The Incentives and Business Travel Meeting (IBTM) Meetings Industry Report from show organizer Reed Travel Exhibitions revealed the annual hotel expenditures by Chinese MICE buyers who attended one of its global events in China.
In 2013, 294 Chinese MICE buyers who attended China Incentives and Business Travel Meeting (CIBTM) in Beijing invested US$230 million on hotels as meetings venues. There is a big potential for growth this year as international hotel chains are the No. 1 service provider that Hosted Buyers want to meet face to face.
“It is great to see from our post-show research that buyers attending CIBTM are increasingly seeking new hotel venues, presenting a unique prospect for international hotel exhibitors looking to increase their customer base from China. CIBTM creates a platform for international hotels to showcase their properties to buyers and visitors from China, and from the rest of the world,” said Jacqui Timmins, exhibition director, CIBTM, Reed Travel Exhibitions.
In addition, 50 percent of the 374 Hosted Buyers who attended the event expressed an interest in placing business with hotels. This ranked as the first choice of all products and services presented at CIBTM.
Research also identified that the overall combined annual budget of the accredited global Hosted Buyers – from the corporate sector, associations and other agencies – was US$32.6 billion – giving an average annual budget of US$ 28.7 million for each Hosted Buyer.
“The in-depth research also highlights that Asian economies continue to demonstrate much higher investment figures than those from elsewhere in the world and outlines the growth of the MICE industry in Asia, and China in particular. Furthermore, many associations are keen to expand their memberships in China, to ensure a collaborative approach in bidding for more international association meetings in the future,” Timmins continued.
International hotel groups, who have already signed up for CIBTM 2014, have confirmed upcoming expansion plans across China and Asia and are returning to CIBTM to build on their business success of previous years and capitalize on the fact that Hosted Buyers, more than any other providers, want to be in touch with large international hotel suppliers. They include Accor Hotels & Resorts, Langham Hospitality Group, The Okura Hotel Group and Wyndham Hotel Group.
“As a hotel chain, our return on investment for exhibiting is very important to us. CIBTM successfully provides us with a large-scale platform to invest in, as it provides us access to valuable buyer contacts and various other business opportunities in the region and beyond. We have participated in CIBTM for the past five years, and we are now looking forward to its future editions,” said Jack Lim, regional director of sales & marketing – China, Langham Hospitality Group.
CIBTM 2014 takes place at the China National Convention Centre in Beijing and provides a gateway for international exhibitors to meet and expand their business into China.