“Some tourism companies sell products，Don’t sell the best，Selling the least popular high-margin products，If shopping malls do this，Closed long ago。”

In the simple and simple office of Fosun Tourism，Chairman and CEO Qian Jiannong，From a retail perspective that he is familiar with，Interpretation of tourism in his eyes。In his opinion，Because competition in the tourism industry is insufficient，Product opaque，As a result, some companies only sell products with the highest profit margin，Of course it is the most unsaleable product，There is no retail industry paying attention to the real needs of consumers。There is no rationale for this difference。

This executive studied economics in Germany in the 1980s，Before joining Fosun，is a true “retail expert”，He has worked for many years in retail giants such as Metro and Neptune，Served as CEO of Neptune Star for three years，In just three months since he took office，Turn a company that has been losing money for 12 consecutive years into a profit，Successfully listed on the New York Stock Exchange within one year of taking office。

But when joining Fosun Travel，He did not choose pharmaceutical retail which is closer to retail，Instead, I chose Fosun Group’s “Health、Happy、“Happiness” in the three major sections of “Prosperity”，From the perspective of a retail expert，Looking for the happiness that the ideal vacation ecology brings to users。

Driven by this vision，He found a vacation model that brings vacation back to its essence - Club Med based on nearly 70 years of operating history，Its “all-inclusive” and “G.O” mode makes prices transparent in the early stage、Diverse and rich services、Full of humane care；The design and service quality of tourist destination products fully meet the one-stop requirements、Humanized、Rich and novel features，Can capture the hearts of families and young tourists very well。

If you want one-stop travel，This means building a diverse tourism ecology，Also put forward higher requirements for Fosun Travel。International brands and elements，In-depth understanding and careful research of tourist destination culture，Still need to continue to add novel content and activities，To attract repeat purchases from visitors，What’s more important，Must have strategic thinking and comprehensive operational capabilities that combine these three。

Fosun Tourism Ecosystem, picture from prospectus

Present，Fosun Tourism’s tourism ecology has begun to take shape，With the gradual improvement of the ecological system，The rapid business growth in the future is worth looking forward to。This is due to the tourism empire Qian Jiannong started to build nine years ago。

2010，He led Fosun Group’s first overseas direct investment，The investment target is Club Med, the world’s largest resort brand，Fosun Group successfully controlled Club Med in 2015，Complete the privatization of the company。Today Club Med has brought more than 70% of Fosun Travel’s revenue。

Fosun Travel is under his leadership，Organically combine international resort brands and domestic destination resources，Allow tourists to experience the services of international big brands，You can also feel the ultimate local characteristics。In addition，He created a business model that combines light and heavy tasks，Develop tourism and vacation real estate products that cater to consumer needs around the project，Use the accelerated return of cash to make up for the initial investment in the vacation destination，At the same time, it also leases back real estate projects to enrich accommodation products。Created a completely different development model from ordinary real estate companies。

2019，Fosun Tourism will continue to expand its presence around cities and tourist attractions，Two large-scale cultural and tourism complexes in Lijiang and Taicang have also broken ground。Among them，Taicang will have the largest indoor 188bet online sports betting ski resort in East China，Beginner who walks out from here，Will conquer Fosun Travel in Northeast China in the future、Japan、Ski resort in the Alps。

After all，“We are the largest ski resort operator in Europe，Our development of indoor ski resorts has good synergy with our global ski resorts，Our international ski school will also bring a better experience to beginners”，Qian Jiannong is full of confidence in this。

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Industry: Selling wine or juice?

