The global China outbound MICE tourism to US market is worth US$ 32.53 Billion as of now and is expected to reach US$ 112.39 Billion by the year 2033 at a notable CAGR of 13.2% between 2023 and 2033.
The UNWTO states that China ranks 4th worldwide regarding the number of outbound tourists (57 Million) staying overnight at a foreign destination. Spain, the US, and France come in later. More than 60% of the overseas tourists all across China are reported to be the Asian economies, ~10% from the American economies, and ~20% from the European economies.
Sustainability is the hotspot for any of the businesses. This goes to say that any of the events that are unsustainable would be out of race. Authenticity is another factor to be looked through.
Though things look good at the outset, the fact that the US-China political relations have strained in the past few years can’t be ignored. This could definitely compel the Chinese population to think twice before venturing into anything related to the US.
https://www.futuremarketinsights.com/reports/sample/rep-cn-2987
The post-Covid era has put China on the radar for an indefinite time-span. Ideological differences always existed between China and the US; but the outbreak of Covid has worsened the things. These factors could act as the major restraints to China Outbound MICE Tourism to US in the forecast period. It would certainly take time for China to be on conversational terms with the US.
Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘China Outbound MICE (Meetings, Incentives, Conferences, and Exhibitions) Tourism to US Market’. It has its team of analysts and consultants to execute with a bottom-up approach along macros and micros.
“With the US showing readiness toward capitalizing on China’s MICE Tourism sector, China Outbound MICE Tourism to US market is expected to grow on an unprecedented note in the near future”, says an analyst from Future Market Insights.
Key Takeaways from China Outbound MICE Tourism to US Market
- With more of the Chinese population travelling overseas for work and pleasure alike, there is a greater scope for growth of China Outbound MICE Tourism to US Market in the near future.
- The US, owing to a broad range of hotels, venues, and activities coupled with established infrastructure, is a preferred MICE travel destination. It is, in fact, popular for exhibits and conferences due to it being home to various multinational organizations and corporations.
- The Chinese citizens are moving toward financial stability. This increases the likelihood of them traveling abroad for leisure and business.
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Competitive Arena
- The US-based companies, with the objective of attracting Chinese MICE tourists, are providing recreational and cultural activities like sporting events, food and wine experiences, city tours, and likewise. They are emphasizing on fostering partnerships with the key players in China for offering end-to-end, customized travel solutions. Investments in technology-driven and digital services like VR and mobile applications is there to add.
- Of late, the companies have been eying high-end luxury MICE sector; thereby making way for personalized and exclusive travel experiences like five-star hotels, private jets, and various bespoke activities. This could be credited to growing demand for luxury MICE travel amongst the rising standards of middle class population of China.
What does the Report say?
- The research study is based on age (under 15, 16-25, 26-35, 36-45, 46-55, and over 55), by event type (meetings, incentives, conferences, and exhibitions), by demographics (female, male, and kid), by nationality (international and domestic), by booking channel (online booking, phone booking, and in-person booking), and by type (premium, standard, and budget).
- With growing demand for outbound tourism from China’s middle class, China Outbound MICE Tourism to US Market is expected to grow on a remarkable note going forward.
China Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism to US Market by Category
By Age:
- Under 15
- 16-25
- 26-35
- 36-45
- 46-55
- Over 55
By Event Type:
- Meetings
- Incentives
- Conferences
- Exhibitions
By Demographic:
- Male
- Female
- Kid
By Nationality:
- Domestic
- International
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Type:
- Budget
- Standard
- Premium
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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