Thursday, January 11, 2024
In 2023, global travel and tourism deals fell 31.9% to 723, influenced by geopolitical tensions and economic factors, reports GlobalData.
In 2023, the global travel and tourism industry experienced a significant reduction in business transactions, with only 723 deals recorded, marking a 31.9% decrease from the 1,062 transactions in the prior year, as reported by GlobalData, a prominent analytics and data firm.
GlobalData’s comprehensive deal analysis highlights a notable decrease in all transaction types within the sector for the year 2023 compared to 2022.
The year witnessed a 32.8% reduction in mergers and acquisitions (M&A), while private equity (PE) and venture capital (VC) deals decreased by 40% and 27.9%, respectively.
Aurojyoti Bose, the lead analyst at GlobalData, noted that the decline in deal activities across various industries, including travel and tourism, was influenced by multiple factors. These included ongoing geopolitical tensions, conflict, recession fears, inflation, and rising interest rates.
Geographically, every major region saw a downturn in deal activities in 2023 compared to the previous year. North America, Europe, Asia-Pacific, the Middle East and Africa, as well as South and Central America, recorded decreases in deal volume by 42.1%, 35.9%, 14.2%, 23.3%, and 48.3%, respectively.
Additionally, significant economies like the US (43.3%), the UK (29.7%), China (10%), Japan (41.8%), France (19.4%), South Korea (20%), Australia (37.1%), Spain (57.9%), and Canada (21.1%) also experienced declines in deal volume in 2023 compared to 2022.
Saturday, April 27, 2024
