By 2025, the Japanese outbound Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism sector is predicted to exceed USD 7 billion. The United States is the most popular destination for Japanese MICE travellers. Also, Japan is the largest source market for Singapore’s and Hawaii’s MICE industries.
The Bureau of Economic Analysis and the U.S. Census Bureau published a report on the recovery of the U.S. market on June 8th, 2021. The paper also discussed the resumption of US international trade in July 2021. Exports in the country hit $300 billion in April 2021, a US$ 13.4 billion gain. Imports totaled US$ 294.5 billion in April 2021, up $17.4 billion from the previous month. COVID-19 is a key concern for economies throughout the world, as indicated by a year-over-year reduction in exports in the United States between April 2020 and April 2021, as well as an increase in imports over the same period. Clearly, the market is striving to rebound. Despite this, it implies that the healthcare, ICT, and chemical industries would be directly impacted, resulting in a large market for Japan’s outbound MICE tourism.
COVID-19 impact
In 2019, the globe was overtaken by COVID-19. It brought the world to a standstill. The world economy as a whole was impacted. The pandemic caused some form of loss in almost every industry. As a result of the epidemic, Japan’s outbound MICE tourism business slowed. According to Statista, the entire global value of the Japan outbound MICE tourism business was around US$ 3.94 trillion in 2019. In 2014, Japan’s outbound MICE tourism industry set a new high of US $5.4 trillion in sales.