Gelonghui: many real estate companies、Hotel companies are also developing leisure and vacation products，For example, Country Garden Ten Miles Silver Beach、China Resources Trail Bay，There are also hotel companies such as Banyan Tree、COMO、One&Only as a resort，Fosun Tourism is also working on real estate projects，Comparing these cross-border vacation products with Fosun Tourism’s business，What’s the future?？

Qian Jiannong: liquid in a bottle，Maybe it’s juice，Maybe it’s wine，Looks the same，But it tastes completely different。The appearance and even color of juice bottles and wine bottles sometimes look the same，But the content and customer groups are different，Of course the prices are also different。Our main business is tourism，There is a certain amount of real estate in the project that is also a supporting vacation product for tourist destinations。The positioning behind it、Operations and Management、The target customers are all different，There is no way to compare with real estate companies。

Gelonghui: In the domestic tourism industry，Overseas brands often encounter situations where they are not acclimatized，For example, Airbnb, which focuses on homestay rentals, and hotel reservation OTA website Booking，Seize the opportunity but have no first-mover advantage。How Fosun Travel takes advantage of the situation？

Qian Jiannong: We will not deliberately do localization，Fosun Tourism creates a tourism ecosystem that combines international standards and local unique experiences。

In our travel destinations，International brands and local content are organically combined。The first is the standard of international brands，From towel placement rules to high-end service experience，Customers know Fosun’s service level before departure。Without affecting the brand’s pedigree，We will make adjustments for the Chinese market，Develop a new and better product。For example, Atlantis Sanya is the top product among large resort complex brands，More upgraded than the one in Dubai，We adjusted the building、Moving line design，Considering that Chinese girls don’t like to tan，Even the queues at the water park are designed indoors。

Our ecosystem incorporates many high-quality vacation products from around the world，Ensure more personalized needs are met。For example, if you go to France，I won’t just go to professional resorts like Club Med，Go to Paris at least once，Take a photo with the Eiffel Tower。It turns out that Club Med does not provide services similar to those in Paris，But now Fosun Tourism’s ecosystem can provide such a combination of services，Thereby increasing the occupancy rate of Club Med。This is the advantage of the global ecosystem。

Gelonghui: In your opinion，Operation of commercial projects and tourism projects，What are the similarities and differences？

Qian Jiannong: The consumer industry pays most attention to consumer needs，The tourism industry is also a part of consumption，Ultimately, the operating logic of the consumer industry should be consistent，First of all, we must pay attention to consumers and changes in consumer needs。But now，The evolution of the tourism industry is far from keeping up with changes in consumption，There are even some companies that operate against consumer demand，So the complaint rate in this industry is very high。As a result, some companies only sell products with the highest profit margin，Of course it is the most unsaleable product，There is no retail industry paying attention to the real needs of consumers。If shopping malls do this in the retail industry，Total unsaleable items，It will be closed down sooner or later。

There are two reasons for this difference，First, competition in the tourism industry is not sufficient，Second, tourism products are not transparent enough，188bet online sports betting This makes practitioners ignore the needs of consumers，It also caused a lot of chaos in the industry。But this difference should not exist，So we need to make the market more standardized，Make products more transparent，We also hope to push the industry to return to its essence，Pay more attention to consumer needs and the happiness of vacation。

Gelonghui: In your opinion，What is the current trend of China’s tourism market？

Qian Jiannong: first，Leisure vacation will have a ten-year golden growth period in China。The deficit in China’s tourism industry still exists，Especially in the leisure and vacation market。Because of the increase in income、Visa convenience and transportation improvement，China’s consumer class is increasingly demanding travel experience，However, the upgrade of domestic vacation products lags behind the upgrade of tourism consumption，So many domestic tourists choose to travel abroad，Overseas tourists rarely come to China for vacation，They all go sightseeing in cities and cultural monuments。If there are good vacation products in China，May attract overseas tourists to travel to China，Also keep Chinese tourists in the country，After all, when traveling abroad, you have to endure long distances and language differences。

Secondly，The main group of tourism consumers is getting younger，Millennials (the generation born from 1982 to 2000) become mainstream，They don’t like group tours，Like personalization、Release yourself。Young consumers also pay more attention to experience and sharing，Especially sharing from self-media。

