Recently，Wang Ting, Managing Director of Zuoyu, participated in the meeting organized by the Hangzhou Municipal People’s Government、Guidance from Zhejiang Provincial Financial Affairs Office，Hangzhou Financial Affairs Office、The "2018 China Equity 188bet Online Sports Betting and Casino Hangzhou Summit" hosted by the Jianggan District People's Government of Hangzhou and Zero2IPO Group，With Panda Capital、Qiming Venture Partners、Xiaocun Capital and Tiantu Capital and other institutions together，Discussed the 188bet Online Sports Betting and Casino trends in different industries under the background of consumption upgrading。

Managing Director Zuo Yu Wang Ting

The 188bet Online Sports Betting and Casino industry is a service category，It is more of an experience economy。Previous travel，For example, outbound travel，Possibly zero negative tour fee，This is a very abnormal business format due to lack of supply。Take Hangzhou as an example，We are very close to Japan by flight，You can make a round trip call on weekends，In the past, Japan’s travel package products cost one or two thousand yuan。As long as we have a little common sense about traveling, we will know，A typical four-night trip with air tickets and hotel，It is impossible to support the selling price of one or two thousand，However, such a product model has allowed travel agencies to survive for a long time，The core of this model is to fulfill the interests of all parties through forced shopping with poor experience，What is hurt is the consumer experience。But now the space for products such as zero-pay group fees is getting smaller and smaller，Replaced by products costing seven to eight thousand yuan or even tens of thousands of yuan，These products in the market meet the consumption demands of the middle class under the consumption upgrade，And the development trend is getting better and better。I think this is a typical 188bet Online Sports Betting and Casino consumption upgrade，That is, the user is willing to pay for the service itself。

Another example is peripheral travel，Just chatting with some guests in the lounge，In the past, we said that traveling around the area might be a couple or a couple driving or taking a bus to the surrounding areas，Buy a ticket for fifty or sixty yuan，This is the surrounding tour。The current peripheral trip is to drive to Mogan Mountain Naked Valley on the weekend，Or stay one night at a very famous internet celebrity B&B nearby，Consuming thousands of dollars at every turn，This kind of peripheral travel consumption behavior may happen every month for consumers。This is another intuitive manifestation of the upgrade of 188bet Online Sports Betting and Casino consumption。

Q: Internet celebrity brands are so popular, what challenges will they face 188bet Online Sports Betting and Casino future?

For products such as Internet celebrities，From an investment perspective，We are optimistic about its long-term investment value。Internet celebrities and Internet celebrity products，A common view I often hold is that users may want a 60% improvement in experience，He is willing to pay more than 60% to own or experience。For merchants，Can these extra incomes cover the economic model of merchants’ large-scale production，This is very important。In the past, especially from the perspective of the 188bet Online Sports Betting and Casino industry，Many businesses do not realize how much it costs to make 50%-60% improvement，Especially after scaling up。

Give an example，The 188bet Online Sports Betting and Casino industry has a relatively low barrier to entry，An industry with high development threshold。For example, when a company first started doing tens of millions of GMV，Control the per capita customer acquisition cost to 50-60，When this plate is pushed to three to five billion，Even one billion times，You will find that due to the business structure、Operation system、User acquisition is not deployed and upgraded in advance，Resulting in a surge in costs in all aspects，The most typical thing is that the cost of acquiring customers suddenly rises to hundreds or thousands。Another example is the supply chain，When there is no supply chain infrastructure support，Expansion will encounter significant bottlenecks。I think many internet celebrity brands，We will face this challenge when we grow rapidly。

From my personal perspective，I will pay special attention to how Internet celebrity brands or a new brand can continue to maintain vitality，And 188bet Online Sports Betting and Casino requires comprehensive and comprehensive judgment。

Q: Zuo Yu is optimistic about the direction in the cultural 188bet Online Sports Betting and Casino industry

From a cultural 188bet Online Sports Betting and Casino perspective，Zuo Yuhui pays special attention to the operation of assets，Because cultural 188bet Online Sports Betting and Casino itself has strong land attributes，Land is currently a strictly controlled entity in China。Asset operation level，Land may be endowed with many connotations。For example, used as accommodation，It might be a hotel；Integrated education，Probably an educational camp；Maybe there is a hospital built on it for medical treatment；Or do a confinement center, etc.，These are all different levels of asset operation dimensions。

Focus on，I think next two to three years，There are great opportunities 188bet Online Sports Betting and Casino accommodation segment asset operation sector，This does not only include business hotel accommodation 188bet Online Sports Betting and Casino city，Also includes vacation accommodation solutions in resort areas。The former is more of a stock concept，The latter is mainly an incremental dimension。I think it is a market that can support at least 5 listed companies，So I personally continue to be optimistic about the accommodation sector。

*Source of 188bet Online Sports Betting and Casino article: WeChat public platform "Zuo Yu" (ID: zuoyucapital1)，Author: Zuo Yu，Original title: "What is the essence of consumption upgrade in the 188bet Online Sports Betting and Casino industry?》.