After several years of pandemic-induced volatility and recovery-driven spikes, business travel prices began showing signs of moderation last year. Now, prices are set to stabilize further over the next 18 months, according to the latest edition of the annual Global Business Travel Forecast released by CWT, the business travel and meetings specialist, and GBTA, the world’s largest business travel trade organization.

The report uses anonymized data generated by CWT and GBTA, with publicly available industry information, and econometric and statistical modelling developed by the Avrio Institute. It projects modest annual fluctuations in airfares, hotel rates, and ground transportation costs for corporate travel programs in 2025 and 2026. This reflects more balanced supply-demand dynamics and tempered macroeconomic growth.

Airline capacity, room supply, and car rental fleets are gradually catching up with demand – though inflationary pressures, economic uncertainty, policy shifts, and geopolitical tensions remain key watchpoints.

Given the looming threat of a global economic downturn amid rising trade tensions, this year’s report includes two scenarios:

A Base Case Forecast, which assumes a business-as-usual pricing environment in a weaker but stable global economy, and

A Global Recessionary Forecast, which outlines potential price shifts in the event of an economic downturn.

This year’s forecast shows encouraging signs that business travel pricing is normalizing further – and that’s creating real opportunities for corporate travel buyers. While economic uncertainty hasn’t gone away, corporate travel buyers are regaining leverage and have more room to optimize their programs. Whether it’s capitalizing on localized pricing trends, securing added value through smarter negotiations, or rethinking event formats for greater impact, this is a moment to be proactive and strategic. With the right approach, organizations can stretch their travel budgets further and deliver even greater returns. Patrick Andersen, Chief Executive Officer, CWT

The indicators are pointing to a more predictable era ahead for business travel pricing, with travel managers navigating a landscape that’s steadier than the post-pandemic surge. However, that landscape will continue to be shaped by inflation, supply constraints, and evolving traveler expectations. The good news is that with better data and clearer trends, buyers can plan with more confidence. Success will come from staying informed and flexible, while aligning travel decisions with broader business goals. Suzanne Neufang, CEO, GBTA

KEY FINDINGS

— Source: GBTA

Air

After a 4.8% increase in the global average ticket price (ATP) in 2024, airfares are expected to decline by 2.2% in 2025, followed by a modest 0.4% uptick in 2026. This shift reflects a gradual increase in capacity, easing fuel and input costs, and a normalization of travel patterns.

However, aircraft delivery delays from major manufacturers—along with ongoing maintenance and spare parts constraints—are hampering capacity recovery across many regions, potentially continuing to place upward pressure on prices. If a global recession occurs, ATPs could fall more sharply – by 5.7% in 2025 and another 1% in 2026 – as demand drops and competition intensifies.

Regional highlights:

North America (NORAM) recorded the highest ATP globally in 2024 at $831, a 6.9% year-on-year increase driven by strong demand and a shift toward long-haul travel and premium cabin bookings. Prices are expected to correct in 2025, falling 2.9% to $807, before rebounding slightly by 1.7% to $821 in 2026.

Europe, Middle East, and Africa (EMEA) ATPs rose 4.8% to $823 in 2024 and are projected to increase a further 0.6% in 2025 and 2.1% in 2026.

Asia Pacific (APAC) saw a moderate 2.9% rise to $502 in 2024. A 1.8% dip is expected in 2025, followed by a 0.8% increase in 2026.

Latin America (LATAM) ATPs increased 1.7% in 2024 to $667. Pricing is expected to remain relatively flat, dipping 0.4% in 2025 and rising 1.7% in 2026.

Hotel

Hotel pricing continues to be underpinned by high occupancy rates and constrained room supply. Despite central banks slowly easing interest rates, elevated borrowing costs and tight lending standards are limiting new hotel development, keeping supply growth below long-term averages.

Globally, the average daily rate (ADR) increased 1.9% in 2024 to $161. Moderate growth of 1.2% is forecast for 2025, followed by a 1.8% rise in 2026. In a recessionary scenario, ADRs could decline by 3.7% in 2025 and 1.3% in 2026.

