The Sharing Economy Has Yet to Catch on in Extended Stay Business Travel

June 15, 2016   |  Skift

Most business travelers who are on the road for long periods of time prefer to book their own accommodations and have yet to turn to the sharing economy or serviced rentals en masse.

The Global Business Travel Association (GBTA) released an updated report this week pulling from a survey of travel buyers and conversations with travel managers on the subject of extended stay accommodations. It found that while many business travelers prefer the amenities of an extended stay property, they still end up staying in a traditional hotel for long periods instead of serviced apartments or shared rentals.

“Most respondents mention traditional hotels (71 percent) or extended stay hotels (80 percent) as types of accommodations their travelers have stayed in in the past 12 months for extended stay trips,” the report finds. “This does not come as a surprise as these are the most common types of accommodations that can be booked through traditional channels such as a corporate online booking tool, or through a travel management company. Half of respondents mention serviced apartments with 18 percent mentioning community sourced rentals like Airbnb, Flipkey, HomeAway, etc.”

Most business travelers took an extended stay trip to attend a conference, client meeting, training session, or internal company meeting, according to GBTA’s research.

Here are three more takeaways from the report.

Business travelers want a kitchen

Why spend your business trip at an extended stay hotel? The ability to cook for yourself, according to respondents.

“For those travelers who prefer to stay at an extended stay hotel or serviced apartment, the previous survey mentioned found that almost half (45 percent) do so because they want to have access to a kitchen,” the report reads. “In addition to a kitchen, amenities are mentioned 40 percent of the time while a residential feel is mentioned more than a third of the time (36 percent).”

Interestingly, 20 percent of U.S.-based international business travelers polled said they prefer an extended stay property or serviced apartment because they travel with their family.

Whether you are an individual or a corporation, let CAS be the key to your successful travel accommodations.