Gov’t data: Macau’s MICE industry records over €102M?in Q1 2024??

Jenny Ortiz May 28, 2024

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Gov’t data: Macau’s MICE industry records over €102M?in Q1 2024??

In the first quarter of 2024, Macau’s MICE (Meetings, Incentives, Conferences, and Exhibitions) sector achieved a remarkable milestone by generating MOP900 million (€102.9 million) in non-gaming revenue. This figure represents a more than 50 percent increase from the MOP600 million (€68.6 million) recorded during the same period in 2023. The substantial growth is largely attributed to the increased spending by MICE visitors.???

The Statistics and Census Service (DSEC) of Macau introduced its inaugural quarterly report focusing on MICE-driven receipts in non-gaming industries. This new reporting mechanism aims to offer a clearer picture of the economic contributions made by MICE events to Macau‘s economy.

The receipts include not only the expenditure by MICE visitors but also the revenues generated from the goods and services provided by local MICE-related businesses, and support services within the supply chain.

Rise in the number of MICE events??

According to DSEC data released on Monday, the first quarter of 2024 saw 307 MICE events, including 289 meetings and conferences, 12 exhibitions, and six incentive events. This marks a 31.2 percent increase (73 additional events) compared to the same period in the previous year.

The number of meetings and conferences alone rose by 30.2 percent, with 67 more events than in the first quarter of 2023. There was also a notable 39.1 percent increase in the number of participants, totalling 34,000 attendees. Interestingly, a large portion of these meetings and conferences (146 events, or 50.5 percent) had fewer than 50 participants. Despite this, the most significant growth was observed in larger gatherings, with events hosting 200 or more participants increasing by 58.6 percent, reaching 46 events.

Diversifying Macau’s economy beyond gaming??

The first quarter of 2024 has been a highly successful period for Macau’s MICE industry, showcasing robust growth in non-gaming revenue and a significant increase in the number and scale of MICE events. This upward trend highlights the sector’s critical role in diversifying Macau’s?economy?beyond gaming.?