Core Viewpoint - The travel photography giant, Bojue Travel Photography, is facing operational difficulties despite the growing demand in the travel photography market, leading to a significant reduction in its business activities and store closures [4][5]. Group 1: Company Overview - Bojue Travel Photography was founded in 2014, combining wedding photography with travel to expand its market reach [5]. - The company gained popularity through extensive advertising campaigns starting in 2018, achieving annual revenues exceeding 1.2 billion yuan [5]. - The business model relies heavily on prepayment and upselling, which poses risks during market downturns [6]. Group 2: Financial and Operational Challenges - The company has reported long-term losses in its wedding travel photography segment, which has adversely affected other business areas [4]. - As of now, 12 equity stakes of Bojue Travel Photography have been frozen, with a total amount exceeding 67 million yuan [4]. - The company is currently in a state of suspension, with regulatory bodies advising consumers to retain contracts for potential claims [4]. Group 3: Market Dynamics - The travel photography market in China is projected to reach nearly 40 billion yuan in 2023, with demand expected to exceed 22 million people [4]. - Despite the overall market growth, Bojue Travel Photography is struggling due to declining marriage rates, with a reported drop of over 20% in marriage registrations last year [7]. - The rise of lower-priced competitors and changing consumer preferences have further eroded Bojue's market position [8][10]. Group 4: Consumer Behavior and Industry Trends - Consumers are increasingly seeking personalized experiences over standardized offerings, leading to a shift in demand towards local studios and independent photographers [9][10]. - The emergence of new players in the market, with competitive pricing strategies, has intensified the competition [8]. - The definition of travel photography is evolving, with consumers now valuing social media presence and unique experiences over traditional high-end packages [9].

Core Viewpoint - The decline of Bojue Travel Photography reflects not only the struggles of a single company but also the broader downturn in the travel photography industry, as consumer preferences shift towards lower-cost options and alternative forms of wedding celebrations [4][5]. Group 1: Company Overview - Bojue Travel Photography was once a leading brand in the travel photography sector, with a valuation exceeding 2.5 billion yuan and a global presence in 112 shooting destinations [4][5]. - The company has faced significant operational challenges, including customer service failures, unfulfilled orders, and employee wage disputes, leading to a loss of consumer trust [6][12][13]. Group 2: Market Dynamics - The travel photography industry has seen a rapid increase in competition, with over 6,341 related companies currently operating in China, and a notable rise in new registrations [19][20]. - The shift in consumer behavior, particularly among younger generations, has led to a decline in traditional wedding photography demand, with many opting for lower-cost alternatives or forgoing wedding photography altogether [27][29]. Group 3: Business Model Challenges - Bojue's business model, heavily reliant on prepayments and high operational costs, has proven unsustainable as order volumes decline [24][26]. - The company's strategy of opening numerous physical stores in popular destinations has resulted in high fixed costs, which are difficult to maintain in a shrinking market [24][26]. Group 4: Consumer Sentiment - The perception of wedding photography has evolved, with many consumers now viewing it as an optional expense rather than a necessity, reflecting broader societal changes regarding marriage and relationships [27][29]. - The rise of social media and independent photographers has democratized the photography space, allowing consumers to seek personalized and cost-effective options [30][36].

Core Viewpoint - The decline of Bojue Travel Photography reflects not only the company's struggles but also the broader downturn in the travel photography industry, as consumer preferences shift towards lower-cost wedding options and a decrease in marriage rates [4][5][28]. Company Overview - Bojue Travel Photography was once a leading brand in the travel photography sector, with a global presence in 112 shooting destinations and a peak valuation exceeding 2.5 billion yuan [5]. - The company experienced significant sales success, including selling 10,000 travel photography packages in 18 minutes during a live stream, generating nearly 40 million yuan [5]. - However, the company is now facing severe operational challenges, including customer service failures, unfulfilled orders, and employee wage disputes, leading to store closures [4][12][13]. Operational Challenges - Customers have reported issues with unresponsive customer service and unfulfilled orders, leading to collective complaints and potential legal action [12][13]. - Employees have claimed that the company has delayed salaries for up to four months, affecting hundreds of staff members and totaling around 15 million yuan in unpaid wages [13]. - The company has acknowledged its financial difficulties, citing a significant drop in orders and revenue, and has announced plans to scale back operations and close unprofitable stores [13][15]. Industry Context - The travel photography industry has seen a rapid increase in competition, with over 6,341 related companies currently operating in China, and a significant rise in new registrations in recent years [19][20]. - Smaller photography studios have emerged as key players, offering flexible services and lower prices, which has eroded Bojue's market share [20][21]. - The industry's business model has become outdated, relying heavily on prepayments and high operational costs, which has left companies vulnerable to market fluctuations [23]. Changing Consumer Behavior - The marriage rate in China has been declining, with a reported 20.5% decrease in marriage registrations in 2024 compared to the previous year, leading to a reduced demand for traditional wedding photography [28]. - Consumers are increasingly viewing wedding photography as an optional expense rather than a necessity, with a shift towards more personalized and budget-friendly options [29][30]. - The rise of social media and the democratization of photography have led to a preference for unique, individualized experiences over standardized packages offered by larger companies [30][31].

Core Insights - The success of the animated film "White Snake: The Legend of the Floating Life" has significantly boosted tourism in Hangzhou, prompting the local government to launch a themed travel route to attract visitors [1] Group 1: Tourism and Attractions - The "White Snake Legend" travel route connects natural beauty and intangible cultural heritage experiences, drawing many tourists during the May Day holiday [1] - Key attractions include the Broken Bridge, which is associated with the love story of Bai Suzhen and Xu Xian, and the Leifeng Pagoda, which offers panoramic views of West Lake [3][6] - The average daily visitor count at the Hangzhou Intangible Cultural Heritage Experience Center reached over 10,000 during the holiday, with over 100 experiential courses available [8] Group 2: Cultural Experiences - Tourists are increasingly engaging in traditional handicraft workshops, such as oil paper umbrella making, allowing them to learn about the history of these crafts while creating their own souvenirs [8] - The trend of "travel photography" has gained popularity, with many visitors opting for photo packages to enhance their travel experience [9][12] Group 3: Market Trends - The demand for Hanfu (traditional Chinese clothing) has surged, with foot traffic in Hanfu shops increasing four to five times compared to normal days during the holiday [14] - Young consumers, particularly those born in the 1990s, make up over 60% of the customer base in Hanfu stores, indicating a shift in consumer demographics [16] - The travel photography market is experiencing high demand, with photographers reporting they are overwhelmed with requests during the holiday period [18]