by Lacey Pfalz
Last updated: 9:20 AM ET, Fri November 10, 2023
Research by GlobalData shows a decrease in mergers, acquisitions, private equity and venture financing deals in the travel and tourism industry this year, from January through October 2023, compared to 2022.
A total of 621 deals were announced during the first 10 months of the year, a decline from the 911 that were announced in the first 10 months of 2022. This is a decrease of 31.8 percent.
All regions are seeing declines in deals: North America’s deal volume declined 42.9 percent from 2022, the highest decline in the world. Second is Central and South America, which saw a 40 percent decline. Europe saw a 36.5 percent decline, the Middle East and Africa saw a 22.9 percent decline and Asia-Pacific saw a 11.7 percent decline.
What could be causing the recent slowdown as travel continues to see record numbers of travelers in destinations across the globe?
“Ongoing wars, geo-political tensions, and uncertain economic conditions considerably impacted the deal activity in the travel and tourism sector in 2023,” explained Aurojyoti Bose, Lead Analyst at GlobalData.
Deals volumes in specific countries have also been on a decline when compared to 2022. Spain saw a 57.6 percent decline; the U.S. saw a 43.7 percent decline; Japan saw a 46.8 percent decline; and the U.K. saw a 33.6 percent decline.
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