How canada’s national meetings strategy is driving regional economic growth
INTRODUCTION: THE GLOBAL MEETINGS INDUSTRY IS A PLATFORM FOR PROGRESS
Conferences are catalysts for thriving economies.
The most progressive destinations worldwide are positioning themselves as thought leaders in specific advanced industries to engage meeting and event organizers active in those industries.
Rather then selling a city-based solely on its infrastructure, access, and capacity, destination marketing and management organizations (DMMOs) are also promoting their most significant clusters in science, technology, engineering, and math (STEM) sectors to differentiate the region in the global meetings marketplace. This type of sector expertise strategy is not necessarily new, but it has scaled exponentially in cities around the world in the last few years
Today, senior business event organizers, destination procurement executives, and C-suite leaders have a new methodology to source cities, based on access to knowledge. Business Events platforms such as MICE Conclave by Exito Events is providing a platform to deliver that access, which is unprecedented in scale worldwide, to benefit both visiting organizations and the host destination.
The impact of the meetings, incentive, conference, and exhibition (MICE) industry on any countries economy has always been significant, relating to short-term delegate expenditure and long-term job growth and economic development.
These types of business events are also an ideal way to counteract seasonality because international business events take place throughout the year, ensuring a more consistent national visitor economy on an annual basis
The latest data, with an emphasis on US meeting and event business shows: (Taken from Skift News report)
- In 2017, MICE travelers totaled 1.3 million arrivals with a $1 billion impact on the Canadian economy (StatCan ITS 2017)
- Global MICE industry valued at $752 billion in 2016 (Allied Research Group)
- 57 percent of MICE travelers say they will take 1-2 extra days and stay for leisure purposes (Micer’s)
- US business visitors are growing at a faster rate than US leisure visitors: 10 percent vs 6 percent (StatCan, it’s 2016)
- US business visitors spend 2 times more than US leisure per night: $124 vs $250 (StatCan, ITS 2016)
During the last decade, the business events industry has evolved as a global innovation distribution channel. With the growth of advanced industries and high-tech startups of all sizes worldwide, an increasing number of destination marketing and management organizations (DMMOs) are positioning themselves as brokers of innovation, versus merely brokers of hospitality and tourism infrastructure. Meaning, they’re leveraging their STEM industries and key cluster strengths more strategically to attract more international conferences in those industries.