Reasonable investment behavior in the cultural tourism market，Should be based on a deep insight into consumer needs，Responding to the staged requirements of social and economic development，Responding to the staged requirements of social and economic development。

In view of the new pattern of global political economy，And the expansion of domestic demand、New situation of transformation and development，On the one hand，High-quality cultural tourism consumption and investment have become a new way to meet people’s new needs for a happy life and promote the healthy development of the industry；On the other hand，There is still a mismatch between supply and demand in cultural tourism investment、Funds misplaced、Lack of ability、Lack of innovation and other issues。Therefore，Urgent need to focus on needs、Improve ability、Efficient Investment、Improve the environment and carry out reasonable optimization。

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As my country’s social economy gradually enters a post-industrial consumption-oriented society，Refer to the United States、History of Japan and other first-mover countries in the 1970s and 1980s，The domestic cultural tourism market is gradually turning to high-quality development that takes into account both quality tourism and themed leisure vacations，Specifically manifested as demand stratification、Consumption refinement，Material consumption“Downgrade”With cultural experience upgrades, etc.，And performs on both sides of supply and demand。

First, the demand side reflects demand stratification、Market differentiation、Consumption rationality and experience upgrading and other trends

With my country’s per capita GDP exceeding 12,000 US dollars，Close to the level of high-income countries，With the United States、Japan and other first-mover countries have similar situations。

First，Middle-class niche appears subdivided、Rational new demands for cultural tourism，This trend has led the public to emotionally participate in new consumption。my country 2024“May Day”Short holiday consumption data display，The number of tourists increased by about 20% compared with 2019，The revenue growth is less than half of the same period in the past as evidenced by。

Secondly，Consumption“Downgrade”Stay with the experience upgrade。On the one hand，Traditional accommodation、Catering、Commercial and other material consumption pursues cost-effectiveness，Good but not expensive；On the other hand，Cultural 188bet Online Sports Betting and Casino experience content continues to be upgraded，Prefer new cultural content、New theme scene，Focus on process experience。

Again，Demand stratification and market differentiation have become major trends。Improvement of functional product quality，Focus on safety、Quality；Cultural content focus scene、Aesthetic、Learning and emotion；At the same time，Middle-class consumption returns to rationality，Mass consumption is emotional and herd。From mid-range hotels pursuing cost-effectiveness to outstanding performance，You can get a clue from the popularity of barbecue one-day tour products with fragmented consumption。

In this context，“Theme + Cultural Tourism”Pattern becomes a new trend。Such as Harbin“Ice and Snow + Cultural Tourism”、Wuzhen“Drama + Cultural Tourism”Equal mode，Diversified theme scenes + cultural tourism consumption is becoming a new model。Tourists prefer to pursue themed IP、Scene、Good product with unique experience。

Second, the supply side reflects product upgrades、Market sinking、Diverse themes、The new trend of integrated innovation among entrepreneurs

From the supply side，Cultural tourism product stratification，Full process optimization products and services。List of successful cultural tourism product development cases in recent years，Present a shift from only functional products to providing functional optimization、Experience the trend of upgraded products，That is, function pursues cost-effectiveness、Quality、Safety。

At the same time，Experience focuses on innovative themes、New content such as interaction。For example, Kaifeng Long Live Mountain Martial Arts City Scenic Area is improving its catering、Based on basic products such as accommodation，Innovation“Wang Po talks about matchmaking”Matchmaking themed interactive performance。

Meanwhile，Consumer market sinking，In the process of functional product upgrade，Public pursuit of emotionality、Fragmented experience consumption。According to the seventh national census data，The population in third-tier cities and below accounts for 72% ，The new online consumption exceeded 80% year-on-year。Observe the recent developments in Moganshan, Zhejiang“Sports + Culture and Tourism”、Jiangmen, Guangdong“Film and Television + Cultural Tourism”Waiting for the market to sink，Upgrade of its functional products、Service improvement，Continuous localization and innovation of experience content。

In addition，Thematic multiple product segmentation，Entrepreneurs’ cross-border integrated innovation will become the mainstream of development。Reference Japan、The history of early-developing countries such as Germany entering the post-rapid development stage，The market has given birth to many diverse themes、Cross-border innovation“+Cultural Tourism”Segmented products。

