Homelike today released the State of Long-Term European Business Travel report, which examines:

• the evolving business trip
• how much money business travellers spend abroad
• how travel is being influenced by current socio-economic trends, especially Brexit and volatile global economies.

Research for the report involved surveying 2000 business travellers in the UK, Germany, France and Spain to gain insight about the current business environment Europe.

Essential contributors to local economies

The research illuminated that European business travellers make a significant contribution to the local economies they visit. UK, French, German and Spanish travellers alone spending an estimated £91.45 billion per year in local shops, cafes, restaurants, bars and gyms.British business travellers spend the least amount of money compared to the European average weekly spend of £446 a week, but still contribute a significant £356 per person per week to the local economies they visit. Europe’s biggest spenders are the French who spend an average of £561 per person per week when travelling for business.

The Brexit effect on business travel

The research also explored the Brexit effect on European business travellers. Some Spanish and French firms were found to have stopped business travel altogether since Brexit was announced and the majority of respondents from all countries were uncertain of how Brexit would affect their business travel over the coming months. In the UK specifically, 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 coming to the UK. Another factor causing a slowdown in British business travel is the volatile pound, with a third of UK residents saying that they are travelling less because of recent economic volatility.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, and also prefer being able to get more work done with less travel time.

Key takeaways from the report

• A third of UK business travellers say they are travelling less because of the volatile pound
• Over a third of European business travellers would now rather stay in a furnished apartment than a hotel when travelling for 1 month plus

Other key findings from the research

• Brits are most likely to be long-term travellers, travelling for over a month or more at a time, and are also most likely to have stayed abroad for over six months. The average European business trip is 2 to 6 days.
• British people are most likely to travel via car (32.6%) or train (21.2%) suggesting they favour more domestic travel or take more trips via the channel tunnel to the continent. Despite environmental concerns, the plane remains the most popular travel medium in Europe, favoured by 62.25% of travellers.
• Business travellers from the UK are most likely to prefer long-term travel because it is better for the environment. But those who do prefer short-term travel are most likely to have this preference because they prefer the culture in the UK and don’t like speaking another language.

The CEO and co-founder of Homelike,Dustin Figge, said, “The most important findings of our research - 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”.”Download a copy of the full report here and find out more about booking long-term furnished apartments for business travellers with Homelike here.

For more news, visit our Serviced Apartments section

Subscribe to Relocate Extra, our monthly newsletter, to get all the latest international assignments and global mobility news.Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Access hundreds of global services and suppliers in our Online Directory

©2024 Re:locate magazine, published by Profile Locations, Spray Hill, Hastings Road, Lamberhurst, Kent TN3 8JB. All rights reserved. This publication (or any part thereof) may not be reproduced in any form without the prior written permission of Profile Locations. Profile Locations accepts no liability for the accuracy of the contents or any opinions expressed herein.