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GCC MICE Outbound Travel Market Optimism Amid Regional Flux
1.
1 © 2015
Ipsos.1 © 2015 Ipsos. All rights reserved. Contains Ipsos' Confidential and Proprietary information and may not be disclosed or reproduced without the prior written consent of Ipsos. GCC MICE OUTBOUND March, 2016 MICE ARABIA CONGRESS Karthik Ramamurthy, Head – MEA & India
2.
2 © 2015
Ipsos. OPTIMISMNAVIGATING tentative
3.
3 © 2015
Ipsos. Source: IMF WEO, IPSOS Analysis THE REGIONAL ECONOMY IN A STATE OF FLUX Predicted Real GDP Growth for 2014 0 1 2 3 4 5 6 7 KSA UAE Oman Qatar Bahrain Kuwait As of OCT 2013 As of OCT 2014 0 1 2 3 4 5 6 7 KSA UAE Oman Qatar Bahrain Kuwait As of OCT 2013 As of OCT 2014 Actual 2014 Actual Real GDP Growth (2014) 2015(E) - 3.3% 2016 (F) - 2.8% Oil Forex Security
4.
4 © 2015
Ipsos. WITH VISIBLE PRESSURE ON INDUSTRY Source: Trading Economics, HSBC Markit Manufacturing PMI (2012-2016)
5.
5 © 2015
Ipsos. BUT, THERE IS OPTIMISM TO TIDE THROUGH, INDICATING RESILIENCE Source: Korn Ferry Hay Group business outlook study, 2016; EIU 65% of the business are forecasting their revenue to grow by 5 to 15% or more in 2016 30% of the business are expecting business to look more or less the same as 2015 5% of the business forecast a reduction of more than 5% in revenue Business Outlook 2016 50% of the businesses have set cost reduction and higher profitability as their strategic priority for 2016 as against 26% in 2015 Cost Reductions Profitability
6.
6 © 2015
Ipsos. BUILT ON FAVORABLE FUNDAMENTALS Source: UN Population Data 2016, World Bank Data, IPSOS 8% 3% 2% 7% 0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85+ Agegroup FemaleMale GCC Population Demographics More than 50% of the population is in 26-45 years age group and contribute to 70% of outbound travel GCC Population (‘mn) 2013 2018F 49.7 56.3 GDP (Nominal) Per capita UAE KSA Qatar Kuwait Bahrain Oman $96,732 $43,962 $43,594 $24,161 $24,855 $19,309 USA $54,370 UK $45,729
7.
7 © 2015
Ipsos. SO, WHAT IS THE SIZE OF PRIZE? 2014 2020F USD 13 Bn USD 19 Bn Source: IPSOS Estimates & Analysis INHIBITORS Slowing Economies Increasing Security Concerns Economic impact of oil price ENABLERS Favorable Demographic Increasing presence of multinational businesses Increasing Connectivity Major events GCC Business Outbound
8.
8 © 2015
Ipsos. KEY DESTINATIONS FOR MICE TRAVELERS Most frequented destination markets Growing Destination Markets USA South Asia SE Asia Switzerland Germany UK France Morocco 17% to India, Pakistan and Bangladesh 31% to North America 62% to Europe with 24% travelling to UK Source: IPSOS Research
9.
9 © 2015
Ipsos. DRIVEN BY….. Key Purpose for MICE Travel Business Development ~80% Conferences/ Exhibitions ~45% Training ~25% Sourcing ~60% Incentives ~10% Source: IPSOS Research
10.
10 © 2015
Ipsos. PARAMETERS CONSIDERED FOR CHOICE OF DESTINATION Business Relevance Security Access Weather Food Promotion/ Packages BudgetShopping Social Media Entertainment Source: IPSOS Research
11.
11 © 2015
Ipsos. IMPORTANCE OF PARAMETERS BY SEGMENT Meetings Conferences Incentives Exhibition Business Services Financial IT Retail Hospitality Financial Healthcare Telecom Financial Hospitality Business Services Retail Construction Manufacturing Healthcare Food Business Relevance Security Access Promotion /Packages Budget Food Shopping Entertain - Very Important - Less Important KEY VERTICALS Source: IPSOS Research
12.
12 © 2015
Ipsos. KEY CHALLENGES FACED BY ORGANIZERS SECURITY CONCERNS VISA/IMMIGRATION PROCESS MULTICULTURAL GROUPS FOOD Source: IPSOS Research
13.
13 © 2015
Ipsos. TYPICAL GCC LUXURY TRAVELER PROFILE GCC National Age: 25+ Strong emphasis on family activities Western Expat Age: 30+ Influenced by country of origin 9% increase in outbound luxury travel in 2015 14% residents spend $7,000 on a family trip GCC OUTBOUND LUXURY TRAVEL MARKET LUXURY TRAVEL – SOMETHING THAT CHARACTERIZES THE REGION... 1/4TH of GCC outbound luxury travel is MICE Source: Kippreport - Luxury Travel’2015, IPSOS Research
14.
14 © 2015
Ipsos. AND THAT BUCKS THE ECONOMIC CLIMATE On Air Travel Travel in business class On Accommodation On Dining SPEND BY GCC TRAVELER COMPARED TO REST OF THE WORLD 2.6X 40-60% 4.3X 5.6X LONDON PARIS SOUTH OF FRANCE ITALY GERMANY SWITZERLAND AUSTRIA Europe Continues to be the Most Popular Destination for Luxury Travel Natural Experiences Drive New Trending Destinations TURKEY CROATIA SOUTH AFRICA AUSTRALIA NEW ZEALAND POPULARDESTINATIONS TRENDINGDESITNATIONS Source: Kippreport - Luxury Travel’2015, IPSOS Research
15.
15 © 2015
Ipsos. When the going gets tough, the tough get going the tough differentiate and standout! TO CONCLUDE…
16.
16 © 2015
Ipsos.
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