GSAIR 2023 58
Essential takeaways
1
Serviced apartment usage has grown for the 10th consecutive GSAIR report . Growth is across business travel , mobility , and leisure guests , although the volume of bleisure trips is modest compared to industry predictions .
2
Corporates are demanding more added value from their suppliers but are reluctant to pay for these enhancements . Intermediaries and suppliers are being squeezed as customers ’ needs become more complex and more expensive . There is a limit to how far partners are able to go .
3
The need for speed in every way of working , with everything at virtual pace seems unsustainable . Traditional operators could be vulnerable and only strong financially backed providers will be able to keep their heads above water .
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Europe remains the epicentre of serviced apartment demand , although growth is also concentrated in the established markets of London and Singapore .
When deciding between serviced apartments and hotels , corporates are balancing cost concerns such as total cost of stay and value for money , against traveller wellbeing .
Sustainability is driving the sourcing of serviced apartments , but two-thirds of corporates and operators have not yet calculated their GHG emissions or set carbon reduction targets .
7
Despite , or maybe because of the rise of digital nomads and the work-from-anywhere culture , what travellers and assignees need from a serviced apartment are largely unchanged , i . e ., connectivity , cooking facilities and in-house services .
8
The appeal of serviced apartments to travel and global mobility managers remain traveller safety , guest experience and policy compliance .
9
The growing maturity of the serviced apartment sector is evidenced by content being made available in self-booking tools ; the importance of policy compliance in accommodation choices ; growth of interest in , and the adoption of Home Stay and Co-living products .