That is according to a new survey by Business Travel Show Europe, which polled 163 corporate travel and procurement specialists, 85 percent of whom are based in Europe.

Louis Magliaro, the executive vice president of the BTN Group, said: "For almost four in ten corporate travel budgets to rise this year given the pressure travel managers are under to cut costs is really positive news and in line with the expected increase in trip volumes that we are hearing about."

Around 18 percent of corporate travel managers expected a year-on-year decrease in travel budgets, while Magliaro has predicted that costs will "stabilise" this year.

Magliaro said: "We fully expect the rise in costs that we witnessed last year will stabilise throughout 2025, taking more heat off travel managers and allowing them to focus on travellers and ROI (return on investment).

"It will be critical to work with the right TMCs, suppliers and technology suites to squeeze every bit of value they can from their budgets, while being mindful of the pressures to be more sustainable and their obligations for traveller safety, compliance and reporting."

Meanwhile, AirPlus recently found that European companies spent more on business travel in 2024.

The corporate travel payments specialist observed that the trend came amid "economic weakness" in some European countries.

On average, European companies spent 1.3 per cent more on air travel in 2024, compared to 2023.

The Netherlands and Switzerland reported significant rises of 8.1 percent and 4.9 percent, respectively. On the other hand, Germany witnessed a 1.5 per cent decline in spend, while the UK saw an increase of 2.6 per cent year-on-year.