The survey of more than 200 businesses released by luxury serviced apartment specialists Cheval Residences found that 35% of companies expect to carry out more business in London in 2014 than in 2013 and the same number said they expected to visit London more this year than last year. One in ten companies expect to do as much as 40% more business in London this year, while a similar number say they will do 20% more in the capital.
George Westwell director of Cheval Residences said: “The confidence of business organisations visiting London augers well for continued economic expansion in the capital. We’ve seen evidence of this confidence ourselves – we’ve just opened Cheval Three Quays a new multi-million pound luxury serviced apartment building next to the Tower of London in the heart of the city and we’ve beaten our first month’s arrivals target already. We are also opening a multi-million pound property called Cheval Harrington Court in Kensington this summer. From our survey and own experience we know the majority of business travellers come to the capital for short stay conferences or meetings, but 5 per cent of our survey said they stayed for over a year and 3 per cent stayed for up to a month.”
The survey for Cheval Residences is backed up by businesses and industry leaders. Patricia Yates, director of strategy and communications at Visit Britain, said: “The number of business visits to London is showing good growth. We saw a 20% increase in visits between 2009 and 2012 and we expect growth to continue in 2014. These business travellers are hugely valuable to Britain’s economy. In 2012 there were 3.1 million international visits to London for business purposes alone and £2.7 billion was spent during those visits.”