Regional highlights:

LATAM remains the global outlier for hotel price growth. ADRs rose 7.5% in 2024 to $100 and are forecast to increase by another 7% in 2025 and 5.7% in 2026. Strong domestic travel, limited new hotel supply, and high inflation are all contributing factors.

APAC saw a 4.5% increase in 2024 to $138. Rising labor and construction costs are expected to drive further increases of 3.6% and 2.8% in 2025 and 2026 respectively.

NORAM ADRs rose 3.3% in 2024 to $188, with further increases of 2.1% and 1.6% projected.

EMEA recorded a 1.3% increase to $157 in 2024. More moderate growth of 1.9% is forecast in both 2025 and 2026.

Ground transportation

After years of pandemic-era volatility, global car rental rates are stabilizing, though at a higher level than pre-COVID norms. Average daily rates rose 6.1% in 2024, with more moderate increases of 2.9% in 2025 and 2.8% in 2026 projected under the baseline scenario. In a recessionary environment, global daily rates could decrease 1.3% in 2025 and 1.8% in 2026 as demand softens.

Vehicle availability has improved significantly. Fleets are more balanced, and rental companies are rotating out higher-cost vehicles acquired during supply chain disruptions. Lower depreciation costs and healthy competition are helping to contain further price increases.

Regional highlights:

NORAM saw the sharpest increase in 2024 (7.2% to $41.60), and is expected to continue leading growth, with rates up 3.4% in 2025 and 2.6% in 2026.

EMEA and APAC saw similar increases of 6.7% ($52.50) and 6.3% ($54.30) in 2024 respectively, with more modest growth ahead (1.1%–1.8% annually in 2025 and 2026).

LATAM remains the least expensive region, with 2024 daily rates climbing 3.1% to $36.40, and expected increases of 1.4% and 1.1% in 2025 and 2026 respectively.

Meetings and events

The average cost per attendee at corporate meetings and events climbed 4.5% in 2024, driven by rising labor and production costs, inflationary pressures, and a shift toward smaller, more curated, experience-led events. A softening in growth is anticipated going forward: average per-attendee costs are projected to increase 3.7% in 2025 and 2.4% in 2026, broadly in line with headline inflation rates across G20 economies.

Key trends:

As organizations focus on higher-impact, smaller group experiences, fixed costs are being spread across fewer attendees, driving up per-capita spend.

Growing expectations around wellness, sustainability, and hybrid capabilities—along with ongoing shortages in premium event venues—are adding further cost pressure.

More planners are considering secondary cities where hotel and venue rates are lower.

With cost pressures unlikely to ease significantly, meeting planners will need to rethink event strategies – optimizing event types, locations, formats, and supplier relationships – to deliver impact within budget.

For more detailed information, including regional breakdowns and in-depth insights on pricing trends, please view the full Global Forecast report.

About the 2026 Global Business Travel Forecast

Now in its eleventh edition, this annual report from CWT and GBTA draws on a comprehensive dataset of more than 70 million ticketed flights, 125 million hotel room night bookings, and 35 million car rentals. Projections for 2025 and 2026 are based on advanced econometric techniques, including ARIMA models developed by the Avrio Institute, and are enriched by expert insights from CWT and GBTA analysts. This detailed analysis captures emerging trends and provides forward-looking guidance for the travel industry.

About CWT

CWT is a leading global partner in business travel, meetings, and events. Operating across six continents, we deliver sustainable, tailored solutions that help organizations connect, engage, and thrive in an evolving world. Our myCWT platform integrates advanced technology with human expertise to simplify travel and enhance traveler and attendee experiences. Extensive global coverage, seamless data integration, AI-driven analytics, and carbon-conscious travel tools enable businesses to optimize their travel and meetings programs while delivering measurable value.With 150 years of industry experience and a deep commitment to partnership, CWT collaborates with clients to shape the future of business travel and events, making them more efficient, responsible, and impactful.