After our country gradually 188bet online sports betting enters this stage，New demand for theme consumption is also being hatched、New cross-border integration products，Such as Moganshan, Zhejiang“Sports + Culture and Tourism”、Beijing Shougang Park“Industry + Culture and Tourism”etc.。Enterprises are innovating products、In the process of improving service，Develop the spirit of entrepreneurial innovation，Judge needs，Cross-border integration“+Cultural Tourism”的体育、Education and other industrial resources，Integrated investment、Construction、Operation and continuous iteration of good products、Good service。

The underlying logic of investment is to adapt funds、Precision Investment、Innovative products、Create value，Relying on the spirit of entrepreneurial innovation，Discover new needs and invest in new products with appropriate funds，Solve pain points and create value，Disrupt the market and reap financial rewards。Speculation only pursues short-term profit goals，Mostly rapid imitation and copying。

The difference in investment in the cultural tourism industry is reflected in two aspects: on the one hand，Insight into market segmentation needs、Control funds、Asset、Policy and other risks，Split operating and non-operating assets；On the other hand，High-level development throughout the process、Run the project well，To own assets、Surrounding projects and local communities have economic spillover and social benefits。

By this，Optimization of product functions on the consumer demand side、Experience content improvement，Product stratification on the supply side of the market、Market sinking、Entrepreneur Integrated Innovation，And precision investment、Break the old pattern、Creating new value will be a phased characteristic of the market and a new direction for future development。

Investment status and challenges in the cultural tourism market

As my country gradually enters a post-industrial consumer society，The social economy shifts towards high-quality development，Optimization of cultural tourism demand steering function、Experience upgrade，Products should also transform to improve cost performance and experience。Accordingly，Investment behavior that supports product innovation should also simultaneously improve quality and efficiency。

But，The cultural tourism investment bubble that the market performed in the previous stage，The superficial reason is the government’s urgency、Real Estate Crazy、Travel companies are blind，The underlying reason is the mismatch of funds、Misplaced demand、Few operating assets、Absence in management and operations，Some cultural tourism projects do not follow the underlying logic of cultural tourism investment，In the end, no new value was created and there was a lack of sustained profitability。

This has also resulted in the existence of some mismatched products and companies with shortcomings in the market，The current 188bet app download market chaos has formed。

First, there is a mismatch between supply and demand in the market、Structural imbalance、A situation of low confidence

After consecutive years of double-digit investment growth，Driving by previous achievements、Enterprise enclosure、Capital impulse，Lack of entrepreneurial innovation，And insufficient project innovation、Mismatch of investment funds、Reasons such as lack of management and operation，Resulting in market products with mostly functions、Lack of experience，Abundant material、Characteristics of poor culture。

At a time when leisure vacation demand exceeds 50%，More than 80% of the supply is still based on tourism projects、Mainly functional products。Obviously unbalanced market structure and a series of cultural tourism project thunderstorms，further affects the overall investment quality and confidence of the market。

The second is investment based on entrepreneurial innovation、Construction、Insufficient operational integration capabilities

Development and operation of high-quality cultural tourism projects，Need a high-level entrepreneurial team to integrate integrated innovation capabilities into positioning、Planning、Planning、Investment、Construction、During the whole process of operation，Form investment、build、Integrated transportation solution。

Looking back at the previous stage of cultural tourism investment，Most of them are small towns or complex projects with real estate properties，Or various glass planks、The city that never sleeps, etc.“Internet celebrity”Product，Due to lack of entrepreneurial judgment and integrated innovation，Perhaps due to poor market judgment，vote、build、Operation breakpoint，Leading to fatal shortcomings in the project，Difficulty；Or“Internet celebrity”Severe homogeneity，There were thousands of glass planks across the country at the same time，Leading to rapid homogenization of products。

Third, financing is tightening、Project misplacement，Resulting in lack of matching funds for cultural tourism projects，Fund mismatch hides hidden dangers

First，Changes in the macro environment，Financing channels are facing challenges。Increased global political and economic uncertainty，In addition to the previous stage of investment bubble，Prompt cultural tourism investment to enter a cautious wait-and-see stage。First half of 2023，New investment in key tourism listed companies decreased by 19% year-on-year.4%。

Secondly，Financing channels need to be expanded。Traditional short- and medium-cycle equity financing is not suitable for long-cycle cultural and tourism projects，There is a lack of debt financing methods such as operating cash flow assessment or credit loans in China。

