只坐电梯的"无痛"登山、"龟速"落地的缓降蹦极、悠闲躺平的"佛系"漂流……最近，一种以最小体力消 耗换取最大心理舒适的"窝囊游"悄然走红，成为越来越多游客的出行选择。 在长达8天的国庆中秋假期里，这类主打"松弛感"的体验式旅游正在成为市场新潮流。与节奏紧凑、行 程密集的"特种兵式旅游"不同，体验式旅游更注重沉浸感与高性价比，让游客在慢节奏中真正"融入"目 的地。 以河南万岁山武侠城景区为例，上千名NPC（非玩家角色）穿梭其间，每天呈现超过1000场情景式演 出，其中既有大型互动表演增添趣味，还有猜谜、斗舞等互动小游戏活跃气氛，真正让游客实现"一张 门票、多重体验"。 同时，提供"一次体验、多重人文"的省际交界城市游，也受到游客青睐。旅游平台数据显示，截至9月 底，国内省际交界城市的假期订单量同比增长58%。其中，融合了云、贵、川三省民族风情与自然景观 的昭通假期预订单量同比增长95%；位于赣、粤、湘、闽四省交界的赣州订单量同比增长70%，其客家 文化与红色历史吸引大量游客。 面对广大游客对"情绪价值"与"深度体验"的新需求，国家层面接连推出支持政策。今年1月，国务院办 公厅印发的《关于进一步培育新增长点繁荣文 ...

栟茶古镇璀璨夜景 如东沿海生态之美 夜幕降临，灯火通明。大屏幕上球员们奋力奔跑、激烈角逐，现场观众跟着赛事进程欢呼、呐喊，他们 手中是刚刚出锅的海鲜，口中是鲜香四溢的滋味。"在看球赛的同时，还吃着本港海鲜，太有氛围 了！""看球+品鲜"的双重体验，让游客顾先生直呼过瘾。 通讯员王军佘陈婧扬子晚报/紫牛新闻记者朱亚运 从浪尖到舌尖，用"鲜"锁住游客脚步 8月末，滩涂生金，海风扑面，小洋口旅游度假区迎来一批又一批上海游客。在这里，游客们体验了如 东特色旅游项目"海上迪斯科"——踩文蛤。大家卷起裤腿、光着脚丫，踏入滩涂，弯腰拾贝，在广阔的 滩涂上合着节奏欢快踩踏，跳起了"烫脚舞"。当天，70多位上海游客踏上"上海一家游南通——游在南 通.鲜到如东"一日游首发线路，感受这座滨海小城的独特魅力。 如东靠海吃海，向海而兴，坐拥86公里海岸线和100余万亩滩涂，浮游生物丰富，海产1000余种，其中 文蛤肉质鲜嫩，更是被誉为"天下第一鲜"。今年以来，如东敏锐抓住长三角短途游爆发机遇，将海鲜美 食与温泉康养、古镇夜游等业态"一桌端"，用"鲜到如东"的整体品牌打动游客，多元体验锁住游客们的 脚步，一次次打卡、一份份订单成了最好的 ...

Group 1 - The tourism market is experiencing a shift from traditional mass tourism to personalized and immersive experiences, reflecting an upgrade in consumer demand and innovation in the tourism industry [1][2][3] - Data from Meituan Travel indicates a significant increase in searches for "lazy tourism" activities, with "lazy drifting" up by 135%, "lazy bungee jumping" by 65%, and "lazy hiking" by 84%, highlighting a trend among young travelers towards more relaxed and in-depth travel experiences [1][2] - The popularity of "desert stargazing" and related activities has surged, with a reported over 100% increase in flight bookings to Zhongwei City during the summer, driven by interest in desert tourism [1] Group 2 - Tuniu Travel Network reports strong demand for thematic travel routes such as hiking, cycling, and camping, with popular destinations including Tibet and Yunnan, indicating a growing preference for deep nature experiences among tourists [2] - Young travelers, particularly those from the post-2000 generation in Jiangsu, Zhejiang, and Shanghai, are willing to pay for deep experiences and are increasingly using social media for travel planning [2] - The rise of experiential tourism signifies a profound adjustment in consumer travel philosophy, with a shift from sightseeing to deeper, personalized, and culturally rich experiences [2][3]