About GBTA

The Global Business Travel Association (GBTA) is the world’s premiere business travel and meetings trade organization headquartered in the Washington, D.C. area and serving stakeholders across six continents. GBTA and its 8,000+ members represent and advocate for the $1.48 trillion global travel business and meetings industry. GBTA and the GBTA Foundation deliver world-class education, events, research, advocacy and media to a growing global network of more than 28,000 travel professionals and 125,000 active contacts. For more information visit gbta.org.

About the GBTA Foundation

The mission of the GBTA Foundation, the US 501c3 charitable arm of the Global Business Travel Association, is to help the global business travel industry create a positive impact and better future for people and the planet. The GBTA Foundation focuses on the strategy and execution of GBTA’s global sustainability programs, supporting initiatives related to climate action; diversity, equity and inclusion; and other talent-related topics via education, research and advocacy. For more information visit gbtafoundation.org.

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Dive Brief:

Global business travel and event prices will moderate for the rest of this year and into 2025 , according to the Global Business Travel Association and CWT’s 2025 Global Business Travel Forecast.

For hotels specifically, average daily rates are cooling worldwide. Going into 2025, the report forecasts smaller ADR increases in the North America region as leisure demand softens.

According to CWT President and CEO Patrick Andersen, the report’s findings suggest “a period of relative stability is on the horizon” after years of travel cost volatility. Businesses can expect “a more predictable pricing environment through 2024 and 2025,” he said.

Dive Insight:

The report forecasts global ADR to rise 2.5% to $162 in 2024 and 1.9% to $165 in 2025. Following a 30% rise in 2022, global ADR rose 3.9% to $158 in 2023.

PwC attributed decelerating hotel performance growth to economic headwinds and geopolitical tensions in November. In May, the professional services company noted that hotels in the U.S. specifically would still see marginal economic gains despite those challenges.

Meanwhile, the meetings and events sector has “rebounded strongly,” the Global Business Travel Forecast said, amid “heightened demand for in-person engagements.”

In 2023, the average daily cost for attendees dipped 3.1% due to a “shift in types of meetings being held.” Going forward, however, the forecast anticipates that the average daily cost per attendee will grow 4.5% in 2024, and an additional 4.3% in 2025.

In the U.S., hotels are benefitting from “healthy” group and business travel, according to Knowland and Amadeus’ Hospitality Group and Business Performance Index. And in a second quarter earnings call in July, Marriott International CEO Anthony Capuano said group travel was the hotel company’s “strongest” segment.

GBTA CEO Suzanne Neufang, however, warned that “businesses should remain vigilant to evolving pricing dynamics influenced by global trends.”

“The next few years will require a strategic approach that balances cost management with sustainability, innovation, and responsiveness to market changes,” she added, in a statement.

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Dive Brief:

When it comes to business travel, traveler safety is the number one priority for companies , followed by cost savings, traveler experience and technology integration, according to a joint research report on U.S. small and midsize enterprises by business travel management provider Corporate Traveler and the Global Business Travel Association.

Participants also reported that their biggest pain points are the cost of travel (63%), understanding the ROI and measuring success (38%), employee traveler tracking (37%), manual processes (37%) and the lack of data/reporting (35%).

SMEs are increasingly looking to establish a balance between cost savings and the quality of the travel experiences in order to maximize the benefits of business travel, maintain employee satisfaction and enhance client relationships. Meanwhile, several hotel groups have rolled out programs in recent months to boost loyalty from SME travelers.

Dive Insight:

For their joint report, “Navigating the future of business travel: Key trends and insights for 2024,” Corporate Traveler and GBTA surveyed business travel decision-makers at U.S.-based SMEs to get a detailed look at the key trends, insights and behaviors shaping the sector.

Traveler safety topped the list of priorities at 40%, followed by cost savings (19%) then traveler experience and technology integration (each at 11%). Policy compliance (8%) and reporting and sustainability (each at 5%) rounded out the top five.

The respondents included administrative and executive assistants, HR personnel, C-suite executives and company travel managers at SMEs with an annual travel spend between $200,000 and $10 million.

According to the report, 63% of companies cited rising prices as an ongoing issue, and more than half (52%) of respondents said tighter budget restrictions have impacted their current decision-making process.

