The travel & tourism sector witnessed a notable decline in deal activity in the first half (H1) of 2025, reflecting a shift in market dynamics and investor sentiment. The total number of deals (mergers & acquisitions (M&A), private equity and venture financing) announced year-on-year (YoY) fell by around 8% in H1 2025, reveals GlobalData, is a leader in data and analytics.
GlobalData: An Analysis Deals Database All deal types covered by the study registered a decline. The number of venture financing and private equity deals registered YoY decline of around 25% and 20%, respectively, during H1 2025 while M&A activity exhibited relative resilience, with a slight contraction of 3.5% in deal volume.
Overall, the decline in dealmaking is a sign of a larger trend. Investor sentiment and macroeconomic factors are changing strategies. Dealmakers may be becoming more cautious due to macroeconomic challenges or volatile market conditions. The drop in venture capital and private equity transactions indicates a decline in investor sentiment. This trend is emphasized by a reduced appetite for risk. Aurojyoti BOSE, Lead Analyst GlobalData
Asia-Pacific emerged as the bright spot in H1 of 2025, with a 11% increase in deal volume. This growth can be attributed by countries like Japan or India who have improved their deal activity.
In contrast, deal activity in other regions has declined. Europe, North America and Middle East & Africa, as well as South & Central America and South & Central America saw a decline in deal volume of approximately 19%, 10 %, 39% 12% respectively during H1 2020 compared to H12024.
The US, China, and Germany saw YoY drops in the number announced deals in H1 of 2025. However, the UK was able to maintain its deal volume largely at the same level.
Note: Data may have changed in the past if some deals were added due to delays in the release of information.
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