Latest news with #SuzanneNeufang
Business Wire
21-07-2025
- Business
- Business Wire
Global Business Travel Spending to Reach $1.57 Trillion in 2025 Amid Trade Policy Uncertainty and Economic Risk, According to New GBTA Forecast
DENVER--(BUSINESS WIRE)--Global business travel spending is projected to reach a new historical high of $1.57 trillion USD in 2025. This represents a moderate year-over-year growth rate of 6.6%, as global spending is expected to slow this year due to trade tensions, policy uncertainty and economic pressures. A rebound to 8.1% growth is projected for 2026, while long-term forecasts remain clouded by geopolitical and economic volatility. Despite near-term challenges, global spending is projected to surpass $2 trillion by 2029 ─ one year later than anticipated a year ago ─ driven by structural shifts in trade, investment, and corporate travel behavior. This is according to the latest edition of the GBTA Business Travel Index ('BTI') Outlook – Annual Global Report & Forecast, released today by the Global Business Travel Association (GBTA) at the annual GBTA Convention in Denver. The GBTA BTI™ report is a comprehensive five-year forecast on business travel spending covering 72 countries and 44 industries and includes insights from 7,300+ global business travelers. In its 17 th edition and made possible in partnership with Visa, this latest forecast reflects a continued recovery in nominal terms but signals growing headwinds from global trade tensions and economic uncertainty. '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.' According to the GBTA BTI, spending is projected to grow in 2027 by 6.4% and 6.3% in 2028—modestly higher than forecast a year ago. The pace and trajectory of this growth, however, will depend heavily on the resolution—or escalation—of global trade tensions. Global Trade Tensions Impact Growth Momentum The latest forecast reflects a moderation from double-digit gains of the past two years. Trade policy uncertainty has emerged as a key risk leading to downward revisions in business travel growth projections for 2025 (from 10.4% projected a year ago, to 6.6% now) and 2026 (from 9.2% projected a year ago, to 8.1% now). Spending figures for 2024 were also adjusted in this latest forecast – spending rose to $1.47 trillion, slightly below the previously projected $1.48 trillion. While this still marked a new high, real inflation-adjusted spending remains 14% below pre-pandemic levels, underscoring a slower recovery in travel volume. Impacts Diverge Among Regional Markets and Industry Sectors In the 2025 forecast, the top 15 markets for business travel spending represent $1.31 trillion. The two top markets – the U.S. ($395.4 billion) and China ($373.1 billion) – together represent 58% of that total. The U.S. is projected to reclaim the top spot this year followed by China (which led the list in 2024 and 2023), Germany, Japan, and the UK. India, South Korea, and Turkey are among the fastest growing among the top 15 markets, while Spain and the Netherlands are forecast to have little to no growth or a slight decrease. Business travel spending across industries will also continue to vary: Trade-sensitive sectors such as Manufacturing (which accounts for nearly one-third of global business spending) and Wholesale Trade face heightened risks if trade tensions further escalate. Service sectors like Arts & Entertainment and Professional Services have exceeded pre-pandemic benchmarks, with some growing travel spend by over 20%. Looking ahead, Mining and Information and Communication are each expected to post the strongest growth in business travel spend, while Agriculture faces the weakest outlook amid shrinking access to export markets. Global Business Traveler Sentiment Remains Strong A global survey of over 7,300 business travelers across 33 countries in North America, Europe, Asia Pacific, Africa, Latin America and the Middle East reveals continued evolution and confidence in the value of traveling for work: Business travel is seen as valuable—86% rate their trips as worthwhile. Primary trip purposes cited vary by region, with training and conferences topping the list globally. Most travelers (74%) took between one and five trips in the past year, and over 80% say they are traveling for work as much or more than before 2019. Average trip spending rose to $1,128 USD (up from $834 in the 2024 survey). Expense systems are common (67% use them), and comfort with artificial intelligence booking tools is growing, especially in Asia Pacific (78%). Corporate