Business Travel
Short-Term Rentals Spotlight for H2 2022: The Future of Travel
The travel industry, having taken a major knock since the pandemic, is set to climb steadily towards the end of 2022 with full recovery set for 2023. From increased privacy to better value for money, short-term rentals are now one of the most popular choices amongst European travellers, and for good reason.
Discover the latest travel trends for short-term rentals in the second half of 2022, according to recent market research.
Short-term rentals are rising in popularity
Before the COVID-19 pandemic, the short-term rental industry was bringing in upwards of €40 billion in gross bookings. However, due to extensive border closures, restrictions and uncertainty brought about by the pandemic saw record lows of just €25.3 billion for the industry in 2020, numbers last observed a decade earlier.
Now, as the world slowly reopens and recovers a sense of normality, it’s predicted that gross bookings will reach €37.5 billion by the end of 2022. With it, the pandemic has resulted in a rise in demand for rentals as more travellers wish to distance themselves from others, seeking bigger and more collaborative spaces for both families and working remotely.
London travel trends show the same upward trend with an increased need for secure, convenient short-term rentals with 85% of European short-term rentals being booked online, a rise from 77% in 2019.
Business travel 2022: set to increase, but slowly
As organisations are starting to move away from mid-pandemic restrictions, removing mask mandates and initiating a return to office in summer 2022, there’s predicted to be an uptick in corporate travel towards the end of 2022.
Team meetings and projects that were postponed or held online due to the pandemic will begin to shift back to in-person meetings over the course of the year and into 2023.
Business trends show that spend on corporate travel is expected to increase by 45% in Q3 2022 and up to 55% in Q4 when compared to pre-pandemic levels in 2019. International trips are also expected to increase significantly in comparison to the last two years, providing a need for short-term rentals in business metropolises such as London.
Who is booking short-term rentals?
The UK, Germany, Italy, France and Spain accounted for more than two-thirds of the total bookings of short-term rentals in Europe before the pandemic. The UK is expected to be the fastest country to recover, exceeding pre-pandemic booking levels before the close of this year, while France is set to be the slowest to recover to pre-pandemic levels with full recovery expected only by 2024.
Over a quarter of European travellers state that they plan to stay in a short-term rental when holidaying over the next year, posing a positive message for the short-term rental industry.
Why are people booking short-term rentals?
Over 40% of UK, German and French travellers chose short-term rentals for their most recent trips. Things like increased considerations for safety and health concerns are on the rise with travellers being more aware of and preferring to control the contact they have with other travellers.
Other reasons European travellers state they are booking short-term rentals in 2022 include value for money (37% of all European travellers), a particular consideration for Italian travellers, and location (45% of all UK travellers).
Sustainability is key for consumer and business travel
As we have seen over the past year, the need for more sustainable travel options has not only become the latest trend, but it has indeed become a non-negotiable. People are aware that climate change is a more threatening global emergency than even covid. As such, the travel and hospitality industry will increasingly need to seek out the most sustainable options to meet consumer expectations.
To meet the new demands and expectations of a more enlightened consumer, the travel and hospitality industry will need to invest in more sustainable solutions. This could be through sustainability partnerships, working with eco-friendly suppliers, or supporting promising charities to help give back to the environment. Opportunities are on the rise for suppliers in business, travel, and hospitality to become sustainability partners.
Phocuswright’s study reports that a third of companies are looking for guidance from travel management companies on how they can look to reduce their carbon footprint with a quarter of businesses aiming to work with and support partnerships and suppliers who focus on sustainability practices.
Travellers will be looking to companies with initiative in this regard, from plastic-free options – where possible – to the eradication of single-use plastics from items such as toiletries. Brands such as ours must continue to go above and beyond to address these points of concern.
Keen to travel again? Find short-term rentals in West London
If you’re looking to take advantage of the increasing travel trends for 2022 and book your next holiday, why not consider our sustainable and conveniently located West London short-term rentals, close to the heart of London and its bucket list-worthy attractions.
Our handpicked collection of West London accommodation in Central London, Kensington and Victoria offers the ideal base from which to rediscover the world. Every location in our portfolio has been carefully selected to put you and your family at the heart of the area’s action, with plenty of family activities on your doorstep.
From charming stays in Kensington at The Carlyle, to stylish Kensington studios at The Knaresborough, to our unique rooms in the boutique Warwick Hotel in Victoria – our collection of properties are ready to welcome you. Simply take a look at our West London short-term rentals or read our guides for activities to enjoy in the area. To take advantage of our best rates, book directly on our site.
Looking for more ideas for things to do while you’re in London? Check out our local guides which are tailored for your arrival, or drop us a message – we’d love to hear from you!