In the survey, participants said common challenges they encounter when it comes to saving money include high-cost destinations (57%), followed by employee behavior (45%) — referring to those who prioritize comfort and convenience over savings. Add-ons and extra fees (40%), such as checked bags, priority boarding or hotel room services, were also noted.

To cut costs, companies are trying out different strategies. Two-thirds of companies in the survey are implementing budget-friendly options (65%), while more than half of companies are working with travel management solutions (52%).

However, travel costs are expected to stabilize soon, with average daily rates cooling worldwide, according to GBTA and CWT’s 2025 Global Business Travel Forecast, released earlier this month. For 2025, the report forecasts smaller ADR increases in the North America region as leisure demand softens.

Business travel is driving lodging demand growth in the U.S., and travelers from SMEs play an important role. Some 85% of business transient travelers to Hilton properties work for small- and medium-sized businesses, Christiane Cabot Bini, Hilton’s vice president of global business travel sales, told Hotel Dive in May.

Hilton, which launched Hilton for Business this year, is one of a slew of hotel companies to court SME travelers in recent months. In April, Wyndham expanded its Wyndham Business program to create a B2B extension of its loyalty program, and in July, Marriott International launched Business Access by Marriott Bonvoy to ease the travel management process for SMEs.

Business Travel Prices Expected to Stabilize, Here Is The Latest Industry Forecast

A recent report jointly published by CWT and the Global Business Travel Association (GBTA) predicts that business travel prices worldwide will experience relative stability over the next year and a half. This stability follows several turbulent years marked by drastic fluctuations caused by the pandemic and the subsequent economic recovery.

Airfare Costs: Modest Fluctuations Predicted

The comprehensive Global Business Travel Forecast, which debuted at GBTA’s recent annual conference in Denver on July 21, 2025, anticipates minimal shifts in airfare prices internationally for 2025 and 2026. Specifically, the global average airfare is projected to slightly increase by approximately 0.4%, reaching around $708 in 2026. This follows a predicted decrease of roughly 2.2% in the preceding year.

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In Europe, the price trajectory differs somewhat, with airfares projected to rise by approximately 0.6% in 2025, followed by a more notable increase of about 2.1% in 2026.

Hotel Rates to Increase Gradually

Hotel rates worldwide are also forecasted to experience moderate increases. Globally, hotel room prices per night are expected to rise by around 1.2% in 2025 and an additional 1.8% in 2026, averaging approximately $166 per night.

Europe’s hotel prices mirror this global trend, projected to rise consistently by about 1.9% each year through 2026. These steady rate increments suggest a controlled market environment, providing some predictability for businesses budgeting future travel expenses.

Car Rental Market Stabilizing After Rapid Growth

Car rental costs, which had previously surged due to significant vehicle shortages, are expected to continue increasing at a moderate pace. Globally, daily rental rates are forecasted to climb 2.9% in 2025 and another 2.8% in 2026, eventually averaging $48 per day.

In Europe specifically, the increase is predicted to slow down substantially. The forecast indicates a rate hike of just 1.3% in 2025 and 1.5% in 2026—significantly lower than the previous surge of nearly 6.7% in 2024.

Meetings and Events: Controlled Cost Growth

For corporate meetings and events, costs per attendee per day are anticipated to rise, but at a moderated pace. In 2025, event costs will likely increase by around 3.7%, reaching approximately $168 per participant daily. A smaller increase of about 2.4% is expected in 2026, pushing the average cost slightly higher to about $172 per day.

This forecast represents a noticeable deceleration compared to previous years, reflecting a stabilization trend across the travel sector.

Corporate Buyers Gain Strategic Advantage

CWT’s CEO, Patrick Andersen, highlighted that the current trend towards more predictable pricing is beneficial for corporate travel managers. Andersen pointed out that despite ongoing economic uncertainties, travel buyers are now better positioned to negotiate favorable contracts, optimize their travel budgets, and leverage regional pricing variations effectively.

According to Andersen, this is an opportune moment for corporations to strategically revisit travel policies, improve contract negotiations, and potentially redefine meeting formats to enhance value and efficiency.