card access rose to 69%, led by North America (73%). However, only half of cardholders are required to use them. Mobile wallet use is also up, with 64% adoption globally and 72% in Asia Pacific. '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. At Visa, we're focused on enabling this shift, offering secure, flexible digital payment tools that meet travelers where they are, and help organizations modernize their expense processes,' Edward Galvin, Vice President and head of North America B2B Commercial Payments, Visa. Download the 2025 Business Travel Index Outlook report Executive Summary here. GBTA members can exclusively access the full GBTA BTI™ report on the GBTA Hub here. Watch the 2025 GBTA BTI Forecast launch video featuring Suzanne Neufang, CEO, GBTA; Jon Gray, Principal, Rockport Analytics and Michael Brown, Principal U.S. Economist, Visa. To learn more about GBTA Research or inquire about GBTA BTI™ data for 2000-2029, visit the GBTA webpage or email research@ About GBTA The Global Business Travel Association (GBTA) is the world's premier business travel and meetings trade organization serving stakeholders across six continents. GBTA and its 9,000+ members represent and advocate for the $1.57 trillion global business travel 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 and
Business Wire
10-07-2025
- Business
- Business Wire
UK Firms Could Miss Out on £319 Billion in Sales Without Strategic Business Travel Investment, New GBTA Study Finds
LONDON--(BUSINESS WIRE)--Companies in the United Kingdom could unlock over £319 billion in additional sales by increasing their strategic investment in business travel. Despite a steady recovery since the pandemic, current travel and expense (T&E) spending still falls short of the level needed to maximise revenue and profitability – even when considering COVID-era investments in virtual meeting platforms. The research finds that a 9.7% increase in T&E spending could yield an 8.1% rise in sales for UK-based companies. 'This study challenges the notion of business travel as a discretionary expense. Especially in times of uncertainty or economic pressures, UK organizations should ensure that they are optimizing their business travel as a strategic catalyst for growth." Share These are some of the findings from a new report ─ T&E and the Bottom-Line: Quantifying the Return on Investment of UK Business Travel ─ an inaugural study for the UK market released today by the Global Business Travel Association (GBTA). Despite a strong post-pandemic recovery, the report finds that UK business travel spending remains £1.2 billion below its 2019 peak. The analysis shows that aligning T&E investment with optimal levels would yield a 13.8x return—translating to £13.80 in net operating margin for every £1 invested in business travel. 'This study challenges the notion of business travel as a discretionary expense. Especially in times of uncertainty or economic pressures, UK organizations should ensure that they are optimizing their business travel as a strategic catalyst for growth. Business travel and in-person meetings boost corporate performance, deepen relationships, and spark innovation ─ and we see here that even modest increases in investment can yield substantial returns,' said Suzanne Neufang, CEO, GBTA. For 2024, the economic data shows that UK business travel spending reached £40.3 billion, still £1.2 billion below its 2019 peak, despite the past years' increasing use of virtual meetings. Through the analysis of 24 years of current and historical data (2000-2024) across 14 major UK industries, the GBTA UK ROI study also highlights: The Investment Gap. UK firms currently spend £32.5 billion on business travel. The profit-maximising level is £35.6 billion—about £3 billion higher. High Returns. A 9.7% increase in T&E spending could yield an 8.1% increase in sales, delivering £54 billion in additional net operating margin. Per-Employee Impact. Just £94 more per employee in T&E could help firms reach optimal investment levels. Sector-Specific Opportunities. Real Estate, Manufacturing, and Information & Communication sectors show the largest gaps between current and optimal travel spend, with potential sales gains of £35 billion, £46.7 billion, and £23.5 billion respectively. Efficiency Gains. While UK T&E spending has continued to rise 5.4% annually since 2000, companies have been gaining efficiencies in generating more revenue per travel pound spent. However, for the same period, business travel's share of total sales in the UK declined