Growth in the MICE Industry

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  • 0:00 The MICE Industry
  • 0:45 Growing Economy
  • 1:36 Larger Audiences
  • 2:31 Atmosphere and Activities
  • 3:46 Lesson Summary
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Lesson Transcript
Instructor: Yuanxin (Amy) Yang Alcocer

Amy has a master's degree in secondary education and has taught math at a public charter high school.

The MICE industry has been growing in recent years. Learn how the economy, audience size, atmosphere, and activities play into this growth. See how this holds true for both business events and other events.

The MICE Industry

The MICE industry isn't about those little critters that like to eat cheese. The term MICE is used in the events industry to stand for Meetings, Incentives, Conferences, and Exhibitions. Weddings, concerts, business meetings, conventions, sales events, and educational classes are all part of the MICE industry. It's a fast growing industry, with ibtm (an events company) reporting year-over-year growth of 165 percent in 2016 in Latin America alone! In this lesson, you'll learn the reasons behind the amazing growth in this industry.

Growing Economy

A big factor to the growth in the MICE industry is the increase in the economy. When the economy is down (i.e., when people don't have as much disposable income), the MICE industry slows down as well. During hard times, people just don't have the money to spend on special events. But, now, as people have access to a growing amount of disposable income, they have the financial freedom to spend it on special events.

Some of these special events are in locations that require travel. For example, destination weddings require travel. George Clooney got married to Amal Alamuddin in Italy, and Brad Pitt married Angelina Jolie in France. Other people plan for beach weddings or weddings at scenic locations such as the Grand Canyon.

Larger Audiences

Another factor is the need for larger spaces to accommodate larger audiences. Think of the singer Chester Bennington of Linkin Park (who passed away in 2017). When he first started, he probably did small events. But as he became more popular, his events grew larger and larger. Why, his event in Santiago, Chile, at the Movistar Arena on May 9, 2017, had an attendance of 13,489.

This increase in audience size is also true for educational seminars and sales seminars. Audience size is also related to the growing economy, as people with more disposable income want to attend these special events. Doterra, for example, has an annual convention where it teaches attendees all about the use of essential oils. In 2016, more than 30,000 people attended.

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