New research finds
Face-to-face meetings make an annual contribution of £54bn to the London economy according to a report published today by the Centre for Economics and Business Research (Cebr) and Premier Inn.
This contribution is based on a representative study of the total number of UK private sector businesses in the region.
The Measuring Face Value report demonstrates that, when a London-based company does business face-to-face, it stands to gain an average income boost of £248,100 per year.
This research has found that the return on investment is excellent for all businesses in London. For every £1 spent on business travel by organisations in the area, they see a 60 per cent return on investment.
Karen Plumb, director of business to business at Premier Inn, comments: “We all know that when we are meeting virtually, whether on a video or phone call, not everyone is engaged 100 per cent of the time. Welcoming millions of business guests each year, Premier Inn understands how valuable face-to-face interaction is for our customers. Guests stay with us when they’re travelling to all kinds of face-to-face business meetings – from site visits and conferences to new business pitches and brainstorms.”
The Cebr and Premier Inn report establishes that when it comes to securing new business, just by walking out of their front door and going to meet prospects in person, a London-based company is in line to increase revenues by an average of 34 per cent per year.