Despite rising costs, business travel is robust, according to an analysis of travel volume and spending by more than 10,000 organizations comprising millions of air, hotel and other expense transactions.
Navan, an expense management platform, commissioned Forrester Research to create an index tracking such activity. The index is pegged to a baseline of 100, established for the first quarter of 2023.
According to Navan’s recently released report on its clients’ travel activity in the third quarter of 2025, the Navan Business Travel Index reached 178.4, reflecting an increase of more than 78% in less than two years.
Year over year, compared to the reading of 148.7 for the third quarter of 2024, the index gained 20% over the previous 12 months.
Most industries contributed to the year-over-year growth in business air and hotel spending and volume, led by the government and public sector, which saw a 28% gain, followed by financial services at 24%. See more findings.