Group 1 - The tourism market in China is experiencing a shift from traditional sightseeing to personalized and immersive travel experiences, reflecting an upgrade in consumer demand and innovation in the tourism industry [1][2][3] - Data from Meituan Travel indicates a significant increase in searches for "lazy tourism" activities, with "lazy drifting" up 135%, "lazy bungee jumping" up 65%, and "lazy hiking" up 84%, highlighting a trend among young travelers to seek more relaxed and in-depth travel experiences [1][2] - The rise of "desert stargazing" as a popular activity during the summer indicates a growing interest in unique nighttime experiences, with ticket bookings for the Zhongwei Shapotou tourist area increasing over 100% compared to previous months [1] Group 2 - Tuniu Travel Network reports strong demand for themed travel routes such as hiking, cycling, and camping, with popular destinations including Tibet and Yunnan, showcasing a preference for deep nature experiences among tourists [2] - Young travelers, particularly those from the post-2000 generation in Jiangsu, Zhejiang, and Shanghai, are willing to pay for deep experiences and often use social media for the entire travel planning process [2] - The emergence of experiential tourism signifies a profound change in consumer travel philosophy, with a focus on depth, personalization, and cultural richness, moving away from traditional sightseeing [2][3] Group 3 - The growth of experiential tourism is seen as a fusion of upgraded consumer demand and deep industry innovation, with young travelers seeking emotional and participatory experiences [3] - New tourism products, such as low-altitude sightseeing and cultural immersive performances, enhance the value and experience of travel offerings, leading to longer stays and increased product differentiation [3] - The trend reflects a shift in the tourism industry from resource-driven to innovation-driven models, catering to the younger generation's desire for personalized and emotionally resonant travel experiences [3]

Group 1: Overview of Guizhou's Tourism Development - Guizhou is emerging as a popular summer tourist destination, redefining the summer experience with diverse activities including water, land, and air adventures [1] - The "Monkey Ear Sinkhole" in Guiyang has become a hotspot for extreme sports, featuring the world's first swing installed inside a sinkhole, attracting numerous visitors [2][3] - The tourism industry in Guizhou is shifting from sightseeing to experiential travel, with a focus on enhancing visitor experiences through various outdoor activities [3] Group 2: Key Attractions and Visitor Engagement - The "Monkey Ear Sinkhole" has seen significant visitor engagement, with over 10.7 million visitors and nearly 68 million yuan in sales from January to June this year [3] - The "Luo Bei River" in Guiding County has reopened for rafting, experiencing a tenfold increase in visitors since its reopening, showcasing Guizhou's appeal as a top rafting destination [5][6] - The "Zangqi River" is recognized for its scenic beauty and safety measures, attracting a growing number of young tourists for paragliding and other outdoor activities [8][9] Group 3: Economic Impact and Growth Metrics - Guizhou's tourism sector has shown robust growth, with a reported 8.2% increase in total visitors and a 10.6% rise in total spending in the first half of 2025 [9]

Financial Data and Key Metrics Changes - Group revenue grew 7% or 5% in constant currency to $529 million, with adjusted EBITDA of $107 million or 20% of revenue exceeding expectations [5][23] - Gross booking value (GBV) grew 13% or 10% on a constant currency basis to approximately $1.3 billion [24] - Consolidated adjusted EBITDA margin was 20%, with Viator's adjusted EBITDA margin improving nearly 800 basis points to 12% of revenue [26][29] Business Line Data and Key Metrics Changes - Experiences booked grew 15%, with Viator's adjusted EBITDA more than tripling [14] - The Fork's revenue grew 28% or 22% in constant currency to $54 million, with adjusted EBITDA margin more than doubling year over year [16][30] - Brand TripAdvisor's revenue was $242 million, reflecting a decline of 3%, with adjusted EBITDA of $66 million or 27% of revenue [19][27] Market Data and Key Metrics Changes - North America showed stable volume growth, while Europe experienced accelerating growth [24] - App bookings remained strong, outpacing other channels, contributing to share gain in the segment's total booking mix [26] Company Strategy and Development Direction - The company is focusing on experiences as the fastest-growing category in travel, leveraging its trusted brands and proprietary data [7][10] - There is a strategic shift towards deeper coordination between brands to optimize growth and efficiency [8][26] - AI is being integrated into products to enhance user experience and operational efficiency [11][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in free traffic affecting Brand TripAdvisor but remains optimistic about growth in experiences [42][66] - The company expects consolidated revenue growth of 4% to 6% in Q3 and maintains a full-year guidance of 5% to 7% revenue growth [35][37] Other Important Information - The company repurchased 2.8 million shares at an average price of $14.22 per share for a total of $40 million [33] - Total cash and cash equivalents were approximately $1.2 billion, with plans to use a portion for share repurchases [33] Q&A Session Summary Question: Comments on free traffic headwinds and stabilization for Brand TripAdvisor - Management acknowledged persistent free traffic headwinds but remains focused on improving operational efficiencies and growth strategies [40][42] Question: Mix between third-party and direct bookings for experiences - The majority of revenue comes from the Viator point of sale, with third-party bookings being profitable and incremental [50][49] Question: Confidence in revenue growth reacceleration in Q4 - Management expressed confidence due to healthy booking volumes and early test results from coordinated efforts between brands [53][54]

