A Deep Dive Into Ctrip and the China Online Travel Market 2017

Report Overview

As the Chinese economy has grown and opened up to the West, both domestic leisure and outbound travel have ramped significantly. At the same time, the country is still in the early stages of moving bookings from offline to online. A growing travel market and increased adoption of online bookings is a potent recipe for growth at Ctrip and the industry as a whole.

Featured Quote

What You'll Learn From This Report

• Overview of Ctrip’s products and strategy

• In partnership with YipitData, reservation, property, and room data for China, Africa, Asia ex-China, Canada, Caribbean, Europe, Mexico and Central America, the Middle East, Oceania, South America, and the U.S.

• How Ctrip uses two types of agency models – guaranteed allotment and on-request

• Air travel trends in China

• In partnership with ForwardKeys, inbound and outbound booking data for Japan, South Korea, Taiwan, Hong Kong, Macau, Thailand, Australia, U.S., Canada, U.K., France, Spain, Germany, and Italy

• What caused the Qunar airline boycott and how it was resolved

• Why Ctrip strategically invested in bus operators in the U.S.

• Mobile and online penetration trends in China

• Takeaways from our trip to Asia

• Ctrip’s financial trajectory and our valuation framework

• Rationale and impact of key M&A transactions both through public financial filings and management interviews

• The story of how the Skyscanner deal came about and closed via a lengthy interview with Skyscanner’s CFO

• Why we expect margin to ramp as Ctrip integrates Qunar and eLong and mitigates aggressive price competition

• Behind the scenes look at the Qunar and eLong investments from two of the leading private equity investors in China

• Trends across domestic, inbound, and outbound travel

• Ctrip market share estimates

• WeChat and broader outbound data, analysis, and strategy via our partnership with Dragon Trail Interactive

• The rapid rise and fall of outbound travel to South Korea as a case study on the risk and rewards of outbound Chinese travel

• What the “BAT” (Baidu, Alibaba, Tencent) companies are doing in travel directly and through investments

• A look at two key competitors in LY.com and Meituan-Dianping

• The current value of the financial stake by Priceline and our expectations for the partnership

• Expedia’s divestment of eLong and what that means for its China strategy

• How TripAdvisor is focusing almost exclusively on the higher-end outbound travel market

• Broad China travel insights from leading hotels including Marriott, Peninsula Hotels, Hyatt, Hilton, and Wyndham