With a sharp decline in deal activity, the global travel and tourism industry—which has been battling to recover from the COVID-19 pandemic-induced halt—is now facing yet another setback.
According to data and analytics company GlobalData, the industry, which depends largely on investments and strategic alliances, experienced a sharp fall in transaction activity in February 2023 when compared to the same month last year of 60.4%.
Transaction volume in the industry more than halved from 111 agreements disclosed in February 2022 to 44 deals announced in February 2023, according to an examination of GlobalData’s Financial Deals Database. “The fall highlights the continuous uncertainty and difficulties the travel and tourism business faces, including shifting consumer behavior and economic volatility.