Global business travel is expanding again, but the headline spending numbers may overstate how quickly travellers are actually returning to the road.
Worldwide business travel spending is forecast to reach US$1.71 trillion in 2026, an increase of 7.2% over the previous year. The number of business trips, however, is expected to grow by just 1.3%, according to the Global Business Travel Association’s 2026 Business Travel Index.
That gap reveals one of the most important changes taking place across the industry. Companies are spending considerably more on business travel, but much of the increase is being absorbed by higher airfares, accommodation rates, energy costs and other travel expenses rather than a dramatic rise in the number of journeys being taken.
Business travel spending had already outperformed expectations in 2025, increasing 8.4% to US$1.59 trillion. GBTA had previously forecast growth of 6.6%, but stronger economic activity, continued corporate investment and a weaker US dollar helped push the total higher.
By the end of 2025, every one of the world’s 15 largest business travel markets except China had returned to its 2019 level of nominal spending. China is now expected to cross that threshold during 2026.
The United States remains the world’s largest business travel market, with spending forecast to reach US$423 billion this year. China follows closely at US$403.7 billion, creating a considerable gap between the two largest markets and the rest of the world.
Germany ranks third at US$89.7 billion, followed by Japan at US$82.4 billion and the United Kingdom at US$66.7 billion. South Korea, France, India, Italy and Brazil complete the global top 10.
Some of the fastest growth is occurring outside the two dominant markets. Business travel spending is forecast to rise 13.8% in Brazil, 11.5% in Australia, 11.3% in South Korea, 10.9% in Turkey and 10% in Japan. Canada is expected to record growth of 9.2%, bringing its business travel market to US$32.4 billion.
The strength of the recovery is also visible in traveller behaviour. Nearly three-quarters of business travellers surveyed said they travelled as much or more in 2025 than they had the previous year. Asia Pacific led the trend, with more than 80% of respondents maintaining or increasing their business travel.
Yet the typical business traveller is not necessarily living permanently in an airport lounge. Forty-one per cent took only one or two business trips during 2025, while 44% took between three and 10. Just 15% travelled more than 10 times.
Average expenditure reached US$875 per trip, although regional differences were substantial. Travellers in Asia Pacific reported spending an average of US$1,013, compared with US$712 among European travellers.
Air transportation and accommodation together accounted for 52% of total trip expenditure. Nearly three-quarters of respondents flew for business during the year and, among those who did, 42% said they typically travelled in a premium cabin.
Rail also continues to play a significant role, particularly in regions with established high-speed and intercity networks. Seventy-two per cent of Asia Pacific business travellers and 60% of European travellers used rail, producing a global usage rate of 57%.
The outlook is not equally positive everywhere.
Asia Pacific and Europe each recorded more than 600 million business trips in 2025, making them the world’s largest regions by travel volume. Asia Pacific and North America are expected to outperform the global trip-growth rate during 2026.
The Middle East and Africa face a markedly different environment. Business travel volume across the region is forecast to decline by nearly 12%, reflecting airspace closures, geopolitical instability and the broader consequences of conflict in the Middle East.
Those disruptions are also affecting Asia and Europe through higher fuel prices and pressure on important aviation and trade routes. GBTA identifies geopolitical uncertainty and airline disruption as two of the most significant immediate risks facing the industry.
The Americas are proving more resilient. Higher energy prices are benefiting Brazil as an oil and gas exporter, while greater economic and policy stability in Argentina is supporting travel across Latin America. In the United States, investment in technology and artificial intelligence is helping generate new demand for corporate travel.
Business travellers themselves remain cautiously optimistic. Twenty-eight per cent expect to travel more frequently in 2026 than they did in 2025. Expectations are stronger for domestic travel, while the outlook for international business trips is slightly negative.
Longer term, the financial scale of the industry is expected to continue growing. Global business travel spending is forecast to reach US$1.81 trillion in 2027 and pass US$2 trillion by 2030.
Growth is expected to become more moderate as the decade progresses, slowing from 7.2% in 2026 to between approximately 4% and 6% annually through 2030.
The result is a business travel market that is larger and more valuable than ever, but also more expensive and vulnerable to disruption. The industry’s next phase will not simply be defined by how many people travel. It will be determined by what each trip costs, what it accomplishes and whether companies continue to believe that meeting in person is worth the rising price.
