The MICE Industry has played an important part in leading the economic impact of business travel. Namely, TCEB is continuously leading the MICE industry in Asia by embryonic development with Social Impact studies and calculation of Social Impact from the MICE industry – Social Impact may be interpreted as any changes people make with the intention to solve social challenges or deliberate attempts to effect positive change.  

In a new dimension where Social Impact has changed people’s perception of values, not only looking for values for money but authentic values that influence their decision-making. People are looking for values connected at a company-wide level with their core values and hoping to discover new experiences, in other words, Return on Experience (ROX). It means that the authentic values and Social Impact correspond as people feel most authentic when they involve a particular set of ethical practices or deliberate Social Impact. The behaviour and mindset of Gen Z in particular greatly value experience, making them a key driver of the change in the market system since they will become 30 per cent of the world population in 7 years.

The change in the MICE market has proven that sustainability constructs Social Impact in different dimensions, especially the emphasis placed upon tourism’s social and environmental impact by meeting the terms of the 17 Sustainable Development Goals. For example, TCEB has developed a modest, yet impactful strategy based on the UN’s Sustainable Development Goals: SDGs for the MICE Industry to implement the “Sustainable Events Basic Guidelines” throughout organising events from the start to the end. As well as supporting events that have sustainable practices within their marketing strategy. Doing these creates an atmosphere that can be an effective selling point for events as it promotes connection among people with mutual interest, leads to a strong community and enhances awareness of the community.  

On top of that, it also benefits the company by producing a smaller pollution footprint. It shows commitment and detail-oriented operations, perhaps attracting better quality investment and improving employee retention as a new generation tends to be happier working with organisations that adopt sustainable business practices. Eventually, these actions may possibly lead to improved productivity, boosted employee loyalty, and reduced the total cost of the company.

Hereafter, the implication of Social Impact enlarges the economic significance of business events, and perhaps it creates a positive destination image such as job opportunities, better quality of life, better infrastructures, etc. It reduces the negative impact on the environment and creates an image of the destination not only for businesses and tourism destinations but also a livable destination for the upcoming generation.

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