Global deal activity in the travel and tourism sector declined by approximately 8% year-over-year in the first half of 2025, according to new data from analytics firm GlobalData.
The slowdown reflects shifting investor sentiment and growing caution amid uncertain economic conditions.
GlobalData’s analysis shows that all major deal types — mergers and acquisitions (M&A), private equity, and venture financing — saw declines.
Venture financing dropped the most, down 25% compared to the same period in 2024, while private equity deals fell by 20%. M&A activity proved the most resilient, with a relatively modest dip of 3.5%.
“The overall decline underscores a broader trend where macroeconomic factors and investor sentiments are reshaping deal-making strategies within the industry,” said Aurojyoti Bose, Lead Analyst at GlobalData.
“The subdued activity suggests that dealmakers are becoming increasingly cautious likely due to the macroeconomic challenges and volatile market conditions. The decline in venture financing and private equity deals, suggests a dent in investor sentiment, emphasizing a trend of reduced risk appetite.”
The Asia-Pacific market was an exception to the global trend, posting an 11% rise in deal volume. This growth was driven by stronger activity in markets such as Japan and India.
Elsewhere, declines were recorded across all major regions:
- Europe: down 19%
- North America: down 10%
- Middle East and Africa: down 39%
- South and Central America: down 12%
Among the world's major economies, the U.S., China, and Germany all saw fewer deal announcements.
The U.K. managed to maintain stable deal volume compared to the first half of 2024.
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