from 1.1% to 0.8%. So although UK companies may have gained efficiencies, continued T&E investment is needed to drive additional growth. Resilience and Strategic Value. The study also highlights that firms maintaining or increasing travel during downturns—such as the COVID-19 pandemic—tend to recover faster and outperform competitors. Business travel supports a wide range of high-value functions, from sales and client engagement to innovation and team development. For more information and to access the full report – T&E and the Bottom-Line: Quantifying the Return on Investment of UK Business Travel – visit the web page here. Today, GBTA also simultaneously released a similar study outlining the ROI of business travel in the United States which found a $2.4 trillion sales opportunity through an 8.3% increase in T&E spending – read more here. In the coming months, GBTA will also release additional follow-up reports that will provide insights specific to corporations and across industries, as well as on the impact of managed travel and role of travel management companies. METHODOLOGY GBTA's analysis models industry sales as a function of several core revenue drivers—including product or service demand, capital investment, input costs, travel prices, and business travel expenditure (T&E). These additional variables were included to control for their effects, enabling GBTA to isolate the incremental contribution of business travel. All data was adjusted for inflation prior to modeling, and GBTA's estimates are based on a panel dataset spanning 2000 to 2024, covering 14 major UK industries and the aggregate economy. ABOUT GBTA The Global Business Travel Association (GBTA) is the world's premier business travel and meetings trade organization serving stakeholders across six continents. GBTA and its 9,000+ members represent and advocate for the $1.48 trillion global business travel 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 and
West Australian
30-05-2025
- Business
- West Australian
Global corporate travel a casualty of Donald Trump's war on trade
Optimism in the global business travel sector has dropped by more than half this year, according to a report published by the Global Business Travel Association. Positive sentiment fell from 67 per cent in November 2024 to 31 per cent in April 2025, according to the report which surveyed more than 900 business travel professionals on the affect of tariffs, tightened border policies and other US government policies announced this year. More than one in four respondents in Canada, the US and Europe said they felt 'pessimistic' or 'very pessimistic' about the industry outlook this year. However, 40 per cent of those surveyed said they felt neither positive nor negative. 'Since I have been in my role for four years, I haven't seen this high of a level of uncertainty,' Suzanne Neufang, the association's CEO, said. The survey showed nearly 30 per cent of business travel buyers anticipate their companies will reduce employee trips this year, while some 20 per cent said they weren't sure, it showed. 'They're not even confident enough to be able to say things will be fine or things won't be fine,' she said. Some 27 per cent of respondents also said they expect business travel spending to decrease as well. A third of business travel buyers said their companies have either changed, or are considering changing, policies regarding travel to or from the US, the report showed. Some 6 per cent said their companies had relocated events from the US to another country. 'From an APAC perspective, and certainly from a European perspective, maybe even LATAM, there's the opportunity to be the source of where these meetings take place,' Neufang said. 'There are many other opportunities to be a winner in this trade game.' Business travel professionals expressed several concerns about the potential for the long-term impact caused by decisions of the Trump Administration this year, led by worries over business travel costs (54 per cent) and problems processing visas (46 per cent). Global airfares, however, are slightly down — about $US17, or 2.2 per cent year-to-date — according to FCM Consulting, a division of the business travel company FCM Travel. Nevertheless, the global business travel market is still on track to top $US1.6 trillion by the end of 2025, Neufang said. However, she said that's only 'if the last 100 days don't impact negatively everywhere'. By 2028, the Global Business Travel Association expects, that number will cross the $US2tr mark, she said. She noted that while business travel volumes haven't returned to pre-pandemic levels, business travel spending fully recovered in 2024, partly as a result of inflation. But she said the trade war initiated by the Trump Administration could spell a bout of new business trips. 