TRIP.COM(US:TCOM) Di Yi Cai Jing·2025-12-31 11:59Group 1 - The outbound tourism market in 2025 is experiencing high-quality growth, with significant increases in orders for various travel products, including tours, local experiences, and cruise services, showing double-digit growth year-on-year [1] - Inbound tourism is witnessing explosive growth, with overseas flight bookings to China more than doubling compared to last year, particularly for flights to Shanghai, which have increased nearly sixfold [1] - The trend of personalized and diversified travel consumption is evident, with families preferring comfortable services like cruises, while Gen Z consumers are spending more on unique experiences [2] Group 2 - The demand for small group tours is rising, with a notable increase in the proportion of small group products in the overall outbound tour market, appealing to consumers seeking better experiences and more free time [2] - Instant group day tours are gaining popularity, and new long-haul destinations like Sweden and Iceland are emerging, indicating a shift in travel preferences [3] - Inbound tourism is experiencing a robust recovery, with a 100% increase in bookings in the first three quarters of 2025, and a remarkable 153% growth in orders from visa-exempt countries [5] Group 3 - International visitors are increasingly exploring inland cities in China, with Chongqing seeing a 170% increase in inbound traffic, and Datong experiencing a sevenfold increase in ticket sales due to its cultural attractions [6] - The potential market for inbound tourism in China is significant, with the current contribution to GDP being less than 0.5%, compared to over 10% in Thailand, suggesting a potential market increase of 1 to 2 trillion yuan if it reaches comparable international levels [7] - The upcoming New Year and Spring Festival holidays are expected to further boost both outbound and inbound tourism, with many popular long-haul outbound tours already sold out [7]