华利安：2025年上半年全球旅游行业更新报告（英文版）

History shows that the travel sector has proven to be one of the most resilient areas within consumer. Despite challenging macroeconomic environments, political volatility, and terrorism providing shocks, demand has consistently recovered strongly as consumers have prioritised their discretionary spend on travel. Over the past 12 months, travel spend has held up strongly, aided by macroeconomic indicators moving in the right direction, providing a supportive backdrop for Travel M&A. The i