Pacific World has released its first ever report on the growth, trends, MICE industry developments and emerging destinations in China.
China Destination Development Report: What’s Ahead? was unveiled at PCMA’s Convening Leaders Conference in San Francisco earlier this month.
“With the pace of change and developments in China we realize that many events professionals have limited to no information about today’s China business events landscape”, said Selina Sinclair, global managing director of Pacific World.
“Through our insights reports we hope to help event professionals to close the gap and better understand China as a destination and to help them anticipate upcoming infrastructure developments to enable them to identify locations for events in 2023 and beyond.”
Estimates show that over the next years, China’s hotel industry will grow to US$100 billion with 6.3 million rooms.
The biggest growth is expected in the mid-scale category, with local and international hotel operators as well as real estate developers building over 2000 new properties to meet current and future demands.
Initiatives such as Made in China 2025, a state-led initiative to fortify China as the global high-tech leader through a combination of government, private and foreign investment into innovation and infrastructure, and the Belt and Road Initiative, an ambitious plan to connect a vast area around the globe to several cities in China through infrastructure investment and economic development, are set to propel development of the business events industry.
Products like WeChat also have the potential to revolutionise event planning with features like event registration and payment, real-time customer service and feedback and onsite social engagement. It also offers potential for virtual enhancements such as AI recognition and VR and AR interaction.
“Our partnership with Pacific World, shows the importance of the Chinese market on the world economy and the keys to unlocking its potential”, said Sherrif Karamat, president and CEO of PCMA.
More information on the report can be found here.