Operation income cash flow reset method loan method in Europe and the United States，or REITs（real estate investment trusts，Real Estate Trust Fund) Equity Financing Model，It has not yet been launched on a large scale in the country；Some cultural 188bet app and tourism REITs have started pilot projects，But the scope and subject matter requirements are too high。The above problems have indirectly caused short-term debt and long-term investment、Funds misplaced，It also reflects the contradiction between the capital side’s focus on short-term returns and the operator’s focus on long-term goals。

Last，Project misplacement、Fund mismatch，Aggravating the current investment dilemma。Various theme towns invested in the cultural tourism market、Heavy asset projects such as cultural tourism complex，or various“Internet celebrity”Asset-light products，Or enclose the territory with cultural tourism、The platform subcontracting mode is the main one，or “Internet celebrity”Project as bait，Expand sales plan、Construction Plan。

Cultural tourism projects should respect market consumption needs、Regional development needs，Develop adapted products with adapted funds。But the above cultural tourism projects are at the beginning of their launch，It is often the government that recruits the powerful to attract the powerful、Real estate enterprise, cultural tourism and land acquisition、Travel companies monopolize resources，There is a market gap、The problem of capital mismatch and inherent deficiencies。

These projects may change due to the real estate cycle，Cannot quickly return funds to support project needs；or“Internet celebrity”Product homogeneity，Decreased traffic、Income cliff，Operating cash flow cannot cover financial costs，Eventually causing the project to stall。

New Strategies for Cultural Tourism Investment

In view of the development of high-quality cultural tourism market, it is necessary to optimize the supply and demand structure、Improvement of entrepreneurs’ integrated investment capabilities、New challenges such as financing and investment adaptation，Responding to the underlying logical needs of cultural tourism investment，And the innovation requirements of new productivity，Therefore，The future innovation direction of cultural tourism investment will focus on segmented products、Tend to integrated investment and development、Investment relying on theme IP、Innovative development around value investment and digital intelligence empowerment。

The first direction focuses on quality optimization and experience improvement of segmented products

Promote functional product quality optimization for vertical tracks、Improved cost performance，And diverse theme scenes of experience content、Refined investment in experience content。The former focuses on quality、Safety、Value for money, etc.，The latter focuses on the aesthetics of the theme content、Study、Entertainment、Interactive and other content。

Second, the approach tends toward integrated investment, construction, and operation

Relying on the entrepreneurial team to determine segmented needs、Focus on adapted products，To vote、build、Integrated transportation investment products。Integration 188bet Online Sports Betting and Casino of finance and investment，Cooperation between investors and management team、Convergence of ideas，Encourage mergers, acquisitions and reorganization，Improve asset efficiency and project operation quality。Return to value investing，Focus on projects with non-single profit targets，Avoid chasing“Internet celebrity”、Action transformation。

The third goal is to focus on the stock update and cross-border integration based on theme IP

A large number of products in the cultural tourism market are in the period of transformation，There are also a large number of semi-finished projects left behind due to the investment bubble，Provides broad space for cultural tourism innovation。Future investment will gradually shift from incremental investment to stock update。

At the same time，Upgrade trend based on consumer rationality and experience，The investment target will definitely be supported by policies、Asset rights confirmation、Operation front-end、Based on integrated development, etc.，Pay attention to relying on theme IP、Scene、Storyline hardware product creation and software content innovation。

Also，With“+Cultural Tourism”ie“Cultural tourism content + industrial function”A new model of opportunity，Integrate diversity“+Cultural Tourism”Topic，will“Resilience”Cultural tourism consumption and education、Catering、Medical, etc.“rigid”Industrial integration，Innovative new products、Activate new consumption。
Harbin Ice and Snow World Source: Photo Network

The fourth principle is centered around industrial investment and value investment，Focus on sustainable development and host-guest sharing

Encourage entrepreneurs to innovate，Focus on industrial upgrading goals，Use adapted funds to invest in operating assets，To meet new needs、Create new value，Solve product quality、efficiency、Pain points such as cost performance and experience content。Paying attention to carbon constrained investments、Low carbon construction、Sustainably operatedAt the same time，Also consider local residents、Community、Enterprise process、Construction of host-guest sharing mechanism for benefit participation，And cultural tourism propertyIndustryCoordinated development with other industries.

Fifth, technology relies on digital intelligence empowerment，Improve efficiency、Improve experience

Investment relies on artificial intelligence、Big data and other digital intelligence technologies、Platform and application，While providing technical support and application support，Improving the quality of entrepreneurs’ investment and development、Reorganize resource efficiency and innovative product quality，Optimize management and operation level，Improve the user experience throughout the entire process。