Annual report sees spending growing by 7% in 2025 and 8.1% in 2026

Global business travel spending  is expected to grow almost 7% in 2025 to $1.57 trillion, snapping back to 8.1% in 2026, according to the 2025 Business Travel Index Outlook from GBTA, released at the organization’s annual convention in Denver.

The GBTA BTI report is a comprehensive five-year forecast of business travel spending covering 72 countries and 44 industries and includes insights from more than 7,300 global business travelers. In its 17th edition and made possible in partnership with Visa, this latest forecast reflects a continued recovery in nominal terms but signals growing headwinds from global trade tensions and economic uncertainty.

Suzanne Neufang, CEO of GBTA, said, “As we thoughtfully anticipate reaching a new high in business travel spending this year, the outlook is steady — but the road ahead is more complex.” Trade policy uncertainty, inflationary pressures and shifting global supply chains, she said, are reshaping how and where companies travel. This latest forecast, said Neufang, “reflects the resiliency of business travel and our industry as well as the acknowledgment of the risks ahead.”

According to the GBTA BTI, spending is projected to grow by 6.4% in 2027 and 6.3% in 2028 — modestly higher than forecast a year ago. The pace and trajectory of this growth, however, will depend heavily on the resolution — or escalation — of global trade tensions.

Global trade tensions impact growth momentum:

• The latest forecast reflects a moderation from double-digit gains of the past two years. Trade policy uncertainty has emerged as a key risk leading to downward revisions in business travel growth projections for 2025 (from 10.4% projected a year ago to 6.6% now) and 2026 (from 9.2% projected a year ago to 8.1% now).
• Spending figures for 2024 were also adjusted in this latest forecast: Spending rose to $1.47 trillion, slightly below the previously projected $1.48 trillion. While this still marked a new high, real inflation-adjusted spending remains 14% below pre-pandemic levels, underscoring a slower recovery in travel volume.

Impacts diverge among regional markets and industry sectors:

• In the 2025 forecast, the top 15 markets for business travel spending represent $1.31 trillion. The two top markets — the US ($395.4 billion) and China ($373.1 billion) — together represent 58% of that total.
• The US is projected to reclaim the top spot this year, followed by China (which led the list in 2024 and 2023), Germany, Japan and the UK.
• India, South Korea and Turkey are among the fastest growing among the top 15 markets, while Spain and the Netherlands are forecast to have little to no growth or a slight decrease.

Global business traveler sentiment remains strong:

• Business travel is seen as valuable; 86% rate their trips as worthwhile. Primary trip purposes cited vary by region, with training and conferences topping the list globally.
• Most travelers (74%) took between one and five trips in the past year, and over 80% say they are traveling for work as much or more than before 2019.
• Average trip spending rose to $1,128 (up from $834 in the 2024 survey).
• Expense systems are common (67% use them), and comfort with artificial intelligence booking tools is growing, especially in Asia-Pacific (78%).
• Corporate card access rose to 69%, led by North America (73%). However, only half of cardholders are required to use them. Mobile wallet use is also up, with 64% adoption globally and 72% in Asia-Pacific.