FCM Meeting & Events shares the new profile of Indian meeting travellers

FCM Meetings and Events is optimistic even as it adapts to new travel attitudes and challenges, amidst a booming business where it has sent more than 150,000 corporate clients around the world in 2022.

“The global MICE market size, in terms of revenue, is expected to grow at a compound annual growth rate of 6.6% from 2022 to 2030 to reach US$1,563.3 billion. FCM Meetings and Events India has achieved better performance than pre-covid levels by more than 50%,” said Manpreet Bindra, president of FCM Meetings and Events.

Its top 10 outbound destinations include Dubai, Abu Dhabi, Singapore, Thailand, Turkey, Australia, Baku, New Zealand, the UK, Switzerland, and France.

The surge in demand in 2023 continues and is being witnessed across the industry, despite organisations facing changing attitudes to work-life boundaries and budgetary constraints.

The new profile of Indian travellers

Indian travellers are showing keen interest in travelling for events but are now intentional about their travel choices and the impact it has on their overall wellbeing.

The time of red eye flights and crazy dash-in-dash-out itineraries is gone. Instead, travellers want more pampering, experiential activities, and theme-based events that make them feel more engaged. Indian travellers now desire a holistic travel experience that includes group activities, adventure, and a balance between relaxation and enrichment. They see self-care as important, and prioritise activities that contribute to their overall wellbeing.

Sustainability agenda

Companies are increasingly including sustainability as a mandate when planning meetings and events. FCM Meetings and Events sees this as an opportunity for meeting and event planners to lead and help their clients in creating action plans to minimise the environmental impact of events.

Other simple changes would include adopting delegate apps and onsite technology to replace paper usage; working with eco-conscious suppliers to reduce environmental impact; emphasising local and sustainable F&B; reducing and recycling waste; choosing venues committed to reducing carbon emissions; and partnering with local charities during larger events.

Caring for the wellbeing of delegates

In 2023, caring for the mental and physical wellbeing of employees has increased in focus, including when they are attending meetings and events. Hence, events are now being designed more holistically at unique and different destinations, with more breaks and wellness activities, fewer packed schedules, and more informal downtime that allows for genuine connection.

FCM India Meetings & Events has hosted morning yoga classes, spa treatments, and engaged motivational speakers from various industries such as Cricketers and Mount Everest Mountaineers to inspire business travellers. Such initiatives are also seen as an important way to reward and retain employees in a “very tight labour market”, it stated.

Rising costs

Travel constraints, capacity issues, labour shortages, supply chain issues and travel disruptions are all easing, but they are not expected to fully stabilise until 2024.

“Planners and venues are still seeing a trend to book at the last minute or with short lead times, and venue availability remains tight. All these factors mean that the cost of a meeting per attendee has increased, at a time when business budgets are tight, and employees are working at capacity,” added Bindra.

Drop in virtual meetings

Data from FCM Meetings & Events reveal that planning for hybrid and virtual events had dropped by 75% at the end of 2022 compared to the previous year. Bindra said, “In 2023, Indian travellers are feeling more relaxed and confident about travelling. The removal of testing and quarantine conditions has contributed to this positive shift, and it’s having a ripple effect on the meetings and events sector. People are realising the true value of in-person interactions and are embracing them with enthusiasm.”

Greater technology uptake

The increased uptake of artificial intelligence, virtual reality, augmented reality, and live streaming are delivering diverse experiences to myriad audiences. Event planners are using data for in-depth analysis and reporting. As events are now more costly, companies want data that show a return on investment and that an event has delivered on its goals and objectives.