Summary:
- U.S. corporate travel in 2025 shows greater caution after two years of recovery.
- Companies face turbulence as they adjust to rising costs and shifting priorities.
- Managers also say their companies are optimizing travel for sustainability.
U.S. CORPORATE TRAVEL shows more “nuance and caution” in 2025 after two years of recovery, according to Deloitte. Many companies plan to increase spending, but retrenchment among larger organizations clouds the outlook.
Deloitte’s “2025 Corporate Travel Study” found that one in five large companies with 2024 travel spend above $7.5 million expect cuts in 2025. Large companies are more likely than smaller ones to cite higher prices, sustainability concerns, lower event attendance and reduced client interest in in-person meetings. Rising costs remain the main constraint, cited by 54 percent of managers, up from 48 percent in 2024.
“Corporate travel continues to be important to business and employee growth, but companies are facing potential turbulence as they adapt to conditions like rising costs and shifting internal priorities,” said Kate Ferrara, Deloitte’s vice chair and U.S. transportation, hospitality and services sector leader. “This moment calls for agility and partnership between companies and their travel providers, as well as companies and their traveling employees.”
The study is based on two surveys of travel managers, team leaders and corporate travelers.
Travel spending trends
Most companies have shifted from reactivating travel to redefining its value, experimenting with ROI metrics, sustainability goals and strategic alignment. Only 59 percent of large-company respondents expect budget increases this year, compared with smaller firms.
Three in four travel managers report budget increases, similar to 2024. Among travelers, trip frequency expectations are mixed. More plan 6 to 10 or more than 10 trips, but many frequent travelers expect to shift from three or more trips a month to two.
Nearly two-thirds of business travelers expect to attend a conference in 2025, making it the largest driver of travel incidence. One in five travel managers cite conferences as their top growth driver and two-thirds report rising spend in this area, up from 54 percent in 2024.
International trips account for about half of spending, similar to 2024, but North America’s share has declined over two years. This reflects increased travel to distant destinations and fewer Canadian and Mexican visitors to the U.S. in the first half of 2025.
The study found managers expecting to cut travel by 20 percent or more nearly doubled, from 24 percent to 45 percent. Among companies with spend above $7.5 million, 55 percent anticipate reducing volume by 20 percent or more.
The U.S. Travel Association recently said a government shutdown could cost the travel economy $1 billion a week.
