According to GlobalData 2024 will be characterized by a decline in activity and growth opportunities
15-03-24
According to GlobalData, the start of 2024 has not been promising for the tourism sector. According to a report published on March 13, 2024 by Caribbean News Digital, analysis of GlobalData's database indicates a 22.5% year-on-year decline in travel and tourism sector activity during the months of January and February 2024, compared to the same period last year.
This decline is reflected in the number of mergers and acquisitions as well as venture financing deals, which fell to 93 global announcements, compared to 120 in the equivalent period of 2023.
Reduced confidence in doing deals, affected by volatile markets globally, has negatively impacted sector activity, leading to fewer deals. However, the analysis revealed that the volume of private equity deals showed a slight improvement during the period.
Geographically, most key regions, including North America, Europe, the Middle East and Africa, and South and Central America, experienced a decline in deal volume. In contrast, the Asia-Pacific region showed a marginal improvement. Important markets such as the USA, the UK and France saw a decline, while India, South Korea and Australia showed signs of improvement.
Despite the overall downward trend, Aurojyoti Bose, senior business fundamentals analyst at GlobalData, notes that there are areas of resilience and growth opportunities, especially in Asia-Pacific, emphasizing the importance of identifying pockets of innovation for the sector.
Regarding the hotel market, an investment boom is anticipated in the UK during 2024, thanks to an increase in deals closed in 2023, which could positively influence transaction volume in the sector.
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