The MICE (Meetings, Incentives, Conferences, Exhibitions) industry is back and growing. Global business travel spending surpassed 2019 in nominal terms by 2024, with North America (especially the U.S.) seeing strong growth and optimistic long-term forecasts. Corporate meetings remain the largest segment, while incentive travel is the fastest-growing.
Conferences and trade shows lead the comeback: The Global Association of the Exhibition Industry (UFI) reported that by mid-2023, 79% of companies said their exhibition activity was “normal” again. Large in-person events and exhibitions are “driving the corporate travel comeback,” with most organizations resumed normal trade show schedules in 2023, fueling high demand for flights and hotels, establishing the growth trajectory in the next few years including 2026.
Air travel is fully recoverd. Passenger volumes are effectively back to pre-COVID levels, especially for domestic travel, with corporate and event travelers providing a crucial share of airline revenue. By the end of 2023, global air passenger volumes were roughly 94% of 2019 levels for the year, and in the fourth quarter of 2023, traffic was within 2% of pre-pandemic levels. Passenger volumes exceed 2019 record highs in late 2024. Airlines are adding routes but still navigating capacity, labor, and cost challenges.
Ground transportation demand is surging. Once attendees land, they need shuttles, chauffeured cars, rentals, buses, and ride-shares. One analysis found that an average corporate trip spends ~$181 on air travel and ~$137 on ground transport. Tech platforms for coordinating rides at scale are becoming more important.
To read the full report, download it here.
.png)