GlobalData: in 2025, deal activity in the travel and tourism sector down 5%, but some markets prove resilient

In 2025, there was a decline in financial and corporate transactions (including mergers and acquisitions, private equity and venture financing) involving companies in the travel and tourism sector: deal activity fell by 5% globally compared to 2024, according to GlobalData, a leading intelligence and productivity platform.

“The downturn is indicative of broader economic uncertainties weighing on deal-making sentiments,” said Aurojyoti Bose, Lead Analyst at GlobalData. “While the overall deal volume in the travel and tourism sector faced headwinds, certain regions and markets showcased resilience”.

Deal trends in the sector show marked geographical differences. According to an analysis of  GlobalData’s Deals Database, in 2025 the Asia-Pacific region recorded a 4% decline compared to the previous year, while in Europe the drop was even more pronounced: –17%, driven by ongoing geopolitical tensions and economic difficulties.

North America was the exception, closing the year with an 8% increase in deal volume. In the Middle East and Africa, as well as in South and Central America, the number of transactions remained largely stable compared to 2024.

Mergers and acquisitions stable, funding declines

Looking at individual countries, the United States and Canada posted growth in deal activity, while India, China, Spain and Germany showed a decline. Finally, markets such as the United Kingdom, Japan and Australia maintained activity levels broadly in line with the previous year.

The picture is also mixed when it comes to different types of transactions. In the travel and tourism sector, mergers and acquisitions (M&A) held steady, with deal volume broadly in line with that of 2024: a sign that interest in growth through acquisitions has not disappeared but is being pursued with greater strategic caution.

Very different is the trend in financing, which has seen a sharp slowdown. Venture capital and private equity recorded declines of 21% and 28% respectively in the number of deals. This reflects lower capital availability and a more cautious, selective investment climate.