Thailand Convention and Exhibition Bureau Beats Its 2018 MICE Target
26 November 2018, Bangkok, Thailand : Thailand overshot its ambitious targets in the events sector with earning surging beyond the THB200 billion benchmark, the Thailand Convention and Exhibition Bureau (TCEB) reported in its summary of 2018 fiscal year (October 2017-September 2018) performance.
The government agency tasked with driving growth in Thailand’s buoyant MICE industry reported earnings reached THB219 billion on 34,261,307 domestic and international event business visitors.
Domestic meetings provided the volume delivering lucrative MICE related visits to destination across the country.
Highlighting key performance indicators in the 2017/2018 fiscal year report, Mr Chiruit Isarangkun Na Ayuthaya, TCEB’s President, said the “buoyant growth was largely driven by the government’s support in developing the MICE industry as an enabler of economic growth.”
Other key driving forces included the readiness of MICE venues including hotels, international convention and exhibition centers in Bangkok and upcountry MICE cities as well as the competence of MICE professionals who delivered an events experience that met the highest international service standards.
During the fiscal year ending September 2018, Thailand welcomed 1,255,985 international MICE visitors, an increase of 19.85% and generated revenue of THB95.6 billion, up 8.10%. The average length of stay extended to five days with an average spend of THB76,135 per person per trip.
According to TCEB’s data, Asian business travelers dominated the market representing 85.77% of all MICE visitors to Thailand.
MICE travelers were from China (214,877), India (152,638), Malaysia (146,387) are the top three supply markets.
On the domestic front, MICE visitors reached 33,011,322, generating revenue of THB117.3 billion for the economy.
Revenue surged by 28.9% thanks to Thailand’s strong economy, which was driven by high growth in exports and tourism.
Commenting on marketing priorities Mr Chiruit said: “This year, we have stressed a strategy to win more events, create new ones and strengthen support for event organizers through an innovative bidding process as well as promoting the image of Thailand as a major destination for the MICE industry in Asia.”
Categorized by business sectors, meetings and incentives grew by 26.03% in terms of visitors with TCEB supporting 231 events. The conventions segment surged by 61.23% in terms of visitors attending 108 TCEB supported events. Also, the bureau supported 37 international exhibitions comprising of 28 shows that were upgraded and nine new shows.
Regarding the government’s 4.0 policy to promote 10 targeted industries under the S-Curve and New S-Curve segments, which are considered important enablers to generate future growth, TCEB won 217 events and supported meetings and international exhibitions based on the government’s new economic model.
Thailand has now established itself as a hub for the MICE business in Southeast Asia connecting ASEAN and CLMV (Cambodia, Laos, Myanmar and Vietnam markets).
Developments on Thailand’s Eastern Economic Corridor (EEC) will help enhance the competitiveness in the MICE industry and draw more international events in smart industry sectors.
Looking forward, TCEB has established its strategic plan for 2019 that will focus on three areas. The bureau aims to boost the national economy through MICE events, develop a vibrant self-reliant MICE industry through innovation, and distribute income and prosperity through MICE activities to four emerging MICE cities – Phuket, Khon Kaen, Pattaya and Chiang Mai.
According to TCEB, upcoming events in the 2018/2019 fiscal year include:
- World Jasmine Rice Festival in Roi Et, 23-25 November 2018;
- Isaan Technology Expo in Nakhon Ratchasima, 20-24 December 2018;
- Future Energy Asia 2018, 12-14 December 2018;
- SITE Global Conference, 11-13 January 2018;
- IEE PES T&D (Transmission & Distribution) 2019 (Energy), 19-23 March 2019;
- Pro-AV (The Professional Audio Visual), 15-17 May 2019;
- 86th UFI Global Congress 2019, 6-9 November 2019.
Other key TCEB objectives include placing greater emphasis on co-creation or integration with associations, government agencies and various organizations.
By embracing new functions TCEB will extend activities beyond the role of a marketing supporter to facilitator, developer, a leader of creative ideas and a business partner. In parallel TCEB underscored its commitment to develop MICE venue standards and encourage innovation, as well as support MICE operators to increase their competitiveness.
Mr Chiruit elaborated: “In addition to maintaining a close relationship with existing strategic partners, we are identifying new partners in line with Thailand’s MICE industry development strategy based on our global brand campaign ‘Thailand: Redefine Your Business Events’.”
For the current 2018/2019 fiscal year, TCEB forecasts 35,982,000 MICE travellers, contributing revenue of about THB 221.5 billion.
International MICE visits should reach 1,320,000, generating revenue of THB100.5 billion and 34,662,000 domestic MICE visitors, generating THB 121 billion, Mr.Chiruit confirmed.