'During times of trade wars, business travel may actually increase for at least a period of time — for new partners to be found [and] new markets to be built,' she said. 'You lose a customer, you need to find another one. So I think that perspective doesn't mean all doom and gloom for us.' However, if tariffs remain elevated, 'There will definitely be an impact to U.S. travel ... But I think Europe, Asia, Europe to Asia, Asia to Europe. I think anywhere to Africa, all of those are probably fine.' Leisure travel to the United States has fallen in 2025. International visitor spending is projected to drop 4.7 per cent from 2024, representing some $8.5 billion for the U.S. travel industry, in a year revenues were once widely expected to grow. CNBC
CNBC
30-05-2025
- Business
- CNBC
The trade war is rattling global business travel — 4 charts show how
Optimism in the global business travel sector has dropped by more than half this year, according to a report published by the Global Business Travel Association. Positive sentiment fell from 67% in November 2024 to 31% in April 2025, according to the report which surveyed more than 900 business travel professionals on the affect of tariffs, tightened border policies and other U.S. government policies announced this year. More than one in four respondents in Canada, the United States and Europe said they felt "pessimistic" or "very pessimistic" about industry outlook this year. However, 40% of those surveyed said they felt neither positive nor negative. "Since I have been in my role for four years, I haven't seen this high of a level of uncertainty," Suzanne Neufang, the association's CEO, told CNBC Travel Tuesday. The survey showed nearly 30% of business travel buyers anticipate their companies will reduce employee trips this year, while some 20% said they weren't sure, it showed. "They're not even confident enough to be able to say things will be fine or things won't be fine," she said. Some 27% of respondents also said they expect business travel spending to decrease as well. A third of business travel buyers said their companies have either changed, or are considering changing, policies regarding travel to or from the United States, the report showed. Some 6% said their companies had relocated events from the U.S. to another country. "From an APAC perspective, and certainly from a European perspective, maybe even LATAM, there's the opportunity to be the source of where these meetings take place," Neufang said. "There are many other opportunities to be a winner in this trade game." Business travel professionals expressed several concerns about the potential for the long-term impact caused by decisions of the Trump Administration this year, led by worries over business travel costs (54%) and problems processing visas (46%). Global airfares, however, are slightly down — about $17, or 2.2% year-to-date — according to the travel data company FCM Consulting. Nevertheless, the global business travel market is still on track to top $1.6 trillion by the end of 2025, Neufang said. However, she said that's only "if the last 100 days don't impact negatively everywhere." By 2028, the Global Business Travel Association expects, that number will cross the $2 trillion mark, she said. She noted that while business travel volumes haven't returned to pre-pandemic levels, business travel spending fully recovered in 2024, partly as a result of inflation. But she said the trade war initiated by the Trump Administration could spell a bout of new business trips. "During times of trade wars, business travel may actually increase for at least a period of time — for new partners to be found [and] new markets to be built," she said. "You lose a customer, you need to find another one. So I think that perspective doesn't mean all doom and gloom for us." However, if tariffs remain elevated, "There will definitely be an impact to U.S. travel ... But I think Europe, Asia, Europe to Asia, Asia to Europe. I think anywhere to Africa, all of those are probably fine." Leisure travel to the United States has fallen in 2025. International visitor spending is projected to drop 4.7% from 2024, representing some $8.5 billion for the U.S. travel industry, in a year revenues were once widely expected to grow.
