Almost as many buyers directed more spend to budget hotels, while more than a third (37%) went for mid-range hotels.
The poll, conducted by the Business Travel Show in collaboration with Association of Serviced Apartment Providers (ASAP), found that 28% used five-star hotels less.
Business Travel Show event director David Chapple said: "Our research is great news for the serviced apartment community and is a testament to the work ASAP has done in raising awareness of, and building trust in, the industry and its suppliers.
"It’s also an honest reflection of the state of the market. For the last two years, our annual survey of travel buyers has shown that the number one challenge facing them is cutting costs while maintaining quality and value for money."
James Foice, chief executive of the Association of Serviced Apartment Providers said that it was absolutely fantastic" to see that 20%, or 1 in 5, of corporate buyers have increased their use of serviced apartments this year.
Foice said: "The popularity of our serviced apartment product has never been higher with the significant increase in supply this year – more than 2,000 new serviced apartment units have opened right across the UK in 2017.
"17% growth in supply is forecast by 2020 so this trend is all set to continue. More corporate and leisure travellers prefer this more flexible way to stay offering a bit more space to live, work, sleep and eat."
He added that it was"particularly" interesting to see ‘value for money’ coming out as the top reason why corporates are using serviced apartments.
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