Global Business Travel and Events Prices Set to Stabilize Through 2025 and 2026, Amid Looming Economic Uncertainty

After several years of pandemic-induced volatility and recovery-driven spikes, business travel prices began showing signs of moderation last year. Now, prices are set to stabilize further over the next 18 months, according to the latest edition of the annual Global Business Travel Forecast released by CWT, the business travel and meetings specialist, and GBTA, the world’s largest business travel trade organization.

The report uses anonymized data generated by CWT and GBTA, with publicly available industry information, and econometric and statistical modelling developed by the Avrio Institute. It projects modest annual fluctuations in airfares, hotel rates, and ground transportation costs for corporate travel programs in 2025 and 2026. This reflects more balanced supply-demand dynamics and tempered macroeconomic growth.

Airline capacity, room supply, and car rental fleets are gradually catching up with demand – though inflationary pressures, economic uncertainty, policy shifts, and geopolitical tensions remain key watchpoints.

Given the looming threat of a global economic downturn amid rising trade tensions, this year’s report includes two scenarios:

• A Base Case Forecast, which assumes a business-as-usual pricing environment in a weaker but stable global economy, and
• A Global Recessionary Forecast, which outlines potential price shifts in the event of an economic downturn.

This year’s forecast shows encouraging signs that business travel pricing is normalizing further – and that’s creating real opportunities for corporate travel buyers. While economic uncertainty hasn’t gone away, corporate travel buyers are regaining leverage and have more room to optimize their programs. Whether it’s capitalizing on localized pricing trends, securing added value through smarter negotiations, or rethinking event formats for greater impact, this is a moment to be proactive and strategic. With the right approach, organizations can stretch their travel budgets further and deliver even greater returns. Patrick Andersen, Chief Executive Officer, CWT

The indicators are pointing to a more predictable era ahead for business travel pricing, with travel managers navigating a landscape that’s steadier than the post-pandemic surge. However, that landscape will continue to be shaped by inflation, supply constraints, and evolving traveler expectations. The good news is that with better data and clearer trends, buyers can plan with more confidence. Success will come from staying informed and flexible, while aligning travel decisions with broader business goals. Suzanne Neufang, CEO, GBTA

KEY FINDINGS

Global Business Travel and Events Prices Set to Stabilize Through 2025 and 2026, Amid Looming Economic Uncertainty

Air

After a 4.8% increase in the global average ticket price (ATP) in 2024, airfares are expected to decline by 2.2% in 2025, followed by a modest 0.4% uptick in 2026. This shift reflects a gradual increase in capacity, easing fuel and input costs, and a normalization of travel patterns.

However, aircraft delivery delays from major manufacturers—along with ongoing maintenance and spare parts constraints—are hampering capacity recovery across many regions, potentially continuing to place upward pressure on prices. If a global recession occurs, ATPs could fall more sharply – by 5.7% in 2025 and another 1% in 2026 – as demand drops and competition intensifies.

Regional highlights:

• North America (NORAM) recorded the highest ATP globally in 2024 at $831, a 6.9% year-on-year increase driven by strong demand and a shift toward long-haul travel and premium cabin bookings. Prices are expected to correct in 2025, falling 2.9% to $807, before rebounding slightly by 1.7% to $821 in 2026.
• Europe, Middle East, and Africa (EMEA) ATPs rose 4.8% to $823 in 2024 and are projected to increase a further 0.6% in 2025 and 2.1% in 2026.
• Asia Pacific (APAC) saw a moderate 2.9% rise to $502 in 2024. A 1.8% dip is expected in 2025, followed by a 0.8% increase in 2026.
• Latin America (LATAM) ATPs increased 1.7% in 2024 to $667. Pricing is expected to remain relatively flat, dipping 0.4% in 2025 and rising 1.7% in 2026.

Hotel

Hotel pricing continues to be underpinned by high occupancy rates and constrained room supply. Despite central banks slowly easing interest rates, elevated borrowing costs and tight lending standards are limiting new hotel development, keeping supply growth below long-term averages.

