When everything feels like it’s shifting — economically, operationally, politically — finance leaders are under more pressure than ever to plan with clarity. But planning takes more than instinct. It needs data. Not another forecast or analyst take, but real numbers from real businesses, showing what people are actually spending and what they are prioritising right now.
That is what Soldo’s latest Spend Index sets out. Built from anonymised transaction data from more than 25,000 businesses in the UK, Italy, Spain, France, Germany and the Netherlands.
The report gives finance and operational leaders a clear view of how spending is evolving in 2025. Not just what is going up or down, but what that shift tells us about business behaviour and long-term decision-making.
To dig into the findings, Natasha Prayag, Senior Content Writer at Soldo, sat down with Chief Marketing Officer Isabelle Duarte to explore what the numbers reveal and why they matter.
A chance conversation led to something more useful
The idea for the Spend Index started with a conversation at a finance event in late 2023.
Over coffee, Isabelle spoke to a CFO during her usual year-end planning cycle. She had come to the event hoping to get a clearer sense of the economic outlook, but she wanted something more grounded: benchmark data to help her understand how her peers were spending.
“She was bemoaning that there was very little benchmark data available,” Isabelle explained. “And I suddenly realised we already have this data. We can offer that visibility.”
That lightbulb moment led to the Spend Index, designed to give leaders something tangible to work from, rather than relying on guesswork or broad trends.
Travel is returning, but this time it’s more deliberate
The data shows that travel and entertainment (T&E) spend has risen by 12% compared to last year. But it’s not a blanket return to pre-pandemic habits. When you look closer, motor vehicle costs are up by 49% and car rentals by 30%, especially in larger businesses, while entertainment spend has fallen by 5%.
Rather than teams returning to the old rhythm of conferences and client dinners, businesses travel with a clearer purpose. “Mobility is back, but with purpose,” Natasha said. “Companies are choosing to travel when it directly supports growth.” Isabelle sees that too. “T&E is not just a cost. It can be an enabler, especially when it helps you stay close to customers,” she said. “Any time I can meet a customer or prospective customer in person, it is a yes for me.”
The finance teams can allow their businesses to move without losing track of spending or causing bottlenecks later.
AI is no longer experimental, but that brings new challenges
Among large businesses, AI-related spend has grown by 130%. Tools like plugins, image generators, and presentation builders are being adopted fast, but this is no longer just about experimentation.
“We are past the testing phase,” Isabelle said. “These tools are in daily use now.”
That adoption, while powerful, creates challenges for finance. Many teams are signing up for tools independently, and those costs can build quickly and out of sight. Without visibility, it becomes hard to know what is being used, where data is going or whether access is controlled.
“The worst thing you can do is have AI tools being rolled out without you knowing,” Isabelle warned. One risk that’s easily undermined is how quickly these tools can be misused. Prior to the webinar, she ran a quick experiment using two AI platforms. It took her just under 12 minutes to generate a fake restaurant receipt that looked legitimate.
The increasing risk is becoming very real for businesses still using paper trails and reimbursements. However, the risk can be significantly reduced if every payment is linked to a receipt, a person, and a project.
Operational spend is growing with control
This year, operational spending is up 26% overall. Equipment and supply costs rose by 33%, and spending on services such as marketing and external partners increased by 24%. However, rather than pointing to careless spending, the data suggests teams are making fast decisions with more purpose and clarity.
“Teams are backing what matters and cutting what does not,” Natasha said. “They are moving quickly but intentionally.
For Isabelle, this reflects what is happening across operational teams. “There is a direct link between agility and customer experience,” she said. “You need to be able to respond in the moment, without waiting for approval chains or slow procurement processes.”
What makes that possible is not saying yes to everything but having systems that allow quick decisions without losing accountability. When spending can be tracked immediately and connected to the right person or project, finance no longer needs to play catch-up at the end of the month.
Recurring spend is under review
One of the clearest shifts in the data is around recurring spend. For large businesses, it has dropped by 30%. At the same time, software spend is up 43% and professional services by 59% in the UK.
This is not about cutting back across the board. It is about reallocating spend towards the tools and partnerships that continue to deliver value.
“Finance teams are reviewing what works and what does not,” Natasha said. “They are cancelling the things that are no longer useful and doubling down on the ones that are.”
But as Isabelle pointed out, this kind of recurring spend is easy to miss if it is spread across different teams and cardholders. “It is classic decentralised spend. If someone leaves the business or changes teams, you can lose track of what is still being paid for,” she said.
That makes visibility the starting point for better control. With the right systems, teams can quickly review what is active and act when needed, rather than waiting for renewal reminders or chasing down old invoices.
Finance teams are not just pulling back. They are building smarter systems
Across every area of spend, the same pattern is emerging. This story is not about cost-cutting; it’s about clarity.
Businesses are still investing, travelling and trying new tools. Finance teams are working hard behind the scenes to build systems that support agility with oversight.
“Finance is stepping into more of an enabler role,” Natasha said. “They are not just keeping the lights on. They are building processes that allow teams to move without losing control.”
Isabelle summed it up with one piece of advice. “Do not assume that control means restriction. When you have the right tools, you get confidence, not chaos.”
