Company-level benchmark analysis of 3,200+ US firms quantifies how optimizing business travel spending can drive measurable revenue gains.

U.S. companies that take a strategic, well-governed approach to their business travel programs can achieve up to 30% higher revenue than their peers, according to a new return on investment (ROI) benchmarking study released today by GBTA and the American Society of Travel Advisors (ASTA).  

The aggregate analysis of more than 3,200 U.S. firms across 17 industries found that every 1% increase in managed travel spending is associated with a 0.20% rise in revenue, and firms that balance strategic travel policy controls and flexibility outperform firms that do not by up to 30%.  

The study, entitled “Quantifying the Return on Investment of U.S. Business Travel: Company Benchmarking Analysis,” provides landmark insights on the ROI of business travel at the company and industry levels, with actionable data for organizations seeking to optimize travel spend and drive stronger business outcomes. It is a follow-up to a companion report GBTA and ASTA released in July providing a broader view on ROI and business travel investment for U.S. firms. 

“Our partnership with ASTA on these ROI studies allows us to provide evidence-based insights into the strategic value of business travel and its impact on company performance ─ particularly for small and mid-sized organizations,” said Suzanne Neufang, CEO of GBTA. “This latest company-level analysis is designed to empower travel managers and executives to optimize their business travel strategies, fuel growth and maintain a competitive edge in today’s dynamic business environment.” 

Benchmarking Company Travel Spend: What Drives Optimal Investment? 

The study identifies the key drivers of travel and expense (T&E) spending and provides a benchmarking framework for organizations to compare their travel investment against industry peers: 

• Travel Management Design and Approach: Firms with a strategically well-governed approach to their business travel policies and programs spend more on travel, but this reflects greater business travel demand and is associated with stronger ROI and business outcomes. Disciplined, data-driven travel management is a hallmark of growth-oriented firms. 

• Firm Size: Organizations with more than 1,000 employees (representing total T&E budgets of about $2.4 million on average) benefit from economies of scale, resulting in lower per-employee costs. Firms with under 100 employees spend less overall but face higher per-employee travel costs, reflecting a heavier relative burden and a stronger dependency on travel as a growth driver. 

• Industry Variation: Sectors with high field activity—such as utilities ($8,600 per employee), healthcare ($6,800), and public administration ($4,700)—show the greatest per-employee spend. Industries with more location-bound workforces, like food services and education, spend the least. 

Travel Policy Enforcement: The “Sweet Spot” for Performance 

The analysis reveals that effective travel policy creation and management is a strategic driver of business performance. However, overly rigid enforcement ─ where business travel rules are applied so strictly that they restrict employees’ ability to make timely or cost-effective travel decisions ─ can limit returns, emphasizing the need for balanced compliance frameworks that maintain both control and flexibility. 

“This research directly demonstrates that business travel is not just a budget line item. Companies who approach travel management with effective policies, discipline and flexibility are better positioned to capture new opportunities and outperform their peers. Leveraging data-driven benchmarks will be essential for maximizing the value of every travel dollar,” said Zane Kerby, President and CEO of ASTA. 

Company-Level Benchmarking: Actionable Insights for Travel Managers 

The benchmarking model accounts for each company’s unique mix of attributes ─ such as revenue, employee count, number of locations, and operational intensity ─ allowing organizations to pinpoint how much they should be spending on travel relative to peers. For example, a company in the Human Health and Social Work sector was found to be underspending by $50,000 compared to its predicted benchmark, while a firm in the Information and Communication sector was overspending by $160,000, highlighting opportunities for efficiency gains or strategic investment. 

Takeaways for Business Leaders 

• A 1% increase in staffing corresponds to roughly a 1.1% rise in travel expenditures; each additional 1% in company locations adds about 0.08% to total spend. 
• Capital-intensive sectors (e.g., energy, manufacturing) spend approximately 34% more on travel, while labor-intensive industries spend about 27% less. 
• Companies with travel management programs spend a higher proportion of revenue on travel (0.76%) compared to the industry average (0.65%), reflecting higher travel intensity and more structured management. 

About the Study 

The research draws on an aggregate sample of over 3,200 U.S. companies using anonymized data from Prime Numbers Technology and Dun & Bradstreet, merging firm-level travel spend, revenue, employment, and travel management enforcement data. The analysis uses advanced econometric modeling to isolate the causal impact of travel investment and management practices on company revenue.