What can the MICE industry learn from the pandemic ?
An inside look into the new MICE White Paper , codeveloped by Singapore Tourism Board , PCMA and UFI
The pandemic has been a tough time for the events industry , but there are opportunities and learnings to be had in the coming months . While many businesses are focussing on returning to 2019 levels , a group comprised of The Singapore Tourism Board ( STB ), PCMA and UFI have come together to advise on how the industry can improve post-Covid-19 .
The three entities have come together to create the ‘ Reimagining Business Events – Through Covid-19 and Beyond ’ White Paper . The report was launched 28 Jun at Singapore MICE Forum X IBTM Wired .
Covid-19 ’ s impact on the MICE industry The importance of the events industry to the global economy pre-pandemic cannot be overstated . In 2017 the sector contributed $ 1.5 trillion to global GDP , as well as 26 million jobs . To put the numbers in perspective , these figures would rank the events industry as the 13th largest economy globally .
Since the pandemic , however , the numbers are not so encouraging . According to the White Paper , the global exhibitions category alone contracted by 68 %. UFI polled 450 exhibition industry companies in January 2021 : more than half have had to reduce their workforces ; 30 % saw a drop in profits of more than 50 %; and 10 % said they will have to close their doors if there was no business for the next six months .
The industry has remained in flux these last few months , but optimism has begun to grow with 61 % of event planners and 70 % of suppliers feeling hopeful in May , compared to less than 50 % of both in January .
Future proofing through innovation The saying goes that necessity is the mother of invention , and nowhere is that more evident than the events industry . Events businesses have had to reposition their offerings over the pandemic
The White Paper , which highlights companies thriving in the pandemic , focusses on GlobalSign . In , a global technology provider for business events , as an example of a business changing things up during the pandemic .
The events business piloted several digital platforms during the pandemic , after seeing all its planned physical events cancelled or postponed . Learning what works by experimenting , the company created so-called ‘ serendipity rooms ’ for attendees to interact virtually and added facilitators to kick-start conversations .
Veemal Gungadin , CEO , GlobalSign . In , said : “ Business events companies need to start behaving more like start-ups . This means being ready to prototype , iterate and even abandon ideas that do not turn out to be viable ”.
Other examples detailed include : Unexpected Atlanta , a walking tours company which switched to virtual tours ; and Harry the hirer , a stand and AV company which created a physical space for businesses to use as a studio to host online events .
10 Issue 4 2021 www . exhibitionworld . co . uk