The Growing MICE Industry in the United States

The meetings, incentives, conferences and exhibitions (MICE) industry in the United States has seen significant growth over the past decade. From large conferences and trade shows to corporate off-sites and incentives programs, MICE events play an important role in the U.S. economy. Let's take a deeper look at some of the key aspects of the thriving MICE landscape.

Economic Impact

The MICE industry has a sizable economic footprint across the country. According to studies, business events in the U.S. generated over $115 billion in total direct spending in 2019. This spending supported over 1 million jobs and had a total economic impact of over $300 billion. The industry saw steady growth during the 2010s, with spending and job numbers rising each year.

Meetings and conferences are a major driver of local economies, particularly in popular convention cities. Hosting large events brings in out-of-town visitors who spend money on lodging, food, transportation and entertainment. Cities compete fiercely to attract MICE business, knowing the revenue it generates for local hotels, restaurants and small businesses.

Recovery from Pandemic Slowdown

Like many industries, the MICE sector took a major hit during the COVID-19 pandemic in 2020 when masks and social distancing requirements made in-person events impossible. Spending collapsed as conferences and trade shows were canceled or went virtual. The lingering effects have continued into 2021, with many events still postponed or opting for hybrid formats.

However, the recovery is now well underway as vaccination rates rise and restrictions ease. MICE industry projections indicate spending will rebound to pre-pandemic levels by 2023-2024. Event organizers are eager to get back to hosting in-person experiences, while attendees are craving opportunities for networking and face-to-face interaction that digital cannot replace. Cities are welcoming back conventions and exhibitions with open arms.

New Formats and Technologies

The pandemic forced creative innovations, some of which may have longer term impacts. Necessity drove rapid adoption of virtual and hybrid event technologies that allow participation from anywhere. Many expect these digital elements to remain part of the new normal even after circumstances improve.

Another result is the mainstreaming of micro-events formatted for small gatherings. Instead of large trade shows, some organizers plan satellite events in multiple smaller cities. Hybrid approaches blending online and offline activity are also gaining popularity. Technologies like augmented and virtual reality are being incorporated into exhibitions and assemblies.

These format shifts present new opportunities but also challenges as the industry adjusts. Successful MICE companies will find the right balance between traditional in-person experiences and innovative hybrid/digital solutions. Those able to adeptly integrate new technologies stand to gain competitive advantages.

New Venues and Destinations

Major convention cities like Las Vegas, Orlando, Chicago and Atlanta remain top MICE draws, but newer players are entering the field. Small-to-midsize cities strategically develop their infrastructure and sales efforts to attract niche meetings and regionally-focused events.

Non-traditional venues in resort locations also court MICE organizers. Multi-day conferences and team-building retreats are ideal applications for these settings. The incentive travel segment continues growing, with experiences in iconic destinations common rewards. Cruise ships have further expanded into MICE hosting as well.

This diversification challenges established operators but also increases capacity nationwide. It presents planners with new scenic backdrops and one-of-a-kind experiences. Successfully catering to specific verticals or formats differentiates emerging hubs. Overall, dispersion to alternative venues enriches the variety available within the thriving U.S. MICE landscape.

Sustainability and Diversity

Environmental sustainability has risen up the MICE industry agenda. Event organizers recognize a responsibility to minimize environmental footprints and model sustainable best practices. Strategies include utilizing local/seasonal sourcing, reducing waste and single-use plastics, offsetting carbon emissions and green venue certification.

Diversity, equity, and inclusion are also increasingly crucial considerations for MICE businesses. Efforts center on programming, speakers, suppliers, and accessibility to promote an inclusive culture industry-wide. Businesses embracing sustainability and diversity will remain well-positioned as customer values evolve.

Outlook

With pandemic recovery well underway, projections indicate the U.S. MICE sector has a bright future ahead. Advancements in virtual and hybrid event technologies open new potential while complementing traditional live experiences. Ongoing development of infrastructure and destinations nationwide mean expanded capacity. Commitments to sustainability and inclusion will bolster responsible growth. If pandemic lessons on flexibility and innovation continue guiding organizers, the thriving MICE landscape is poised for further expansion in the years to come.

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