The third trend is high technology，Future Intelligent Technology，The digital era will change the entire tourism industry，Especially on the content side and experience side。This is something that the tourism industry should continue to pay attention to。

Gelonghui: What do you think of the current development stage of the domestic leisure resort market？What is the next development trend？

Qian Jiannong: I think this market has just started，Some hotels call themselves “resorts”，But in fact they just moved the business hotel to the scenic spot，Those who truly bring a vacation experience to the family，Has the services and content you need，Only it can be called a resort。

The domestic leisure vacation market will definitely grow very rapidly，Because there is no upper limit for this demand，There is huge potential to stimulate economic growth，What’s more important，It does not have a leading company yet。

Let’s talk about needs first，There is no upper limit to people’s demand for vacations，Vacation consumption is the industry that will benefit most from the increase in the income of China’s consumer class。Because it is impossible for people to eat five meals a day，But you can experience many products on a one-day vacation，Good products will stimulate consumers’ vacation needs。

Second，To drive China’s economic growth through consumption，Vacation products are the best carrier。Because consumption is fluid，Difficult to control，But if there are domestic tourist destinations that can attract high-end tourists，You can retain a lot of consumption。Regions that will do well in the future vacation tourism industry，The economy and consumption will definitely improve，Such as Switzerland、These wealthy areas of Paris，Tourism will always be an important industry。

But，At present, the development of this industry is still relatively lagging behind，Very low concentration，No giants have appeared，This is also when Fosun Tourism entered the tourism industry，Reasons for choosing leisure vacation。When the per capita GDP of many developed countries exceeded US$10,000，Tourism has entered explosive growth，So China’s tourism industry has also reached a breaking point。Merging foreign mature products through acquisition，Rapidly improving China’s vacation industry，For Chinese families，Provide a new vacation mode，This is what Fosun Travel is doing。

Gelonghui: What is the likely market capacity of the domestic leisure and vacation market in the future？To what extent will it be concentrated？

Qian Jiannong: From a global perspective，The tourism industry in a broad sense accounts for 10% of GDP，Leisure vacation tourism accounts for nearly 60% of the tourism industry，188bet sports betting app download According to this ratio，Assuming that the domestic tourism market grows at an annual rate of 15%，2022，China’s leisure and vacation industry is expected to become a 4.5 trillion market。But now，China’s tourism consumption is still mainly based on sightseeing and tourism。

That’s why Fosun Tourism chose the holiday market from the beginning，Hope to get products from the resort、Start from three perspectives of tourism destination products and content products，Gradually improve and increase categories。Some categories are more mature abroad，Then let’s select some high-quality products，Introducing our tourist destinations。Just like running a good store，The products displayed in the store are very important。

Ecology: It must be spicy, but also Coca-Cola

Gelonghui: Why Fosun Tourism will vigorously develop a business model that combines "asset-light" and "asset-heavy"？

Qian Jiannong: This is determined by the current situation of the tourism industry。The tourism industry has limited resources、And non-renewable，There will not be a second Sanya in the world，Beach Resources、Resources in mountainous areas are limited，So it is very important to control these high-quality resources。In addition, the leisure and vacation industry has just started in China，There are no ready-made leisure and vacation assets to take over，Good tourist destinations need to be built，So we propose a development model that combines light and heavy tasks。

Since heavy assets cannot be avoided，We have figured out Sanya’s development model—outside of the resort and tourism ecology，Development of tourism resort real estate project (Tang'an)，Lease back the property from the owner。This model of combining light and heavy tasks，Not only achieved considerable returns on heavy assets，It is also an exploration of new business formats and new products by China’s tourism industry，Only in this way can we create world-class tourism and vacation products in China，I believe it will be welcomed by more companies and governments in the future。

*Source of this article: WeChat public account "Things about Hong Kong stocks” (ID::hkstocks)，Author: Zhang Muzhi，Original title: "Fosun Tourism Qian Jiannong: Looking at tourism from the perspective of retail，Sell wine or juice？》.