Economic Influences and Potential Risks

The report emphasized that while stabilization is generally expected, significant factors such as global inflation, economic instability, changing governmental policies, and geopolitical tensions remain critical considerations. These elements could substantially influence future pricing dynamics.

GBTA CEO Suzanne Neufang acknowledged that while travel prices are entering a period of greater stability, the broader market landscape will continue to be shaped by external pressures and evolving traveler demands. She emphasized the importance of data-driven decision-making and adaptability for businesses navigating this environment.

Preparedness for Potential Economic Downturn

Additionally, GBTA and CWT have explored scenarios involving a potential economic recession. Their Global Recessionary Forecast model suggests that a downturn would result in reduced travel expenses across all categories in both 2025 and 2026, providing important contingency insights for corporate planning.

Business Travel Spending Trends

Complementing this pricing forecast, GBTA’s latest Business Travel Index Outlook anticipates global corporate travel expenditure to reach approximately $1.57 trillion in 2025, increasing to $1.69 trillion by 2026. Despite these substantial figures, they represent a downward revision of previous projections, mainly due to ongoing geopolitical uncertainty.

Ultimately, the report underscores a cautious optimism for business travel, providing corporate travel buyers valuable guidance to make strategic decisions in an evolving economic landscape.

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Global business travel and events prices appear to be moderating following the dramatic increases seen in recent years. The 2025 Global Business Travel Forecast, published today by CWT, the business travel and meetings specialist, and the Global Business Travel Association (GBTA), the world’s largest business travel trade organization, reveals that while costs will continue to rise, the pace of these increases will be notably slower through 2024 and into 2025.

This reflects a stabilization in market conditions and a more balanced growth trajectory, according to the report, which uses anonymized data generated by CWT and GBTA, with publicly available industry information, and econometric and statistical modelling developed by the Avrio Institute.

“While the past few years have seen significant volatility in travel costs, our latest data suggests a period of relative stability is on the horizon,” said Patrick Andersen, CWT’s President & Chief Executive Officer. “Businesses can expect to navigate a more predictable pricing environment through 2024 and 2025, allowing for better budget planning and cost management. However, price regularity is fragile. The focus on geopolitical factors, inflationary pressures and ESG concerns remains critical.”

Suzanne Neufang, CEO of GBTA, added, “The research shows that while a more stable period for travel costs is likely, businesses should remain vigilant to evolving pricing dynamics influenced by global trends. The next few years will require a strategic approach that balances cost management with sustainability, innovation, and responsiveness to market changes. At GBTA, our goal is to empower travel buyers and suppliers with the knowledge they need to adapt their strategies effectively in this shifting landscape.”

KEY FINDINGS

— Source: GBTA

AIR

In 2023, the global average ticket price (ATP) was $688, representing a slight decline of -1.6% from the previous year.

Europe, Middle East, and Africa (EMEA) recorded an ATP of $785 last year, the highest of any region. North America (NORAM) was the region that saw the steepest growth rate, with the ATP climbing +4.3% to $777. Conversely, the ATP in Asia-Pacific (APAC) slumped -7% in 2023 to $488, following a meteoric post-pandemic rise the year before.

Demand for flights remains strong globally. A record 5 billion air passengers are expected in 2024, according to IATA, surpassing the 4.5 billion peak in 2019. Meanwhile supply chain constraints such as aircraft production issues and delays, as well as a focus on profitability, will also keep prices high.

The forecast indicates global ATP will increase to $701 (+1.9%) in 2024 and $705 (+0.6%) in 2025. NORAM is expected to record the sharpest increase globally this year with the ATP reaching $804 (+3.5%), followed by $808 (+0.5%) in 2025. The ATP in Latin America (LATAM) is forecast to climb to $673 (+2.6%) in 2024, and $684 (+1.6%) in 2025.

In EMEA, the ATP is projected to increase to $797 (+1.5%) in 2024 and $808 (+1.4%) in 2025, reflecting moderate growth amidst inflationary pressures. For Asia-Pacific (APAC), the ATP is expected to rise to $677 (+2.3%) in 2024, and to $688 (+1.6%) in 2025 as the region continues to ramp up intra-regional travel.

