After years of substantial increases, global business travel and event costs are showing signs of stabilization. This is according to the 2025 Global Business Travel Forecast, a joint publication by CWT and the Global Business Travel Association (GBTA). While the forecast predicts continued price increases, the pace of growth is expected to slow down throughout 2024 and into 2025. This shift towards a more predictable pricing environment will be a welcome relief for businesses struggling with budget planning.
The forecast, which relies on anonymized data from CWT, GBTA, and econometric modeling from the Avrio Institute, offers a valuable insight into the future of business travel expenses. Patrick Andersen, President & CEO of CWT, emphasizes the importance of businesses remaining attentive to geopolitical factors, inflation, and sustainability concerns, even as travel costs stabilize. Suzanne Neufang, CEO of GBTA, echoes this sentiment, adding that businesses need to find a balance between cost management, innovation, and sustainability to adapt to global trends.
To assist businesses in navigating these changes, CWT has introduced a Forecast Calculator. This tool allows companies to assess how projected price fluctuations will impact their travel budgets. CWT and GBTA are also celebrating the 10th anniversary of the Global Business Travel Forecast by releasing a special supplement in the coming weeks. This supplement will delve into future travel scenarios from 2024 to 2040, highlighting key global trends such as technological advancements, demographic shifts, sustainability, and geopolitical factors. It will also provide strategic recommendations for navigating this evolving landscape.
