The business travel market is neither booming nor broken right now. It's something more interesting: unevenly split. While overall corporate travel spending is projected to hit $2.1 trillion by 2031 (more than triple the $689.7 billion recorded in 2021), the actual recovery looks wildly different depending on where you plant your feet on the map.
Last quarter of 2025 told a revealing story. Hotel bookings for group events climbed to 97% of pre-pandemic 2019 levels globally, creeping upward from earlier in the year. Meeting planners' booking requests (formally called RFPs, or requests for proposal) actually surpassed 2019 numbers, hitting 102%. But here's the catch: hotels are charging significantly more. Room rates averaged 139% of 2019 levels, a recovery in pricing that reflects both lingering demand and structural cost pressures that haven't eased up across the hospitality world.
The real story is in the geography
Some countries are living in a different economic reality than others. India is crushing it with 151% of 2019 group room nights, while the Netherlands (120%) and Canada (102%) are also well ahead of the global average. But look at the US, Germany, and the UK: all three are sitting below their 2019 benchmarks at 93%, 84%, and 83% respectively. The American dominance in global business travel is slipping.
The planning pipeline tells an even more dramatic story. Saudi Arabia saw RFP activity explode to 208% of 2019 levels, with Mexico (166%), the UK (143%), Canada (138%), and Brazil (137%) all surging. Turkey and Japan are rebounding too. This data, though, was collected before recent geopolitical tensions in the Middle East shifted everything. Analysts estimate the region could lose 600 million euros a day in travel and tourism revenue.
Regionally, North America commands the largest global revenue share simply because it houses the most multinational corporations. But that dominance won't translate to growth. Central and Eastern Europe are performing well now, but Asia Pacific and Latin America are set to outpace them by the end of 2027. This is a tectonic shift in how money moves through the global economy.
The mood just got murkier
Corporate travel spending is forecast to jump 10.5% over the next two years, outpacing leisure travel growth. The industry started 2025 with real momentum and serious appetite for in-person gatherings. Then early 2026 arrived with disruptions and uncertainty layered on top. Planners are still booking events 12 months out, a sign of confidence in their schedules. But the appetite for near-term reservations has noticeably dropped.
What's keeping planners up at night? Geopolitical tensions top the list, followed closely by tech downturns and trade war concerns. The Middle East situation creates a double squeeze: immediate safety worries for travelers and the knowledge that the region handles about 14% of all global international transit traffic. Disruptions there ripple everywhere, affecting consumer sentiment, energy prices, and investment decisions across industries.
Pricing remains stubbornly elevated everywhere. Hotels are nowhere near dropping rates back to 2019 levels, and the hospitality sector still faces structural cost pressures. Add in the possibility of increased volatility tied to geopolitical fallout, and you get cautious optimism rather than unbridled expansion. The Global Business Travel Association estimates worldwide spending could reach $1.8 trillion by the end of 2026, strong growth but tempered by real headwinds.
The picture for corporate travelers right now is this: book early, expect to pay more than you would have five years ago, and understand that where you're traveling matters more than ever. The old patterns of business travel centered on North America are fading. New hubs are emerging in unexpected places, and smart companies are already reshaping their travel strategies to match where growth is actually happening.
