An overview of the business travel sector

An overview of the business travel sector

An overview of the business travel sector
4th November 2010

The serviced apartment sector has continued to grow despite the economic downturn. Using both internal information and competitor statistics we have looked into how the serviced apartments industry has fared against other areas in the travel market industry.

Air travel declined by 15% in the period 2007-2009 and overnight domestic stays also took a serious hit with many business travellers reigning in the purse strings. Meanwhile the rail travel sector benefited from the downturn, with both the number of journeys taken and profits rising.

These shifts in the travel market are partly due to the continuing trend of ‘trading down’- swapping more expensive travel or accommodation in favour of cheaper options.  Many businesses rejected 1st and business class travel in favour of economy class and overnight stays were often no longer considered necessary.

The serviced apartment sector has not seen the same decline as hotels because they generally offer a more cost-effective mode of travel, especially when staying away on business for prolonged periods of time, because the nightly rate often decreases with the length of stay.

"Some 57% of corporate buyers in the UK are now using serviced apartments to cut costs," claims Mark Harris, from the Association of Serviced Apartment Providers. "Companies are more aware of the benefits of apartments, especially for stays of five days or more, while the apartment environment is the perfect fit for the mobile, self-sufficient corporate traveller."

Staying in a London serviced apartment eliminates two of the major expenses of staying in a hotel: dining out and doing laundry. Furthermore, SilverDoor serviced apartments provide home-from-home comforts that are essential to any long stay, giving guests more space, more privacy and more freedom to relax.

Gender disparity is still evident within the business travel market despite the increasing number of female professionals. Over 40% of men in the professional market travelled on business last year compared with less than a quarter of women. This is down to several factors including workplace bias and family pressures.

SilverDoor have several female friendly apartments to ensure that women travelling alone feel as safe and comfortable as possible. One such apartment is Amstelveen. These apartments have carefully considered the requirements of a lone female traveller. With 24 hour security as well as secure and safe transport available to your apartment, they also include other essential amenities such as hairdryers and a fitness centre and spa.

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