Business travel is booming, despite global economic and political uncertainties, according to the 2025 Global Business Travel Association (GBTA) Business Travel Index Outlook.
This year, spending is anticipated to reach a “historical high” of $1.57 trillion, marking a 6.6% uptick year-over-year, as spending across the world is expected to slow down. Even amid tensions and precariousness, a rebound is expected, with 8.1% growth projected for 2026.
That said, spending has tempered thanks to trade policy uncertainty, which lead to downward revisions, according to GBTA. A year ago, the organization projected a 10.4% bump in spending in 2025, but that has now been adjusted to 6.6%.
The moderated 2025 predictions come on the heels of 2024’s positive outlook, which indicated business travel spend was on the up and up, predicting not only a new high in 2024 spending—anticipated to hit $1.48 trillion by year end 2024, up from 2019’s $1.43 trillion high—but also a steady rise. In actuality, spending was just below the forecast, reaching $1.47 trillion in 2024, GBTA said in its annual report.
“While this still marked a new high, real inflation-adjusted spending remains 14% below pre-pandemic levels, underscoring a slower recovery in travel volume,” GBTA said.
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While GBTA said long-term forecasts are “clouded by geopolitical and economic volatility,” by 2029, global spending is currently predicted to pass $2 trillion due to structural changes in trade, corporate travel behavior and investments. Last year, the organization predicted that spending would pass that threshold in 2028.
“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,” said Suzanne Neufang, CEO of GBTA. “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.”
Spending is expected to grow by 6.4% in 2027 and 6.3% in 2028, with both figures “modestly higher” than those predicted last year. These figures are dependent on global trade tensions’ escalation or resolution, according to GBTA.
The GBTA BTI, completed in partnership with Visa and made public at GBTA’s conference in Denver this week, is a five-year forecast that looks at business travel spending across 72 countries and 44 industries. It encompasses insights from more than 7,300 business travelers. This year’s report marks GBTA’s 17th edition.
U.S. to reclaim top spending spot
While Asia Pacific (APAC) was the top travel spender in 2024 and 2023, the United States is set to reclaim that slot this year, according to the report.
The top 15 markets in the 2025 forecast make up $1.31 trillion of predicted business travel spend, with U.S. and China projected to be the top two markets, reaching $395.4 billion and $373.1 billion, respectively, and accounting for 58% of total spend.
Germany, Japan and the United Kingdom are expected to follow the U.S. and China, and within the top 15 markets, India, South Korea and Turkey are among the fastest growing. The Netherlands and Spain are not expected to have much growth, if any, and may see a slight decrease in spend.
Digital wallet use continues to rise
Results from the survey also shed light on global business traveler sentiment.
Mobile wallet use is on the rise for business travelers, reaching 64% adoption globally and 72% adoption in APAC. This figures mark an increase from the 2024 report, when 69% of respondents in APAC and over 50% of respondents globally said they used their corporate card in a digital wallet.
“As corporate travelers increasingly expect seamless, mobile-first payment experiences, it’s no surprise the report found notable usage of corporate credit cards through mobile wallets,” said Edward Galvin, vice president and head of North America B2B commercial payments for Visa.
The increase in mobile wallet usage comes as the industry readies for more implementation—and standardization is on the way, too. The European Commission’s digital wallet initiative is set to come into play, and the U.S. government is pushing for more usage. Technology giants have also started to accommodate more digital ID options through the tool. Google, for example, is now allowing for U.S. digital passports to be added to wallets.