with the UFI predicting last year that exhibition revenues would recover largely to 2019 levels in 2022 and more so in the first half of 2023.
Recovery has been stronger in the US, with domestic business travel revenues forecast to reach $294.7 billion in 2023, 97% of 2019 revenue. However, uncertainty about the economy persists – with economists predicting a short recession, businesses remain cautious about their spending. As such, full domestic recovery will likely not happen until 2024. Global recovery in 2025 will ensure steadiness in the years to come.
Current Trends in the Business Travel Sector: Consumer Focus
- Who’s engaging in MICE travel? Nearly half of employees have taken a MICE trip in the past year, with almost a third traveling for company meetings specifically. Among those anticipating MICE trips in the next year, 23% are individual contributors (employees who are not in supervisory or senior positions).
- Why do workers want to travel? Attending business events for professional development and networking are the primary reasons for MICE trips, yet 32% of travelers are also drawn to the prospect of exploring a new destination.
- What makes workers not want to travel? A majority of MICE travelers report that a negative prior experience with an event reduces their enjoyment of the event, and nearly half would even choose to forgo the trip altogether. This indicates that the success of an event is more important than cost when it comes to attendance.
Opportunity for Companies
Most employees view business travel positively as a benefit of their job, so companies should look into ways to use this enthusiasm to both draw in and keep talented personnel. This can be done by offering incentive (the “I” in “MICE”) trips or by providing plentiful chances for business travel that are not overly restrictive.
Buy the full report to reveal our analyst’s competitive strategies and opportunities. Alternatively, browse our library of travel market research.
Additional Features Included in Your Report
Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.
Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.
Expert Analysis from a Travel Specialist
Leading travel and leisure analyst Mike Gallinari provides in-depth insight into the US business travel landscape.
The MICE travel industry is on the brink of full recovery from the pandemic, but that isn’t to say it’s the same. Remote working has further blurred the lines between work life and home life, and workers are now seeking the same fluidity in work and leisure in professional events. Delivering on these expectations can make these events more memorable, and thus more attractive.
Mike Gallinari
Senior Travel & Leisure Analyst
