The meetings, incentives, conventions and exhibitions (Mice) sector could lose more than 25% of revenue, roughly 122 billion baht, if the US-Iran conflict persists until year-end, according to the Thailand Incentive and Convention Association (Tica).Prachoom Tantiprasertsuk, president of Tica, said the sector is concerned about the situation in the second half of the year, as bookings are down from last year. Many group travellers have enquired about holding meetings but have yet to confirm bookings.
Ms Prachoom, a board member of the Thailand Convention and Exhibition Bureau (TCEB), said its recent board meeting projected three scenarios for how the Middle East crisis would affect the Mice sector.
The best-case scenario has the conflict ending by June, with Mice revenue dipping by 10% from its initial target to 147 billion baht, attracting 26.1 million visitors.
If the war ends in September, the industry could lose 18% of revenue, or 134 billion baht. The worst-case scenario projects the conflict continuing throughout the year, costing the sector up to 25%, or 122 billion baht in revenue, and recording only 21.7 million Mice visitors, she said.
The industry will continue to feel the impact once the conflict ends, as economic growth is expected to remain slow until next year, hampering companies' travel budgets, Ms Prachoom noted.
