Business travel is booming back

Business travel spending may reach or even top pre-pandemic levels by the end of the year, a new Deloitte report finds

Nearly 3 in 4 corporate travel managers expect their company's travel spend to increase this year, while 58% expect growth in 2025, according to Deloitte's new 2024 Corporate Travel Study.

Key takeaways

• These managers anticipate spending growth of around 15% in each year, with at least some of this increased spending driven by higher travel prices;
• Half of travel managers are encouraging or requiring employees to book lower-cost flights to save money, Deloitte found, while 38% are doing the same for hotels;
• Travel frequency is also on the rise, with 20% of business travelers expecting to take 6-10 trips this year, up from 15% in 2023;
• In general, business travelers say they're taking fewer trips to meet with clients or prospects about projects. Instead, conferences and trade shows are a big draw, with more than 6 in 10 business travelers planning to attend at least one this year, according to the report;
• Deloitte's report is based on two surveys: one of 104 U.S. corporate travel managers conducted May 16-28, and another of 1,389 business travelers conducted May 28-June 3.

Get the full report at Deloitte