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British organizations to increase investment in business travel

Thursday, June 13, 2013

British organizations to increase investment in business travel

After several years of financial uncertainty, the North American and European private sectors are gradually beginning to recover. Many American firms expect to increase the amount they spend on business travel in the coming year, and this trend is also predicted to occur across the Pond. According to Buying Business Travel, growth in overseas economic markets is expected to fuel a substantial growth in business travel among U.K. organizations.

Seizing opportunities
According to a recent study conducted by American Express, many senior executives in the U.K. plan to increase their business travel spending by the end of the year. Approximately 66 percent of the 500 senior management professionals polled indicated they intend to expand corporate travel budgets this year, most of which will be spent to foster existing connections with overseas firms and forge new relationships with international companies.

"U.K. businesses pursuing a growth agenda recognize the huge potential of overseas markets," said Brendan Walsh, American Express' senior vice president for global corporate payments, as quoted by the news source. "Clearly, this has led to a willingness to increase investments in business travel in the year ahead."

International multitasking
Although overall business travel expenditure is expected to increase in North America and Great Britain by the end of the year, the need for companies to maximize their return on investment has never been greater. According to Carlson Wagonlit Travel, hybrid meetings - gatherings held both in-person and broadcast via the Web - are expected to be among this year's most notable trends in the corporate travel sector. Unfortunately for many companies, ancillary fees are also predicted to reach new heights this year, making the need to save money even more urgent.

In addition, the rising cost of hotel rates and the growing number of ancillary fees charged by chain properties in the hospitality industry could further stimulate demand for alternatives to corporate suites. Serviced apartments are rapidly becoming one of the fastest-growing sectors of the accommodations sector, and in many major cities, inventory of available furnished extended stay units is being significantly outpaced by consumer demand, particularly within the business travel sector.

Corporate apartments are the perfect option for executives who want to experience the comforts of home and the high standards they would expect from a boutique hotel. Bridgestreet has luxurious properties in the U.S., U.K. and around the world, all of which put the world's leading financial hubs right on their doorsteps.