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Sports events leading the way in MICE

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Sporting events are a key catalyst for Phuket’s MICE (meetings, incentives, conferencing, exhibitions) demand, with the industry valued at THB 5.74 billion. C9 Hotelworks has released their new Phuket MICE Tourism Market Update (c9hotelworks.com).

With Thailand being ranked as the top MICE destination among ASEAN countries in 2016, Phuket is one of the major contributors with a total of 202,555 visitors.

Last year, the domestic sector was the key feeder of MICE travelers, which accounted for 70% of total demand on the island. However, overseas source markets were the main revenue generator for the industry, as they had higher average daily spending compared to the domestic market.

Currently, there is an emerging trend towards sporting events and competitions, which include Phuket King’s Cup Regatta, Laguna Phuket Marathon and Thailand Yacht Show. These events have imparted a domino effect on hotel operators, whereby increasing business trading during the low season to reflect better year-round yields. Weddings are also on the rise with business coming from overseas source markets.

Additionally, existing supply of meeting venues and hotel room nights indicate that the island has sufficient infrastructure to support larger MICE demand. However, the province currently needs to diverge from being considered as a resort leisure destination to a multi faceted tourism hub.

PHOTO: Siemens Phuket by ASIA MICE Planner

 

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Bill Barnett has over 30 years of experience in the Asian hospitality and property markets. He is considered to be a leading authority on real estate trends across Asia, and has sat at almost every seat around the hospitality and real estate table. Bill promotes industry insight through regular conference speaking engagements and is continually gathering market intelligence. Over the past few years he has released four books on Asian property topics.

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