Tourism Breaking News
Poised for exponential growth after a pause, these two segments of travel are evolving like never before, with new expectations from ever-discerning customers. Listen to industry leaders from across the travel and tourism industry in both India and Singapore about what the industry needs to be equipped with in pursuit of travellers of tomorrow, at this exciting conclave organised by the Singapore Tourism Board (STB), to be held in Mumbai on March 10, 2023.
WTTC President Julia Simpson famously announced last year that “the recovery of global tourism is going to be so stellar that it’s going to recover really powerfully”. According to forum, the global travel and tourism sectors are projected to return to pre-pandemic levels in 2023. It is expected to post an annual average growth rate of 5.8% from 2022 to 2032 versus the 2.7% increase in global GDP.
Focus on cruise and MICE segments
Businesses in the MICE travel sector have also pinned their hopes on 2023 as the year it truly bounces back. According to a GBTA survey, over three-fourths of global travel managers expect the number of business trips taken by employees to be higher, with 85% of travel suppliers expecting their corporate client bookings to be higher this year.
Some travel industry experts from India say that it could account for well over a third of the total outbound travel from India. Singapore has been one of the earliest beneficiaries of the outbound revival in the region; India has been a very important MICE source market for Singapore, especially in the M&I space.
Requirements of MICE travellers are also evolving, and they are looking for new ways to conduct their meetings, and interesting venues for their events. Cruise ships present a huge opportunity for this. According to a report’ titled ‘Outbound Travel and Tourism – An Opportunity Untapped’ by Nangia Andersen LLP, outbound trips from India will surpass USD 42 billion by 2024.
This offers substantial potential to travel companies who are eyeing a piece of this pie with hopes that the next round of growth will be led by India. A resilient market like India is already bouncing back and the number of people looking to take to the seas in style is shooting up.
Cruising ahead
The global cruise tourism market, as per a report by Future Market Insights, is likely to be appraised at USD 17.4 billion by 2032, up from USD 5.3 billion in 2022. Here again, India is showing immense prospectives. For instance, Thomas Cook India delivered a cruise trip for over 600 delegates in Italy as well as groups of 30-300 delegates for India sailings in 2022. The pandemic-enforced pause in Indian outbound traffic has spawned a spike in all travel segments – ‘revenge travel’ if you will – that seems to be unstoppable despite global inflation.
In fact, the government of India expects the Indian cruise market to grow 10-fold in the next 10 years. It is therefore enabling cruise travel by focusing on upgrading and modernising infrastructure at seven major ports in the country.
Announcing a thought-leadership initiative in this direction, GB Srithar, Regional Director – India, Middle East, South Asia & Africa, Singapore Tourism Board (STB), says, “India was the top source market for cruise tourism in Singapore in 2019, with over 160,000 Indian travellers who cruised from Singapore. Post pandemic, cruise bookings are on a good recovery track, with more than 49,000 of the 686,000 Indian travellers arriving into Singapore via sea.”
Recognising the transformative potential of the sectors and to engage key decision makers, STB India is organising cruise and MICE conclaves on 10th March 2023. Distinguished and experienced industry leaders from Royal Caribbean International, Resorts World Cruises, Visa and Informa Markets will share their unique perspectives on emerging trends, opportunities and innovation in the cruise and MICE industries through a panel discussion and keynote speech.
MICE gains traction
Indian corporates are now more well-travelled and their requirements for MICE have evolved. For instance, they are re-visiting destinations and seeking out unique off-the-beaten-track experiences. MICE travel planners must therefore reimagine their offerings, particularly to M&I travellers, to capture this market.
It is worth mentioning that post-pandemic, corporates have increased their attention on business returns on their annual investments in M&I movements. This has fuelled an interest in reimagining what the M&I template looks like, and how truly meaningful trips can be harnessed for even greater outcomes in employee effectiveness and meeting sales targets.
Srithar shares his perspective on the huge opportunity that the India market offers and adds, “With excellent air connectivity from 16 cities in India and its seamless, cutting-edge infrastructure, Singapore is a top choice for business events and an attractive location for business travellers. The city’s world-class hotels, restaurants and retail options add to its appeal, providing visitors with a luxurious and comfortable Bleisure experience. In 2022, Singapore hosted several MICE events, which included some first-time events such as The World Stroke Congress held at the end of October. It was the largest in-person delegation since the pandemic of over 2,000 people. In addition to this, two of the largest meeting and incentive groups since the pandemic took place in September 2022 with 2,400 and 3,600 delegates from SBI Life Insurance and Herbalife India.
We continue to build up a healthy pipeline of significant MICE events for 2023 and will host business events such as the Gastech Exhibition & Conference, which is the world’s largest gas and LNG exhibition to strengthen Singapore’s appeal as a choice destination for business and leisure. STB will continue to pave the way for large-scale, high-quality business and leisure events. We are taking a comprehensive approach to changing the way travellers live, work, and play, as well as rekindling the passion for Indian MICE travellers through new and innovative experiences.”
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To sign up for the MICE Conclave, scan here
