EPSA unveils the results of its 15th business travel barometer: 2025, a record year for the sector

At the IFTM Top Résa trade show, French group EPSA, a European expert in the operational, financial and environmental performance of organisations, presents the 15th edition of its business travel barometer. After several years of post-COVID recovery, the industry is set to break a new record in 2025 with estimated revenue of €30.9 billion, exceeding the 2019 level (€29.9 billion). This performance illustrates the sector’s return to normal, despite an economic and geopolitical environment marked by numerous uncertainties.

A record that hides signs of a slowdown

Although the sector is back on track, professionals are not celebrating just yet. Several indicators call for caution:

• Hotels: after an exceptional year in 2024, buoyed by major events such as the Olympic Games, activity slowed in 2025. Occupancy rates and average prices are falling slightly, although the latter remain very high after several years of inflation.
• Travel agencies: consolidation in the sector reached a milestone with the finalisation of the acquisition of CWT by Amex GBT. The new entity is now nearly twice the size of its main competitor, BCD Travel. This consolidation is a response to the aftermath of the health crisis, the technological challenges posed by the NDC distribution standard and the growing expectations of corporate clients.

Rail continues its momentum

In the rail sector, growth remains solid. The gradual arrival of new entrants is changing the market balance: from 2026, Trenitalia will operate a third of high-speed connections between Paris and Lyon. This enhanced service will particularly benefit business travellers, who are always looking for flexibility in their travel arrangements.

Air travel consolidating

Air travel is also performing well. Global traffic will reach a new record in 2025, even though IATA projections have been revised slightly downwards. In Europe, the landscape continues to change and is expected to culminate in the anticipated takeover of TAP Air Portugal by one of the major airlines (Air France-KLM, Lufthansa or IAG). The strategic challenge is to strengthen services to Latin America.

Stable but uncertain outlook

For 2026, EPSA anticipates more moderate growth in the sector (+2.2%), driven by inflation but held back by a slight decline in demand. Geopolitical tensions, the climate emergency and regulatory pressures will be among the main challenges.

Business travel has definitively turned the page on the pandemic. The market is reaching an all-time high, but caution is needed. We are seeing signs of a slowdown, particularly in the hotel sector, and an accelerated restructuring of players around distribution and mobility. Companies will have to navigate this new ecosystem by balancing performance, costs and sustainability.

Christophe Roth, Associate Director – BU Expertise Consulting

Methodology

This EPSA observatory is based on a representative panel of 67 clients, comparing the periods January-June 2025 with January-June 2024.