Core Insights - Thailand remains a key source market for China's inbound tourism, showing strong recovery trends post-pandemic, particularly in regions like Shanghai and Sichuan [1][3] - The historical evolution of Thailand's inbound tourism to China can be categorized into three phases: specialization, regional expansion, and diversification [3][5][6] - Sichuan province exemplifies the current phase of resource-driven market development, showcasing its unique tourism assets and sustained appeal to Thai tourists [7][9] Phase Analysis - **Phase 1: Specialization Initiation** This phase lasted from the early reform period to the mid-1990s, characterized by a highly centralized tourism operation dominated by a few state-owned travel agencies, with limited tourist flow and standardized itineraries [3][4] - **Phase 2: Regional Expansion** From the mid-1990s to the early 2010s, the opening of direct international flights and the economic growth in Thailand led to explosive market growth, with cities like Kunming becoming key hubs for Thai inbound tourism [5][6] - **Phase 3: Diversification and Depth** Since the early 2010s, especially post-pandemic, the market has seen a shift towards personalized and experiential travel, with emerging destinations gaining popularity among Thai tourists [6][12] Current Market Characteristics - The core routes to Beijing and East China remain strong, with seasonal fluctuations evident, particularly during peak months from March to May and September to November [12] - There is a growing trend towards deeper exploration of specific regions, with tourists favoring customized travel experiences over traditional package tours [12][13] - An increase in business tourism has been noted, with Thai teams combining business visits with leisure travel, necessitating local ground services [13] Strategic Recommendations - The industry must adapt to the trend of fragmented travel by offering modular and customizable travel products, enhancing service flexibility [14] - There is a need to develop themed and experiential products targeting younger travelers, leveraging unique local resources [14] - Marketing efforts should focus on digital engagement through social media platforms popular in Thailand, ensuring high-quality content that resonates with potential travelers [15] - Addressing the shortage of Thai-speaking guides is crucial, with initiatives to train and retain high-quality personnel to meet the demands of diverse tourist groups [16] Conclusion The Thai inbound tourism market has shown resilience and potential for growth, particularly in regions like Sichuan, which leverage unique resources and adapt to changing consumer preferences. Future competition will hinge on the ability to respond to fragmented demands and deliver high-quality, experience-driven travel options [17]

Core Viewpoint - Airbnb is transitioning from a single accommodation booking platform to a comprehensive travel service provider, offering a variety of services and experiences beyond just lodging [2][3]. Group 1: Business Model Transformation - Airbnb's new strategy includes offering services such as private chefs, photography, massages, and unique experiences like learning volleyball from Olympic athletes and recording music with American singers [2][3]. - The company plans to launch these services in 260 cities globally, with most starting at prices below $50 [3]. - The "Airbnb Experiences" program has been upgraded to cover 650 cities, featuring activities like city tours, cooking classes, outdoor adventures, and fitness courses [4]. Group 2: Market Trends and Consumer Demand - There is a growing consumer demand for personalized and immersive travel experiences, challenging traditional travel service models [5]. - In China, 95% of respondents indicated they book experience projects while traveling, and 85% have traveled specifically for an experience or activity [6]. - The new services and experiences introduced by Airbnb align with consumer needs and market trends, enhancing the company's growth potential [6]. Group 3: Financial Performance - In Q1 2025, Airbnb reported total revenue of approximately $2.3 billion, a 6% year-over-year increase, while net profit decreased by 42% to about $154 million [6]. - Adjusted EBITDA for the same period was approximately $417 million, down 1.65% year-over-year [6]. - The company aims to continue investing in product innovation and market expansion to improve user experience and market share [6][7].

Group 1: Travel Trends - The "May Day" holiday saw a significant increase in domestic travel, with 314 million trips taken, representing a 6.4% year-on-year growth [2] - Young travelers are increasingly opting for less popular destinations, with booking volumes for places like Xinjiang and Tibet seeing over 100% growth compared to last year [2] - The trend of "picking quality over quantity" in travel experiences is evident, as young people prioritize unique and personalized travel experiences [1][14] Group 2: Accommodation Preferences - During the "May Day" holiday, 50% of hotel bookings in smaller cities were for accommodations priced below 200 yuan, highlighting a shift towards budget-friendly options [2] - The average rental car consumption increased by 24% compared to last year, with 85% of rentals being for out-of-town trips [4] Group 3: Outdoor Activities - There is a notable rise in outdoor activities among young travelers, with significant increases in interest for activities like snorkeling and hiking, as reflected in the high view counts on social media platforms [8][10] - Coastal cities are experiencing a surge in bookings, with places like Jinjiang seeing a 328% increase in orders [7] Group 4: Cultural and Entertainment Integration - The integration of travel with cultural events is becoming popular, as evidenced by the increase in attendance at large-scale performances, with over 200 million attendees and ticket sales reaching 1.212 billion yuan during the holiday [10][12] - Young travelers are combining their travel experiences with entertainment, such as attending concerts while on vacation, creating a new "after party" economy [12][13] Group 5: Redefining Travel Experience - The concept of travel is evolving from mere sightseeing to immersive experiences, with young people seeking to break free from routine and engage in meaningful activities [14] - The focus is shifting towards experiences that provide personal growth and enjoyment, rather than just visiting popular tourist spots [14]