Aurojyoti Bose, lead analyst, GlobalData, commented, “The travel and tourism sector is among the worst hit due to the COVID-19 pandemic and deal activity in the sector has remained inconsistent since the outbreak. Though marginal, July’s growth marks the second consecutive month of growth in deal activity following three straight months of decline. In a bid to revive tourism, several countries such as Italy and Japan are looking to subsidize travelers’ expenses. Though the sector is yet to realize the benefits of such initiatives to the fullest, things may improve in the coming months with more countries also joining the league.”
Deal activity has also remained inconsistent across geographies since the COVID-19 outbreak. While deal activity decreased in key markets such as the US during July compared to the previous month, the UK improved only marginally and China remained at the same level.