Globally, the average daily rate (ADR) increased 1.9% in 2024 to $161. Moderate growth of 1.2% is forecast for 2025, followed by a 1.8% rise in 2026. In a recessionary scenario, ADRs could decline by 3.7% in 2025 and 1.3% in 2026.

Regional highlights:

• LATAM remains the global outlier for hotel price growth. ADRs rose 7.5% in 2024 to $100 and are forecast to increase by another 7% in 2025 and 5.7% in 2026. Strong domestic travel, limited new hotel supply, and high inflation are all contributing factors.
• APAC saw a 4.5% increase in 2024 to $138. Rising labor and construction costs are expected to drive further increases of 3.6% and 2.8% in 2025 and 2026 respectively.
• NORAM ADRs rose 3.3% in 2024 to $188, with further increases of 2.1% and 1.6% projected.
• EMEA recorded a 1.3% increase to $157 in 2024. More moderate growth of 1.9% is forecast in both 2025 and 2026.

Ground transportation

After years of pandemic-era volatility, global car rental rates are stabilizing, though at a higher level than pre-COVID norms. Average daily rates rose 6.1% in 2024, with more moderate increases of 2.9% in 2025 and 2.8% in 2026 projected under the baseline scenario. In a recessionary environment, global daily rates could decrease 1.3% in 2025 and 1.8% in 2026 as demand softens.

Vehicle availability has improved significantly. Fleets are more balanced, and rental companies are rotating out higher-cost vehicles acquired during supply chain disruptions. Lower depreciation costs and healthy competition are helping to contain further price increases.

Regional highlights:

• NORAM saw the sharpest increase in 2024 (7.2% to $41.60), and is expected to continue leading growth, with rates up 3.4% in 2025 and 2.6% in 2026.
• EMEA and APAC saw similar increases of 6.7% ($52.50) and 6.3% ($54.30) in 2024 respectively, with more modest growth ahead (1.1%–1.8% annually in 2025 and 2026).
• LATAM remains the least expensive region, with 2024 daily rates climbing 3.1% to $36.40, and expected increases of 1.4% and 1.1% in 2025 and 2026 respectively.

Meetings and events

The average cost per attendee at corporate meetings and events climbed 4.5% in 2024, driven by rising labor and production costs, inflationary pressures, and a shift toward smaller, more curated, experience-led events. A softening in growth is anticipated going forward: average per-attendee costs are projected to increase 3.7% in 2025 and 2.4% in 2026, broadly in line with headline inflation rates across G20 economies.

Key trends:

• As organizations focus on higher-impact, smaller group experiences, fixed costs are being spread across fewer attendees, driving up per-capita spend.
• Growing expectations around wellness, sustainability, and hybrid capabilities—along with ongoing shortages in premium event venues—are adding further cost pressure.
• More planners are considering secondary cities where hotel and venue rates are lower.

With cost pressures unlikely to ease significantly, meeting planners will need to rethink event strategies – optimizing event types, locations, formats, and supplier relationships – to deliver impact within budget.

For more detailed information, including regional breakdowns and in-depth insights on pricing trends, please view the full Global Forecast report.

About the 2026 Global Business Travel Forecast

Now in its eleventh edition, this annual report from CWT and GBTA draws on a comprehensive dataset of more than 70 million ticketed flights, 125 million hotel room night bookings, and 35 million car rentals. Projections for 2025 and 2026 are based on advanced econometric techniques, including ARIMA models developed by the Avrio Institute, and are enriched by expert insights from CWT and GBTA analysts. This detailed analysis captures emerging trends and provides forward-looking guidance for the travel industry.

About CWT

CWT is a leading global partner in business travel, meetings, and events. Operating across six continents, we deliver sustainable, tailored solutions that help organizations connect, engage, and thrive in an evolving world. Our myCWT platform integrates advanced technology with human expertise to simplify travel and enhance traveler and attendee experiences. Extensive global coverage, seamless data integration, AI-driven analytics, and carbon-conscious travel tools enable businesses to optimize their travel and meetings programs while delivering measurable value.With 150 years of industry experience and a deep commitment to partnership, CWT collaborates with clients to shape the future of business travel and events, making them more efficient, responsible, and impactful.