MESSAGE FROM

President

Thailand MICE Industry 2024, A Mid-Year Review

Dear TICA Members,

I say with confidence: Thailand is really on a roll. We have seen a remarkable resurgence in business events post-COVID, and now, two years on, this momentum shows no signs of stopping. We are already receiving inquiries for 2025 and beyond, which is a promising indication of sustained interest in our vibrant MICE (Meetings, Incentives, Conferences, and Exhibitions) sector. If current trends continue, without major disruptions, I believe we will surpass even the pre-COVID levels of activity and engagement.

The global economy and geopolitical landscape, while still presenting some challenges, appear to be in a generally better shape. These are the primary factors that could potentially disrupt our growth. However, I am optimistic that we can navigate these uncertainties effectively.

Our collective efforts are yielding positive results. The government's focus on Sustainable Development Goals (SDGs) is accelerating, and although progress might seem slow, we are committed to this path and are making significant strides.

The MICE market is poised to exceed expectations in 2024. International visitors are projected to drive Thailand's MICE segment to surpass this year's targets by 5%. Chiruit Isarangkun Na Ayuthaya, president of the Thailand Convention and Exhibition Bureau (TCEB), has highlighted a robust recovery in the international market during the first three quarters of the 2024 fiscal year (October 2023 to June 2024). With 894,584 MICE arrivals generating nearly 53 billion baht, we have already surpassed this year's targets.

Conversely, the domestic market has faced challenges, recording 17 million travelers and generating around 56.7 billion baht, falling short of its revenue target. Despite this, the strength of the international market is expected to boost overall MICE revenue to 136 billion baht by the fiscal year-end, driven by upcoming events that will attract over 1,000 participants each.

During this period, 196,538 Chinese MICE travelers visited Thailand. Among them, 62,114 were part of meeting groups, 57,905 were in incentive groups, 48,410 participated in exhibitions, and 28,109 attended conventions. Indians ranked second, followed by Malaysians in third, Singaporeans in fourth, and Germans in fifth place.

To add to this momentum, Thailand has welcomed nearly 15 million foreign visitors this year, generating over 700 billion baht in tourism revenue, according to Tourism and Sports Minister Sermsak Pongpanit. As of June 2, the total number of arrivals reached 14.95 million, contributing 709.34 billion baht to the economy.

TCEB also recently concluded the successful TIME event in Bangkok on June 17, 2024. Rebranded as the Thailand Innovative Meetings Exchange, this year's theme, "Connect Ideas, Motivate People," expanded the Knowledge and Business Exchange sessions into full-day programs to enhance engagement, networking, and business opportunities for Thai exhibitors and buyers.

This wraps up the mid-year report on Thailand's state of the MICE industry. I trust we will all continue the hard work to maintain this momentum, and I would like to take this opportunity to wish all our TICA members continued success in the second half of the year.

Happy hunting!

Warm regards,
Sumate Sudasna
President,
Thailand Incentive and Convention Association (TICA)