Corporate travel spending has not only recovered—it has reasserted its strategic importance. Global business travel surpassed pre-pandemic levels in 2024, reaching $1.484 trillion, but the way value is created and captured has changed. According to The Value of Corporate Travel 2025, a new analysis from the New York University School of Professional Studies Jonathan M. Tisch Center of Hospitality and the Hotel Electronic Distribution Network Association, managed travel is becoming less about volume and more about yield, predictability, and channel discipline.
For corporate travel managers, the report’s findings reinforce a familiar tension: tighter policies and fewer trips, paired with rising costs and higher expectations around duty of care, traveler experience, and program ROI. Yet the data also suggests that managed travel programs—particularly those anchored in negotiated rates and GDS distribution—are better positioned to deliver consistent value in an increasingly fragmented booking landscape.
Key finding #1: Corporate travel growth is now driven by value, not trip volume
Between 2023 and 2025, global hotel room nights grew modestly, but revenue growth outpaced volume, driven by steady increases in average daily rate (ADR). Global ADR rose from $170.60 in 2023 to $174.40 year-to-date in 2025, signaling what the report describes as “a market that is transitioning toward value-driven performance rather than being solely reliant on demand recovery from Room Night growth.”
For travel managers, this shift underscores why rate strategy, booking behavior, and channel choice matter more than ever. Even modest ADR increases can materially affect program spend—especially when combined with longer lengths of stay and higher ancillary costs tied to blended business and leisure travel.
Key finding #2: Negotiated corporate rates are generating more revenue from fewer trips
One of the report’s most consequential findings for managed travel programs is what it calls the “Negotiated Segment Paradox.” While negotiated corporate travel has declined as a share of total room nights—from 17.2% in 2023 to 16.4% year-to-date in 2025—its revenue contribution has remained stable.
In fact, negotiated segment revenue grew by 6.2% in early 2025, outpacing the global average of 5.4%. The report notes that “revenue growth for the Negotiated segment 2025 outpaced the global average, demonstrating a clear increase in value per stay.” Higher ADRs and slightly longer lengths of stay are driving more revenue from fewer trips.
For corporate travel managers, this finding validates the continued importance of negotiated programs. Even as organizations scrutinize travel volume, contracted rates are delivering disproportionate value—particularly when paired with policy compliance and managed booking channels.
Key finding #3: Channel choice has become a primary driver of corporate travel value
Booking channel selection is no longer a neutral decision. Between 2023 and 2025, the Global Distribution System (GDS) overtook Direct as the leading channel for corporate room nights. GDS revenue share grew from 10.0% in 2023 to 11.0% in 2025, while Direct channel share declined steadily.
As the report states, “Corporate travelers, including the most valuable loyalty members, appear to be migrating from Direct booking channel . . . to the GDS.” This shift carries direct implications for cost control, data visibility, and duty of care.
GDS bookings consistently generated higher-value stays. In 2025, the GDS channel commanded an ADR $11.70 above the global average, while Direct bookings fell nearly $11 below it—reinforcing the growing value gap between managed and unmanaged booking paths.
Key finding #4: Corporate loyalty bookings are accelerating the shift to GDS
The channel migration is even more pronounced among corporate travelers with loyalty membership. From 2023 to 2025, the GDS share of corporate loyalty bookings rose steadily, surpassing Direct in 2025 to become the leading channel for this group.
This behavior reflects a growing preference for channels that combine negotiated rates, loyalty benefits, and policy compliance. Rather than choosing between rewards and governance, travelers increasingly expect both—placing additional strategic importance on managed, GDS-enabled programs.
Key finding #5: Higher-value corporate stays are concentrating inside managed channels
Beyond volume, traveler behavior further differentiates managed channels from unmanaged demand. According to the report, GDS users rarely book same-day travel and are far more likely to book 8–30 days in advance, with nearly 10% booking 30–60 days out.
This predictability supports better yield management, stronger rate negotiations, and improved forecasting. Direct channel users, by contrast, skew heavily toward same-day and short-notice bookings, creating a more volatile and less controllable demand pattern.
