Bangkok (VNA) – Thailand’s MICE (meetings, incentives, conventions and exhibitions)industry this year is estimated to recover to 80% of the 2019 level in terms ofrevenue, but it may slow in 2024 as pent-up demand eases, according to theThailand Incentive and Convention Association (Tica).

SumateSudasna, President of Tica, said Thailand remains a favourable MICE destinationthanks to facilities for business.

Hesaid the exhibition segment picked up faster than the other three branches of MICEthis year as companies sought trade events that enabled their purchases or dealsto be finalised within a short period.

Corporatemeetings and incentives improved as companies were keen on face-to-facemeetings to update their businesses and allow workers to meet.

Lookingahead to next year, he said the MICE segment could slow as pent-up demand thatdrove the market in 2023 fades, noting that obstacles include theconflicts in Ukraine and Gaza affecting business travel from European marketssuch as Poland and Israel, which are among the top leisure markets forThailand.

Althoughthe US Federal Reserve has signalled reduced interest rates next year, he said,it is uncertain how soon companies globally will spend or increase their investment,which affects business trips.

Thailand'sMICE industry next year will be mainly driven by regional markets, especiallySoutheast Asia and India, which benefits from the visa exemption policy, said Sumate./.