Global Business Travel Spending to Reach $1.57 Trillion in 2025 Amid Trade Policy Uncertainty and Economic Risk

Source: GBTA

Global business travel spending is projected to reach a new historical high of $1.57 trillion USD in 2025. This represents a moderate year-over-year growth rate of 6.6%, as global spending is expected to slow this year due to trade tensions, policy uncertainty and economic pressures. A rebound to 8.1% growth is projected for 2026, while long-term forecasts remain clouded by geopolitical and economic volatility.

Despite near-term challenges, global spending is projected to surpass $2 trillion by 2029 ─ one year later than anticipated a year ago ─ driven by structural shifts in trade, investment, and corporate travel behavior.

This is according to the latest edition of the GBTA Business Travel Index (“BTI”) Outlook – Annual Global Report & Forecast, released yesterday at the GBTA Convention in Denver.

The GBTA BTI™ report is a comprehensive five-year forecast on business travel spending covering 72 countries and 44 industries and includes insights from 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.

“Trade policy uncertainty, inflationary pressures, and shifting global supply chains are reshaping how and where companies travel. This latest forecast reflects the resiliency of business travel and our industry as well as the acknowledgment of the risks ahead,” said Suzanne Neufang, CEO of GBTA.

In 2025, the top 15 markets for spending are anticipated to represent $1.31 trillion. The U.S. ($395.4 billion) is projected to reclaim the top spot this year followed by China ($373.1 billion, which led the list in 2024 and 2023), Germany, Japan, and the UK.

A global survey of over 7,300 business travelers across 33 countries reveals continued evolution and confidence in the value of traveling for work. Business travel is seen as valuable—86% rate their trips as worthwhile. Average trip spending rose to $1,128 USD (up from $834 in the 2024 survey). Corporate card access rose to 69% and mobile wallet use is also up, with 64% adoption globally.

Source: GBTA