The business lunch is back on the menu midweek
The business lunch is back in favour and once again rising in popularity as business leaders increasingly use it as an opportunity to network and build key professional relationships. New research from International Workplace Group sheds light on the trend and reveals that business lunches are increasingly taking place in the suburbs closer to where workers live.
A study among more than 500 business leaders found two thirds (68%) said they were going on more business lunches than they were two years ago. This rises to 80% among 25-34 year olds, demonstrating the value that Gen Z and Millennial executives place on in-person collaboration in a hybrid world.
IWG’s research shows that business lunches, once the exclusive preserve of city centre business districts are now also taking place in the heart of local neighbourhoods. Four in five (80%) executives said they now host lunches closer to the suburbs and towns close to where they live, facilitated by increased use of flexible local workspaces, which remove the need for long commutes.
Previous analysis by IWG and Arup found that hybrid working could add up to £327m to rural and suburban economies, with increased local spending on food and drink a major contributor.
Data from OpenTable shows that seated meals on Wednesdays have grown by 10% over the last year alone, the largest increase of any day.
This aligns with International Workplace Group’s office and coworking footfall data, which shows that Wednesday is the most popular day to work from a professional workspace.
The latest research highlights that on average business leaders attend four and a half lunches per month, with nearly seven in 10 (69%) viewing them as crucial for deal-making and four in five (82%) acknowledging their significant impact on business outcomes.
In an era increasingly dominated by technology, 87% of executives agree that face-to-face meetings are vital. Moreover, lunches have become more intimate affairs, with 81% reporting that gatherings tend to be smaller and more focused, a shift from the larger meetings typically held before the pandemic.
Mark Dixon, founder and CEO of International Workplace Group, said: ““This latest research highlights that the business lunch is alive and well and continues to play a crucial role in building and strengthening professional relationships. Much like the office itself, the practice is far from dead with professional get-togethers and networking increasingly taking place in the suburbs, in the heart of local communities, close to where people live.”