The number of deals announced in the global travel and tourism sector declined by 31.3% during the week ended May 31, 2020 compared to the previous week, according to GlobalData’s deals database.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The travel and tourism sector is among the worst hit due to travel restrictions and lockdowns amid coronavirus/COVID-19 pandemic and this is the third consecutive week of decline in deal volume for the sector.”

The announcement of venture financing, private equity, equity offerings and debt offering deals decreased during the week, while mergers and acquisitions (M&A) deal volume increased.

Deal activity also decreased in key markets such as the US and the UK during the week ended May 31, 2020 compared to the previous week.