IBTM Americas reveals prospects for the recovery of the MICE segment

In 2020, the Meetings Industry estimated the growth of 25 billion USD and generated about 1 million jobs. Today they are equivalent to 27.03 percent of the total of the 3.7 million jobs generated by the Tourism Industry in Mexico. In addition, 46 percent below this amount was expected, which reached 1.6 of the country’s GDP in pre-pandemic times.

According to data from the Strategic Information Portal of the Meetings Industry in Latin America (Peiir LATAM), it was estimated that these economic volumes could return until 2023-2024; however, during the March-April 2022 period, Mexico reported a growth of 10.7% compared to the same period last year and this year growth is expected to be 18% compared to 2021. Even the hoteliers of Cancun and Los Cabos They estimate that they are at the highest occupancy levels of the last 10 years.

According to the Mexican Council of Meeting Tourism (COMIR) and some other specialists in the sector, they perceive that the industry has reached 100 percent the levels of 2019.

In Latin America, in the period March-April of this year, 68% of the participants were face-to-face events, an amount that continues to grow over time. Even the trend of virtual events represented only 19%.

Inflation reported an increase in prices of 9.3% in the organization of events.

Regarding the workforce, companies have hired less than 30% of employees prior to the pandemic (37%). 22% have between 30% and 60% of what they had before. Currently, 30% of companies have between 60% and 100% of the employees they had before and only 11% report that they have more employees now than before the pandemic.

According to David Hidalgo, Director of IBTM Americas, the panorama of change is a reminder at the table of decision makers about the power that Mexico has to contribute to the recovery of Meeting Tourism, generate jobs and exceed 25 billion of USD of economic benefit, through the creation of more meeting spaces, business generation and training of the industry in Latin America for the reactivation of this sector with events such as IBTM Americas 2022, which will take place on the 24th and 25th August 2022 at Centro Citibanamex in Mexico City.