The London economy receives a boost to the tune of £54bn a year from businesses conducting face-to-face meetings when trying to secure business, new research shows.
When a London-based company conducts an in-person meeting with another business or client, it stands to gain an average income boost of £248,100 per year and £54bn across the region, according to consultancy the Centre for Economics and Business Research (CEBR) and hotel group Premier Inn.
This was more than 10 times higher than the £5bn total boost in Wales and the north east. London's total revenue boost from meetings outpaced all other UK regions and was far ahead of the second most lucrative region, the south east, where meetings add £32bn to the economy.
Read more: How to ensure your meetings are productive
In addition, for every £1 spent on business travel by organisations in the capital, they reap a 60 per cent return on investment, the representative study of the total number of private sector businesses in the region found.
Across the UK, meetings make an annual contribution of £193bn to the economy.
Karen Plumb, director of business to business at Premier Inn, said:
Human interaction has long been recognised as important in business but I am pleased that we can now pinpoint precisely how much it’s worth to UK companies.
These figures may encourage some businesses to reflect on their own balance of virtual and face-to-face interaction, and to consider how getting that balance just right can have a positive impact on their bottom line.
Total revenue boost from face-to-face meetings by region
|East of England||£16bn|
|Yorkshire and the Humber||£14bn|