HOTEL

The global average daily room rate (ADR) rose +3.9% in 2023 to $158, after a +30% rise in 2022. LATAM saw the biggest pricing gains in 2023, with the ADR increasing +10.7% to $93. APAC was not far behind, recording an ADR increase of +7.4% to $131.

Occupancy levels recovered to pre-pandemic levels in some markets, while the benefits from group business travel for meetings and events. However, there is still a lack of new hotel supply. These factors will continue to support elevated prices, with the global ADR forecast to +2.5% to $162 in 2024 and a further +1.9% to $165 in 2025.

ADRs in LATAM are projected to climb to $102 (+9.7%) in 2024 and $110 (+7.8%) in 2025, owing to various factors including healthy domestic and intraregional travel demand and broader inflation trends in the region. The ADR growth in APAC is expected to cool, reaching $136 (+3.8%) this year and $139 (+2.2%) next year. Smaller increases are anticipated in EMEA and NORAM as leisure demand softens.

GROUND TRANSPORTATION

Car rental companies are offering greater versatility, including airport and railway transfers, as well as one-way intercity transfers. Meanwhile, the cost of buying and operating cars is easing, and fleet concerns have stabilized, so suppliers are keeping rates in check, to stimulate demand.

Global car rental prices rose +3% to $44.30 per day in 2023. LATAM saw the most pronounced increase, with prices shooting up +14.2% to an average of $35.30 per day. NORAM and EMEA saw more modest increases, with prices rising to $55.60 per day (+1.3%) and $48.80 per day (+2.5%), respectively.

Looking ahead, global price growth in 2024 will likely be tempered, slowing to +2.5%, with an average daily rate of $45.40. A similar growth rate of +2.4% is predicted for global rates in 2025, with prices rising to $46.50. LATAM is forecast to continue seeing sharp price gains of +11% in 2024 and +7.9% in 2025. On the flipside, APAC car rental rates are trending downwards, with prices expected to drop significantly by -6.8% in 2024, followed by a further -3.4% reduction in 2025.

MEETINGS AND EVENTS

The meetings and events sector has rebounded strongly post-pandemic, with heightened demand for in-person engagements. In 2023, the average daily cost per attendee fell to $155, down from $160 in 2022, representing a -3.1% decline. This decrease can be attributed to a shift in types of meetings being held. Many organizations opted for smaller, more business-focused meetings, often without costly incentive components, to manage budgets more effectively. This focus on cost control, including selecting more affordable venues and destinations, helped offset rising accommodation and F&B prices.

Looking forward, the average daily cost per attendee is projected to increase to $162 in 2024, a +4.5% rise from 2023, and to approximately $169 in 2025, an additional +4.3% increase. This upward trend reflects the sector’s continued recovery and growing appetite for larger and more complex in-person events. As organizations anticipate rising costs, they are advised to plan with a 12-month horizon and consolidate travel and meetings spend to enhance negotiating leverage.

To help businesses better understand how these price changes might impact their travel budgets, CWT has created a Forecast Calculator based on data from the report. The tool allows organizations to visualize and quantify how predicted price fluctuations across airfares, hotel rates, ground transportation, and meeting costs might influence their individual travel programs. Leveraging forecast projections, the Forecast Calculator provides a personalized assessment of travel spend, tailored to each organization’s unique travel patterns and objectives.

MARKING A DECADE OF INSIGHTS

To commemorate this 10th edition of the Global Business Travel Forecast, CWT and GBTA have also produced a special supplement to the report, which will be released in the coming weeks.

The supplement envisions three potential trajectories for the future of business travel—Base, Boom, and Bust—between now and 2040. It predicts how key megatrends such as technological advancements, demographic shifts, sustainability pressures, and geopolitical volatility, will shape the way in which business travel is viewed, managed, and experienced in these three distinct scenarios. It also provides strategic recommendations for navigating these changes, emphasizing how organizations can adapt to emerging challenges and opportunities in the evolving business travel landscape.

For more detailed information, including regional breakdowns and in-depth insights on pricing trends, please view the full Global Forecast report which GBTA members can also download in the GBTA Hub.