MICE segment hopes for a better year

KUALA LUMPUR (March 13): It was a dismal 2020 for the meetings, incentives, conventions and exhibitions (MICE) players who were heavily impacted by the Covid-19 pandemic and the movement controls implemented to curb virus spread.

However, they are “hopeful that 2021 will be a better year”, reported The Edge Malaysia this week, with Malaysian Association of Convention & Exhibition Organisers & Suppliers (Maceos) stating that  it “does not expect meeting halls and convention centres nationwide to be left idle”.

“The industry lost RM2.25 billion in revenue in 2020. We believe the industry will rebound as face-to-face engagements are still required for business activities. Virtual events are only temporary avenues and would only complement future physical events and not replace [them],” Maceos president Francis Teo told the weekly.

The publication’s report revealed that Maceos is projecting “to achieve 50% of the 1,138 events recorded in 2019, even though new profile business events (maiden events promoting a segment, topic, or product) are lacking”.

Teo said that this could achievable owing to “the 50% capacity allowed under the Conditional Movement Control Order (CMCO)”.

“Domestic events will be the first to be held while our borders are closed and international business travellers remain cautious about travelling,” he said.

He added that events likely to take place this year include “exhibitions on consumer products and essential economic industries, national conventions involving local delegates, and corporate events”.

Teo said that domestic events will be “adequate” to help the industry recover, “for now”. “It would be sufficient to break even and survive this recovery year if events are allowed to be held until the end of the year.”

A recent survey conducted by Maceos showed that 64% of respondents revealed “that they would not be able to survive another three months without organising events”.

Another Maceos survey also revealed that convention centres saw a 75% plunge in revenue last year compared to 2019.

Meanwhile, Teo also “suggested” for “travel restrictions be further relaxed by allowing inter-state travel for states in the same stage of the MCO, such as between two CMCO, or RMCO, states, similar to what is allowed for tour groups between RMCO states”, reported The Edge.

Read the full report in this week’s The Edge Malaysia

Get the latest news @ www.EdgeProp.my

Subscribe to our Telegram channel for the latest stories and updates 

Click here for more property stories