Global business travel spending to hit $1.57 trillion in 2025
Trade tensions and economic uncertainty weigh on growth, but long-term outlook remains strong
Global business travel spending is forecast to reach $1.57 trillion in 2025, marking a new high but reflecting slower growth due to trade tensions, policy uncertainty, and economic pressures. Despite these near-term headwinds, spending is projected to surpass $2 trillion by 2029, though one year later than previously expected.
Key takeaways
- Slower near-term growth: Business travel spending is projected to grow 6.6% in 2025, down from last year’s forecast of 10.4%, reflecting trade and economic challenges.
- Long-term resilience: Despite short-term pressures, global business travel is expected to exceed $2 trillion by 2029, supported by structural changes in trade and corporate travel behavior.
- U.S. leads the market: The U.S. is projected to reclaim the top spot in business travel spending at $395.4 billion, followed by China at $373.1 billion.
- Regional and sector divergence: India, South Korea, and Turkey are among the fastest-growing markets, while Spain and the Netherlands are expected to see minimal growth. Manufacturing faces risks from trade tensions, while mining and ICT are set for the strongest growth.
- Evolving traveler expectations: Survey data from 7,300 travelers shows rising trip volumes, increased average spending ($1,128 per trip), and growing adoption of mobile wallets and AI booking tools.
- Payment and tech integration: Corporate card access rose to 69%, with strong mobile wallet use (64% globally), especially in Asia Pacific, signaling a shift toward digital, mobile-first payment solutions.
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