India projects a strong growth for MICE segment by 2020
India is estimated to generate 6.5 million outbound luxury and MICE tourists annually by 2020. The projected market growth was accounted by the Ministry of Tourism’s official outbound tourism figures specifically for India’s current 1.5 million outbound MICE travellers and 3.6 million outbound luxury travellers.
As calculated by MasterCard, both markets are forecast to grow at a compound annual growth rate (CAGR) of 8.6% by 2020.
In 2016, the GCC witnessed an unprecedented spike in arrivals from India, with both Dubai and Abu Dhabi naming the country their top source market for the year. There was an increase of 15% in the arrivals from India in 2016, following a 20% rise in 2015, according to official tourism figures published by Dubai’s DTCM and Abu Dhabi Tourism and Culture Authority, respectively.
For example, arrivals in Sweden have increased steadily over recent years and, with 740,000 tourists arriving from India in April 2017, the country remains as one of the top 10 source markets in the world.
In 2016, India ranked as the fastest growing outbound business travel market of any country in the world, with the World Travel and Tourism Council (WTTC) reporting spending in this segment increased 5.4% over the year.
Data published by Skyscanner named Singapore, Australia and Malaysia as the most searched for destinations by Indian travellers, with growth at 202%, 67% and 46% respectively, year-to-date (YTD).