Yahoo
10-05-2025
- Business
- Yahoo
Business travel was making a post-Covid comeback — until the trade war diverted it
Business travel's four-year crawl out the pandemic was on track to continue this year, but the U.S. trade war has scrambled that outlook. 'The big word is uncertainty,' said Suzanne Neufang, CEO of the Global Business Travel Association, which had forecast worldwide spending to surge to $1.64 trillion in 2025, up from an expected $1.48 trillion in 2024. Last year's estimated total, if preliminary data bears out, would mark the first time the sector surpassed its pre-Covid levels. But pessimism has risen sharply amid President Donald Trump's deep cuts to the government workforce and a dizzying range of tariffs. Now, about 29% of U.S. corporate travel managers and an equal share abroad expect business travel to decline this year due to government actions, according to a recent GBTA survey. The expected pullbacks could dent business trips by as much as 22%, the group found. Industry experts caution that souring expectations so far haven't translated to a collapse in bookings, despite signs of cooler demand. Business travel 'hasn't fallen off a cliff,' said Jonathan Kletzel, a travel, transportation and logistics leader at the consulting firm PwC. 'It is definitely constrained right now, but will people stop traveling? Probably not. If you're a sales-heavy organization and you're not out in the market meeting with your clients, your competitors are.' Still, growing concerns around business travel coincide with corporate leaders' warnings that U.S. trade policies have injected fresh uncertainty into an economy that just months ago looked on track to build on its strengths. Delta Air Lines CEO Ed Bastian told CNBC last month that the carrier has had to check its expectations for what was shaping up to be the 'best financial year in our history.' Travel demand was growing about 10% at the start of the year but has since slowed, he said, partly due to companies rethinking business trips and cuts to the federal workforce. Other airlines have flagged similar concerns, in some cases adjusting their growth plans or scaling back capacity. Hotel operators and booking platforms are feeling it, too. Expedia said Friday that U.S. travel demand is cooling. Marriott, Hyatt and Hilton have each reduced their financial forecasts in recent weeks, with the first of those hospitality giants warning investors of 'an expected continuation of declines in U.S. government demand.' Since retaking office, Trump has overseen mass firings and spending reductions across the federal bureaucracy, with many of the changes led by multibillionaire adviser Elon Musk's Department of Government Efficiency project. While some of the cuts have been halted in court, travel bookers for government contractors have weathered a hectic few months. Global Travel Associates, a Washington, D.C.-area agency that mainly serves government contractors, said travel sales slid 20% in the first quarter. Several had funding tied to the U.S. Agency for International Development, which the Trump administration gutted this spring, and those accounts are down by 75%-90%, Managing Director Tom Ollinger estimated. Some of GTA's clients switched to buying only refundable plane tickets; others canceled scheduled meetings or halted any new travel plans indefinitely, he said. In some cases, those with staffers on long-term assignments overseas were told to drop everything and head back to home base. 'The organization provided them one-way tickets to return,' Ollinger said. 'Government groups are not happening,' said Jan Freitag, national director for market analytics at the real estate data firm CoStar. But many business meetings are still taking place, and while individual business travel is a bit softer, 'that could just be people not booking as much ahead,' he said. However, Freitag cautioned, 'should [more] tariffs hit and corporations have less sense of where their costs are going, they'll start looking to cut costs. And the easiest place to control costs is travel and training.' Navan, a corporate travel management service based in Palo Alto, California, said bookings were up in the first four months of the year from the same period in 2024, despite a slight slowdown in April. 'There's certainly this feeling of waiting for another shoe to drop,' said Rich Liu, Navan's CEO of travel. While CEOs are telling him they're 'feeling the squeeze' from new import taxes and other policy moves, 'they still have businesses to run,' Liu said. Individual business travelers seem to be getting anxious. The online travel insurance comparison site Squaremouth saw a 223% annual surge in searches for 'cancel for work reasons' travel coverage last month, with purchases of those policies jumping 53%. 'That tells us that travelers are feeling uneasy,' said Squaremouth CEO Rupa Mehta. 'In uncertain economic times, they want to understand the cost and value of flexible coverage before committing.' The current outlook is 'a mixed bag,' said Lorraine Sileo, founder of Phocuswright, a global travel research firm. At the moment, 'it looks like leisure travel will be impacted more than business travel,' she said, adding that 'it will take longer for corporations to feel the pinch of an economic downturn' than it will for vacationers. 'We need to take a wait-and-see approach' to see how business trips fare, Sileo said, 'but there are indications that it will be a slow year for all types of travel for the U.S. market in 2025.' This article was originally published on
