Business Travel Spending Surges in Q4 2025

Navan’s Business Travel Benchmark for Q4 2025 records a 13.8% year‑over‑year increase in business travel activity, while TSA passenger volume climbed only 1.2% over the same quarter—a divergence that signals targeted corporate mobility and higher per‑trip expenditure.

Quantified shifts: activity versus spending

The Navan BTB dataset, drawn from millions of transactions across more than 10,000 corporate customers, shows that spending growth outpaced volume growth in 2025. For the full year, Navan measured a 16.1% rise in business travel activity year‑over‑year, with spending increases concentrated in higher‑value categories and in sectors that prioritized face‑to‑face engagement.

Industry leaders and ground transport

Certain sectors accounted for outsized growth in air and hotel expenditures. The top contributors were:

• Government & Public Sector: +36.1% YoY in air and hotel spending.
• Hospitality & Travel: +33.3% YoY—reflecting both business events and operator travel.
• Energy & Utilities: +21.2% YoY—driven by field operations and contractor travel.

Ground mobility categories also exhibited robust increases: public transport, tolls, and parking rose 21.6% YoY, while taxis and rideshare spending increased by 19.1% YoY, indicating a clear rise in intra‑city mobility tied to business itineraries.

Spending composition: quality over quantity

Navan’s data reveal companies are allocating more resources per trip. Although domestic travel volume was up 7.9%, overall spending climbed 17.8%. This gap suggests a strategic pivot toward higher‑impact, in‑person engagements—larger meetings, client entertaining, and team events aimed at strengthening relationships and accelerating deals.

• Team events and meals: increased from 2.7% QoQ in Q3 to 4.6% QoQ in Q4.
• Client entertaining: shifted from a 0.8% decline in Q3 to a 2.7% increase in Q4.
• Allocation per trip: corporate budgets prioritize ROI on each in‑person meeting, not only trip counts.

Operational impacts for travel and hospitality providers

Higher per‑trip spend implies demand for premium meeting spaces, upgraded hotel room blocks, and enhanced ground logistics. For destinations and venues, the trend supports investments in conference facilities, F&B capacity, and concierge ground transport. Marinas, waterfront hotels, and seaside venues that can host corporate retreats or executive meetings may see new demand vectors as companies seek memorable, relationship‑driven locations.

Methodology and data validation

The BTB follows a composite‑index approach similar to the Conference Board’s methodology, using anonymized transactions from Navan’s travel and expense platform. Nasdaq’s economics team reviewed the analytical approach and validated the comparisons. Navan’s index is juxtaposed with a TSA index constructed under comparable methods to isolate corporate travel dynamics from total passenger flows. Quarterly comparisons refer to Q4 2025 (October 1–December 31) versus Q4 2024.

Why the divergence from TSA data matters

Because TSA aggregates all passenger types—leisure, business, crew, and transit—the BTB–TSA divergence demonstrates a corporate‑level decision to restore in‑person interaction even where total air travel remains relatively flat. The timing—peak of the fall conference season—highlights the role of industry events in driving corporate mobility.

Historical context and recent trajectory

Corporate travel rebounded incrementally after the 2020–2021 pandemic period. Early return‑to‑office policies and asymmetrical recovery across sectors produced uneven demand. From 2022 onward, business travel volumes climbed steadily, but until 2024 the emphasis was on cost control and hybrid engagements. The BTB’s 2025 results mark a more decisive shift: organizations now emphasize relationship capital, investing in selective face‑to‑face interaction to accelerate sales cycles, onboard clients, and deliver internal alignment.

Historically, spikes in corporate travel correlate with broader economic expansion and increased investment in client acquisition and retention. The 2025 pattern—greater spend per trip and sector‑specific surges—aligns with past recoveries, yet the durability of this trend depends on macroeconomic stability, corporate margin pressures, and the evolution of digital meeting tools.

Forecast and implications for tourism and event destinations

Looking ahead, expect companies to continue selective travel while optimizing trip ROI. For tourism stakeholders this suggests:

• Growth in demand for premium meeting venues and boutique conference hotels.
• Opportunities for coastal and lakeside destinations that can offer combined business and leisure (bleisure) experiences.
• Increased bookings for coordinated ground transport and event logistics during peak conference seasons.

Destinations that can blend professional meeting infrastructure with attractive leisure amenities—clearwater beaches, well‑equipped marinas, and local activities—will be better positioned to capture corporate groups and incentive travel budgets.

Conclusions and takeaways

Navan’s Q4 2025 benchmark signals a decisive tilt back toward in‑person corporate engagement, with spending rising faster than travel volumes and particular strength in government, hospitality, and energy sectors. The emphasis on team events, client entertaining, and elevated per‑trip budgets suggests corporations view direct interaction as a high‑value investment for growth and relationship management. For the travel and hospitality ecosystem, this creates demand for premium meeting services, efficient ground mobility, and destinations that can host business gatherings alongside leisure activities.

Overall, these patterns imply broader opportunities across destinations, marinas, and service providers that support corporate events and activities—yacht and boating experiences, beachfront venues, lakeside retreats, and marina facilities could all feature in incentive and executive programs. Stakeholders should monitor continued spending trends and adapt offerings—from meeting packages to curated local experiences—to meet rising expectations for return‑focused travel.

GetBoat.com is always keeping an eye on the latest tourism news. In summary: Q4 2025 shows meaningful growth in business travel and per‑trip spending, led by specific industries and driven by strategic investment in relationships; destinations and service providers—hotels, marinas, and activity operators—should prepare to meet higher expectations around meetings, hospitality, and experiential offerings to capture this returning demand.