MICE Tourism Set for Stable Growth in 2025, Despite Market Challenges
Meeting Professionals International (MPI) has released its latest report on the meetings, incentives, conferences, and exhibitions (MICE) tourism market, revealing stable prospects and balanced market conditions heading into 2025.
The report projects sustainable growth in the sector, with 72% of respondents expecting favorable business conditions for the coming year, up from the previous quarter but still below post-pandemic highs.
The meetings and events industry is finding equilibrium, where hotels and venues are working harder to attract business while ensuring financial stability. Cheryl Lovely, Vice President of Global Meetings and Events at MPI Philadelphia Area, noted a surge in demand for in-person meetings, driven by the shift to remote work. “With more employees working from home, face-to-face meetings have become essential,” she said.
Despite the positive outlook, challenges remain. These include rising costs for food, beverage, and audiovisual services, as well as travel disruptions due to crowded flights and limited direct connections. Event professionals like Roxana Humphreys of the California Chamber of Commerce are adapting by seeking creative solutions, such as partnering with local businesses and using food trucks to control costs.
While 43% of respondents described the current climate as a seller’s market, a significant portion (26%) noted more balance between buyers and sellers. Lou Marrocco, Founder and President of Brandywine Events, emphasized that negotiating with hotels on costs remains a challenge, particularly as vendors struggle to meet demand.
In-person events continue to perform well, with 76% of respondents anticipating strong attendance at live events. Virtual events also maintained stable attendance levels, reflecting ongoing demand for hybrid meeting formats.
Overall, the report signals a cautious optimism in the MICE sector, with the potential for steady growth despite economic uncertainties and logistical challenges.
