Global business travel spending is projected to reach $1.57 trillion in 2025, up 6.6 percent but below an earlier 10.4 percent forecast.

The U.S. and China lead spending; India, South Korea and Turkey show fastest growth.

Travelers are spending more per trip and adopting digital tools like AI booking and mobile wallets.

GLOBAL BUSINESS TRAVEL is projected to reach $1.57 trillion in 2025, a 6.6 percent year-over-year increase, according to the Global Business Travel Association. The rate marks a slowdown from the previous two years and falls short of an earlier 10.4 percent projection.

The Global Business Travel Association Business Travel Index report projects global spending will exceed $2 trillion by 2029, one year later than previously forecast, due to structural shifts in trade, investment and corporate travel behavior.

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

The GBTA BTI report, now in its 17th edition with Visa, forecasts five years of business travel spending across 72 countries and 44 industries. It is based on input from more than 7,300 travelers and shows nominal recovery alongside rising pressure from trade tensions and economic uncertainty.

The latest forecast confirms a slowdown from the double-digit growth of the past two years. Trade policy uncertainty has led to downward revisions, with 2025 growth now at 6.6 percent, down from 10.4 percent, and 2026 at 8.1 percent, down from 9.2 percent.

A GBTA BTI survey of more than 7,300 travelers across 33 countries found 86 percent viewed their trips as worthwhile. About 74 percent took one to five trips in the past year and over 80 percent are traveling as much or more than before 2019. Average trip spending rose to $1,128, up from $834 in the 2024 survey.

Growth varies by market

Spending in 2024 reached $1.47 trillion, just below the earlier $1.48 trillion estimate, GBTA said. While this set a new nominal high, inflation-adjusted spending remains 14 percent below pre-pandemic levels, indicating a slower recovery in travel volume.

The top 15 business travel markets are projected to reach $1.31 trillion in 2025. The U.S. and China account for 58 percent of that total, with spending at $395.4 billion and $373.1 billion, respectively. The U.S. is expected to reclaim the top spot, followed by China, Germany, Japan and the UK.

India, South Korea and Turkey are among the fastest growing within the top 15, while Spain and the Netherlands are projected to see minimal or no growth, the report said.

The report also noted a shift toward digital travel management, with increased use of AI booking tools, mobile wallets and corporate cards. Expense system usage reached 67 percent and corporate card access 69 percent, led by 73 percent in North America. Mobile wallet adoption stood at 64 percent globally and 72 percent in Asia Pacific.

A separate GBTA report found U.S. companies are missing over $2.4 trillion in potential sales due to underinvestment in business travel, with spending still $66 billion below 2019 levels.