An analysis of GlobalData’s Deals Database revealed that all the deal types under the coverage witnessed notable decline in volume during 2023 compared to 2022.

While the volume for M&A deals fell by 32.8 percent, the number of PE and VC deals were down by 40 percent and 27.9 percent, respectively, during 2023 compared to 2022.

Aurojyoti Bose, lead analyst, GlobalData, commented, “Several factors were at play for the subdued deal activity across several sectors and the travel and tourism sector was not an exception to this global trend.  Notable among these factors include the ongoing geopolitical tensions, conflicts, fears of recession, inflation and interest rate hikes.”

North America, Europe, Asia-Pacific, Middle East and Africa, and South and Central America regions recorded decline in deals volume by 42.1 percent, 35.9 percent, 14.2 percent, 23.3 percent and 48.3 percent, respectively, during 2023 compared to 2022.

Meanwhile, deal volume also declined in several leading economies including the US (43.3 percent), the UK (29.7 percent), China (10 percent), Japan (41.8 percent), France (19.4 percent), South Korea (20 percent), Australia (37.1 percent), Spain (57.9 percent) and Canada (21.1 percent) during 2023 compared to 2022.

Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.