1、H1 2025Travel Sector UpdateWelcome to Our H1 2025 Travel Sector Update2The Travel SectorIs Resilient Experiences MatterAttractions of the Premium and Grey Consumer Role of SpecialistsRemains Standing Out Fromthe Crowd Is Key!History shows that the travel sector has proven to be one of the most resil

2、ient 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 b

3、y macroeconomic indicators moving in the right direction,providing a supportive backdrop for Travel M&A.The imposition of tariffs has unhelpfully introduced a level of uncertainty to the sector that is still playing out live.However,many of our clients are trading strongly and are well booked for FY

4、25.We are confident the sector is well-placed to trade through some choppy waters with investors increasingly appreciating its underlying resilience.It may sound a clich,but travel mattersand this is best evidenced as consumers continue to prioritise experiences over things.COVID-19 has left permane

5、nt markers in consumers psyches about the importance and enjoyment gained from seeing the world,exploring or making memories with friends,family,and loved ones.As a result,we have seen a continued allocation of spend towards experiences of all kinds vs.spend on goods.This is benefitting the travel s

6、ector,especially in subsectors such as adventure,specialist,and tailor-made travel providers who are able to curate unique,differentiated experiences.For those investors applying a thematic approach to the travel sector,the attractions of the 55+consumer and premium segments are obvious.With less mo