European business travellers make a significant contribution to the local economies they visit, a figure put at an average of €504 per week, according to a report by Homelike, a tech start-up specialising in accommodation booking.
Its State of Long-Term European Business Travel report examined the evolving business trip, how much money business travellers spend abroad and how travel is being influenced by current socio-economic trends such as Brexit and volatile global economies.
The research surveyed 2,000 business travellers in the UK, Germany, France and Spain to gain insight on the current business environment in the region.
The report found UK, French, German and Spanish travellers alone spend an estimated €103.4bn per year in local shops, cafes, restaurants, bars and gyms.
Europe’s biggest spenders are the French who spend an average of €634.2 per person per week when travelling for business.
The research also explored the effect of Brexit and found some Spanish and French firms were found to have stopped business travel altogether since Brexit was announced. In the UK, it appears businesses are preparing for a slowdown in European relations as they are travelling less to the continent than before.
Germans are still travelling frequently for business but many have stopped travelling to the UK. Another factor causing a slowdown in British business travel is the volatility of sterling.
More generally, whether they are travelling short or long-term, European business travellers all enjoy experiencing local cultures when they are working abroad and are increasingly looking to stay in a ‘home away from home’ when away, with over a third (35.5%) now preferring to stay in a furnished apartment over a hotel.
The majority (49%) of Europeans, and Brits (51%) in particular, also prefer to travel for longer periods, staying in one location. This is largely because people find long-term travel less stressful than jetting around frequently.
Other key findings from the research include:
- The average European business trip is 2-6 days.
- Despite environmental concerns, the plane remains the most popular travel medium in Europe, favoured by 62.25% of travellers.
Dustin Figge, CEO and co-founder of Homelike, said: “Business travel is a massive industry, worth $1.3 trillion globally in 2017 and predicted to grow by $1.7 trillion by 2023. We conducted this research in four of Homelike’s key markets (Germany, Spain, the UK and France) and the most important findings in my eyes confirm the hugely positive impact that business travellers have on local economies around the world, especially if they stay long term and make themselves a ‘home away from home’. Homelike makes finding long-term accommodation in cities around the world a simple process for business travellers and we’re proud to be helping them have a stress-free experience while making a positive contribution to the local economies we operate in!”