As a cultural and tourism industry operator，We all look forward to moving forward on this、Every major event in the ever-changing cultural and tourism era、Every key node，Have more understanding，Know its transformation、Hot and cold and trends。

here，Zhihui coordinates and analyzes the latest trends in cultural tourism during the week，Trying to find from these living elements the latest events or information in each field that are worth recording，Based on a certain framework、Perspective or Dimension，Let’s explore what they bring to the development of the cultural tourism industry，The value points brought to us。

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Cultural and tourism giants quotes

This week’s giant market trends focus on Ctrip’s 2022Q4 and full-year financial report。

Recently, the financial report released by Ctrip Group showed that,Ctrip’s net operating income for 2022 will be 20 billion yuan，Net profit is 1.4 billion yuan，The annual revenue of the four main businesses is 7.4 billion yuan in accommodation bookings、Transportation ticketing is 8.3 billion yuan、Travel vacation is 7.9.7 billion yuan and business travel management 1.1 billion yuan。Among them，Ctrip’s local hotel bookings increased by 40% compared with pre-epidemic levels，Domestic air ticket bookings are recovering faster than the market。

The &ldquo that relaxed epidemic prevention and control on December 7 last year;New Ten Articles”When published，Two-thirds of the quarter has passed，However, Ctrip has suffered heavy losses in the domestic tourism market，“Ctrip still delivered an answer that exceeded market expectations”。Judging from the fourth quarter results，Ctrip Group’s net revenue is 5 billion yuan，7% year-on-year growth，Domestic local hotel bookings increased by 10% compared with 2019。

From the perspective of the recovery situation of global tourism，Increased domestic and international flight capacity、Increase in international tourists、Global hotel industry recovery accelerates，These are all conducive to Ctrip gaining momentum in both domestic and foreign markets，Improve performance。

The latest forecast data from the United Nations World Tourism Organization shows thatThe number of international tourists can reach 80-95% of pre-epidemic levels in 2023。The recovery of global tourism last year achieved good results，The number of international tourists will exceed 900 million in 2022，Twice as much as in 2021，But this number has only returned to 63% of pre-epidemic levels。

In addition，January-February this year，Domestic air passenger volume has recovered to about 80% of the same period in 2019，The hotel industry’s revenue per room (RevPAR) has fully recovered in recent weeks，International air passenger volume has recovered to approximately 15-20% of pre-epidemic levels，And continue to rise。

The overall recovery of domestic and global tourism drives aviation、The recovery of hotels，It has a significant impact on Ctrip’s business。Data display released by Ctrip，First quarter of 2023 to present，Domestic short-distance travel bookings on the platform doubled compared with the same period in 2019，Long-distance travel bookings exceed 2019 same period levels，Domestic hotel and air ticket bookings have also exceeded the same period in 2019，The company expects domestic business to continue to grow in 2023。

Ctrip、Expedia and Booking Holdings are the world’s three largest OTA giants，As of closing on March 9，Market value is US$23.9 billion respectively、US$15.5 billion and US$94.3 billion。Last month，Expedia releases fourth quarter financial report，Income growth 14.9%，But both revenue and earnings per share were lower than market expectations，Net profit fell 36%，The feedback from the stock market is that the stock price fell by more than 6%。

188bet Online Sports Betting and Casino Always，Especially with the rise of Airbnb short-term rental platform，Many industry insiders question whether the traditional OTA model can rely on sustained marketing investment to drive growth。Viewed from the global OTA market，Expedia and Booking have a broad global business presence，The global market share of the two giants may exceed 90%，The potential growth space of this segment is limited。

Second Quarter 2020，Airbnb only spends 18% of its revenue on marketing，And Booking Holding, Expedia and other traditional OTAs have this ratio exceeding 50%。Many OTAs invest heavily in marketing to increase revenue，But if marketing expenses increase at a higher rate，Final business profits and profit margins are affected。

Booking Holdings CEO thinks，Regardless of the proportion of marketing investment and revenue，The ultimate criterion for measuring a company’s operating efficiency is profitability，The performance of other OTAs has been hit hard by the epidemic，Even in the case of serious losses，Booking’s EBITDA in 2020 and 2021 is US$1 billion and US$2.9 billion respectively。

Judging from last year’s fourth quarter financial report,Booking Marketing、Sales and other expenses account for 44% of total revenue.2%，With Expedia, the ratio is as high as 52.6%，Booking in 2018 was 34%，And Expedia is 51%，This is also the outstanding performance of Booking in a long time，Share price rises，One of the reasons for shareholder dividends，Because the company makes money。

Ctrip financial report display，The proportion of the group’s sales and marketing expenses to revenue for the whole year and the fourth quarter was 21% and 23% respectively，The former dropped 14% to 4.3 billion yuan compared with 2021。And the fourth quarter，The company’s EBITDA is 2.8.6 billion yuan，The same period last year was 54 million yuan，1.4 billion yuan in the previous quarter。Adjusted EBITDA margin of 6%，1% for the same period last year，21% in the third quarter，Revenue and profit growth，But the profit rate is low，This may be one of the reasons why Ctrip’s stock price fell slightly after the release of the financial report。

mentioned in an analysis report by industry insiders，Booking in profit margin、Brand Value、Better than Ctrip in terms of income diversification，In recent years, Booking has not only vigorously increased marketing through third-party channels such as Google，Also committed to increasing the proportion of direct bookings booked through its own channels，Analysis says by the end of 2023，Booking direct bookings may account for 54% of total bookings，This may help its adjusted EBITDA margin increase by four percentage points to 38%。

Compared with before the epidemic，International tourists in the Middle East returned to 83%，Europe received 5 tourists last year.8.5 billion people，Restored to nearly 80%，Africa and America recovered to 65%，The Asia-Pacific region only recovered 23%。As domestic local tourism and outbound tourism gradually recover，Ctrip’s booking volume、While achieving revenue growth，In net profit、Profit rate、EBITDA、Earnings per share and other indicators that investors are concerned about exceeded expectations, the next quarter is worth looking forward to.

