The Three Principal Sectors of the MICE Essay Example | Topics and Well Written Essays - 2250 words

The Three Principal Sectors of the MICE - Essay Example After that the participants had to lobby the government for rebates and also had to persuade the companies to continue having business meetings and conferences and also to give incentives to their employees. This is important because when people come for business meetings they also spend on other things such as food, shopping entertainment and this revenue is earned by the destination that is the city or state. When revenues are received and business is growing, then investment is made by the government and the private sector as well to improve the facilities so that the can attract more business. This means that this industry ultimately leads to economic development of the destination. This report focus on the MICE industry of UK, its economic importance and trends, problems faced by it and how it can deal with these problems and attract more tourism. Economic importance for UK Economic importance of this industry for UK is that it provides a stable business for hotels as it had don e when the recession of 2008 affected the core business of hotels badly. The MICE industry of UK is also an important part of the tourism industry. As there are many people who come for meetings, conference etc. from other countries and therefore the money spend by them on recreation and other entertainment is actually generating revenue for the tourism industry. ... xford Economic and Deloitte showed that the MICE industry was the fifth largest industry of UK worth ?115 billion and employing around 2.6 million people and this is expected to grow to 2.9 million till 2020. In the year 2010, UK ranked number 6th overall in the world and is very competitive globally. This industry provides jobs and is one of the industries in which work cannot be outsourced to other countries thereby creating job opportunities for the local people. Moreover it also helps in building the community as it brings business not only to the cities but also to the rural and coastal areas. Other than that, it builds an image of Britain in the eyes of the world as Britain has become famous for the business conferences and meetings. (UK Tourism Growing Faster Than Other Industries, 2010) Historical performance in UK: MICE industry in UK has seen the largest growth in the last two decades. MICE industry of UK has been very competitive as it keeps updating its technology, revamp ing its venues and also building new ones. In the year 2000, UK was the second largest player in the conference market (after Australia) with a market share of 8.85%.in the exhibitions industry in UK, most of the exhibitions were for the service sector and on second number was the culture and recreation sector. The incentive sector at that time was still at its infancy stage and had a lot of potential to grow. (The UK & London Conference Market, 2010) The demand for MICE industry has been on a declining trend after 2006 but the largest downfall was seen in 2009 when demand fell by 22% due to the economic recession of 2008.A further decrease of 5% was also seen in 2010. UK has been one of the most popular destinations for overseas meeting. In 2009, UK ranked fourth in Europe after Italy and