Hotel occupancy rates from late 2022 until the present time reflect rapid recovery and stability for the meetings, incentives, conferences and exhibitions (MICE) and staff events industry of Southeast Asia.
This was one of several insights found in the latest Chief of Staff Asia research paper. Expanding Domains in Modern MICE and Staff Events, available now, is available for subscriber download here.
Business World Online reported a hotel occupancy rate range of 72-78% for 2023, which traces back towards the upturn beginning in September 2022. Occupancy peaked at 87% during the Singapore Business Show, and again during the G20 Summit held in Bali, Indonesia, in November 2022.
Meanwhile, Thailand experienced this during the Songkran Festival in April 2023. The same trend was observed in the Philippines and Singapore, where travel and events at the time revolved around Easter celebrations.
These are a stark contrast to how the industry fared during the pandemic, when cancellations and postponements posed a tremendous challenge to organisers and participants alike. While people were still able to ‘gather’ virtually or in hybrid settings, the financial loss and health impacts were apparent.
Thus, the recent data is encouraging for organisations revamping their calendars, eager to use travel and events for staff development, networking, and work-life balance. The Asian Development Bank also encourages more support for business tourism and MICE to smooth seasonal travel patterns and forge ahead towards continuous recovery.
