Deals in travel and tourism (mergers and acquisitions, private equity investment and venture financing) in the first four months of 2023 were down 43% worldwide from a year earlier, according to GlobalData.
Aurojyoti Bose, lead analyst at GlobalData, said the decrease likely occurred because "deal-makers seemed to have become cautious amid recession fears, geopolitical tensions and uncertain economic conditions."
North America saw deals decrease 50% year over year. GlobalData called the region "traditionally dominant" in travel and tourism deals.
Europe, Asia-Pacific and South and Central America also saw deal activity decline. The Middle East and Africa were relatively unchanged. However, deal activity in China and the Netherlands was improving, GlobalData said.