Briefing: Corporate travel demand is growing
According to Reuters, spending on business travel in Western Europe is expected to rise by over 6% in 2016. This is good news for serviced apartments and extended stay products, which see a lot of demand from this sector.
A report from the Association of Serviced Apartment Providers states that UK businesses registered an 86% increase in the use of serviced apartments in recent years. They also say that Booking.com is experiencing strong growth demand for serviced apartments.
These videos discuss corporate travel and serviced apartment demand:
A report by Accura Media Group found that four out of ten business travellers surveyed said they will travel more in 2016 than last year, while more than half say they will travel more than they did two years ago.
According to Reuters, Germany is the largest business travel market in western Europe at an estimated $57.9 billion, and spending is set to rise 9.5 percent in 2016.
In contrast a new report from the Global Business Travel Association found that business travel volume growth in US is slowing in 2016 due to global uncertainties, but the report still says there are reasons to be optimistic for 2017.
Association of Serviced Apartment Providers found that occupancy figure for serviced apartment across the whole of the UK were high. London was at 84% and the rest of the UK just slightly lower at 83.1%.
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