As the report highlights, “the stable and predictable revenue base from high-ADR GDS bookings allows for more sophisticated yield management,” reinforcing why managed channels remain central to corporate travel programs.
Key finding #6: Loyalty engagement is increasing within policy-compliant booking channels
While Brand.com continues to capture the largest share of loyalty bookings overall, only a small portion of those bookings are tied to negotiated corporate travel. By contrast, GDS loyalty bookings have increased steadily since 2023 and now account for approximately 12% of total loyalty-related room nights.
The report suggests that travelers increasingly view GDS channels as a way to balance compliance with personal incentives, noting that “the loyalty-building aspect of third-party channels such as GDS is particularly enticing to travelers with loyalty membership.”
For corporate travel managers, this challenges the assumption that direct booking is the primary path to loyalty engagement and suggests managed channels can support both traveler satisfaction and program governance.
Key finding #7: Regional ADR pressure is uneven across global markets
Regional ADR trends reveal uneven cost pressure for corporate buyers. In Asia, the Middle East, and Europe, negotiated segment ADRs grew faster than overall market averages, signaling increased pricing pressure in key business travel regions.
In Europe, negotiated rates in 2025 exceeded the regional ADR average—an unusual development that suggests stronger supplier leverage. Meanwhile, in regions such as Greater China and Latin America, negotiated rates remained significantly below market averages, offering relative cost insulation.
These regional dynamics underscore the need for localized sourcing strategies and continuous rate monitoring within global travel programs.
Key finding #8: Negotiated rates are providing cost stability in volatile markets
Despite broader market fluctuations, negotiated pricing demonstrated relative resilience. In Greater China, for example, negotiated rates experienced the smallest year-over-year declines, leading the report to observe that “negotiated pricing resisted the overall market decline more than other segments.”
For corporate travel managers navigating geopolitical uncertainty and economic headwinds, this stability reinforces the role of negotiated agreements as a risk-management tool—not simply a discount mechanism.
Key finding #9: Bleisure and longer stays are increasing the complexity of managed travel
The rise of blended business and leisure travel continues to reshape managed travel patterns. Average length of stay increased to 2.4 days in 2025, up from 2.1 days in 2024, driven in part by bleisure extensions.
One-third of business travel buyers reported fewer single-day trips and longer overall stays. While this trend can enhance traveler satisfaction, it also introduces new policy considerations around reimbursement, booking flexibility, and duty of care.
What this means for travel managers
The findings in The Value of Corporate Travel 2025 point to a managed travel environment that is smaller in volume but higher in strategic importance. For corporate travel managers, the implications are less about chasing lower rates and more about optimizing where, how, and why bookings occur.
Managed channels are delivering measurable value.
The continued migration toward GDS-based bookings reinforces the role of managed channels in providing visibility, predictability, and higher-value stays—while supporting duty of care and reporting requirements.
Negotiated rates remain a stabilizing asset.
Even as negotiated travel represents a smaller share of total room nights, its resilience during periods of volatility underscores its role in cost containment and program stability, particularly in high-pressure markets.
Channel strategy now directly affects program economics.
Allowing unmanaged or last-minute bookings may offer flexibility, but it introduces volatility that can erode long-term program value. Channel discipline increasingly functions as a cost-control lever.
Loyalty and compliance are converging.
The growth of loyalty bookings through managed channels suggests travelers no longer see rewards and policy adherence as mutually exclusive—giving travel managers an opportunity to reinforce compliant behavior without sacrificing satisfaction.
Policy guardrails must evolve with traveler behavior.
As bleisure extends trip duration and spend, clearer guidelines around booking, reimbursement, and duty of care are essential to preserving the benefits of managed travel.
Looking forward
The findings from The Value of Corporate Travel 2025 suggest that the future of corporate travel will not be defined by how quickly volume returns, but by how deliberately programs are managed. As pricing pressure, distribution complexity, and traveler expectations continue to rise, managed travel is becoming more, not less, strategic.
For travel managers, the path forward is increasingly clear: prioritize channels that deliver visibility and control, treat negotiated rates as a stabilizing asset, and design policies that reflect how travelers book and behave today. In a fragmented marketplace, managed travel’s greatest value lies in its ability to turn complexity into predictability.
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