Destination Investment Barometer

This week’s Destination Investment Barometer focuses on Japan’s inbound tourism market。

Recently,The Japanese government announced that it will no longer take mandatory nucleic acid testing measures for tourists entering from mainland China，And change all employee testing to individual random inspections，Previously stipulated flights between China and Japan could only be in Narita、Restrictions on landings at Haneda and other four airports have also been lifted。

After the measures are officially implemented，Significant increase in Chinese tourists expected to visit Japan，Japan’s inbound tourism market will accelerate recovery。According to Japan Tourism Agency forecast，21.1 million foreign tourists will visit Japan in 2023，This data increased by 551% compared with the same period last year, is expected to be the year when Japan’s inbound tourism fully recovers.

188bet app Since the easing of border restrictions last October，Japan receives nearly 500,000 international tourists in first month ，is the 2nd of September.4 times，Surge of 22 compared to the same period last year.5 times，Received 1.37 million overseas tourists in December，About 1 more than November.5 times，This is also after 2 years and 10 months，The number of tourists visiting Japan exceeded 1 million in a single month for the first time。However，Compared with the same period in December 2019，This number has only recovered 54.2%。

It is not difficult to find from the published data,Nearly three months after Japan opened its borders in 2022，The source markets with the largest rebound are mainly in neighboring Asian countries，Compared to the same period in 2019，Vietnam tourists increased by 57%，South Korean tourists increased by 18%，Thailand tourists increased by 15%，The United States, the main source of customers for the European and American markets, grew by 19%。The recovery of Japan’s inbound tourism market in 2023 is expected to continue this trend。 

Japan’s main source market for inbound tourism will recover at the end of 2022，But there are very few tourists from the Chinese market, the main source of tourists。The latest data display of Narita International Airport in Japan，January this year，The airport has received 1.67 million tourists，An increase of 7 times compared with the same period in 2022，103 of them are overseas tourists.60,000 people，International tourists at the airport exceeded 1 million for the first time in three years of the epidemic。

As China opens its outbound travel policy，In particular, Japan has lifted various restrictive measures on tourists entering from mainland China，Chinese tourists to Japan are expected to usher in a new peak this summer。While the recovery of inbound tourism is gaining momentum，The Japanese government has also set ambitious tourism recovery goals in the next few years。

The goal previously announced by the Japan Tourism Agency is，Before 2025，Inbound tourism recovers to pre-COVID-19 188bet online sports betting levels，And hopes to receive 60 million international tourists per year starting in 2030。Public data display，Inbound tourism set a historical record in 2019，Up to 31.88 million people。However，It should be pointed out that，Japan plans to receive 21.1 million international tourists this year，Only recovered to 66% of the level before the epidemic in 2019，There is a long way to go to achieve the goal of 60 million passengers by 2030。

With Theme Park、Similar scenic spots，As a tourist destination，Japan pays more attention to &ldquo when attracting overseas tourists;Improve quality and efficiency”，Proposed&ldquo in the plan;No longer obsessed with the number of tourists”，Instead, we focus on increasing the per capita consumption of international tourists visiting Japan from 15 in 2019.90,000 yen (approximately 8,230 yuan) increased to 200,000 yen (10,352 yuan)，The average length of stay of international tourists visiting Japan in other places outside the three major metropolitan areas increased from 1 in 2019.35 room nights increased to 1.5 nights。

Obviously，To increase per capita consumption，It is necessary to increase the length of stay of tourists，But if you want to retain tourists vacationing overseas，Provide diversity、Personalization、Experiential tourism products。For this，Japan plans to launch high-end luxury products targeting high-net-worth individuals、Launch of&ldquo focusing on diversity and sustainability;Sustainable Tourism”Other methods，Try your best to increase the visitor’s stay，Completed from traffic to“Reserve amount”'s transformation。It is reported，The goal of the Nikko Tourism Agency is，Strive to reach 5 trillion yen in tourist spending in Japan by 2025。

Public data display，The number of overseas tourists visiting Japan in 2019 reached 31.88 million，Set historical record for 7 consecutive years。Among them，The number of Chinese tourists visiting Japan in 2019 reached 959.40,000 people，Accounting for 33% of the total number of overseas tourists in Japan。In addition，The 188bet app download total consumption of Chinese tourists in Japan is about 1.77 trillion yen，40%。Chinese tourists are still enthusiastic about traveling to Japan，In addition to paying attention to whether Chinese tourists to Japan can recover strongly this year，Japan’s experience in how to attract a huge number of international tourists through inbound tourism is worth learning from。