In 2013, the total market value of China's tourism industry was nearly 400 billion yuan.

In 2013, the total market value of the entire Chinese tourism industry was nearly 400 billion yuan, and the transaction volume of the online tourism market was 220.46 billion yuan, a year-on-year increase of 29%. It is expected that in the next few years, the transaction volume of the online tourism market will exceed 450 billion yuan, and the penetration rate will maintain a rapid growth rate of 20% to 30%. As for online outdoor travel, it is still in its infancy, the industry scale is still small, and the network penetration rate is low, showing greater development potential.

Number of online travel investment events from 2006 to 2014

Faced with such a vast market, "capital war" is inevitable. According to statistics, since 2006, the tourism industry has experienced the Internet and mobile Internet, the competition situation has changed dramatically, and innovative enterprises have become the new favorites of capital. Especially since 2011, the investment cases of online tourism have increased by leaps and bounds. This trend is more obvious in 2014. In the first half of the year alone, there were 39 investment events in the domestic online tourism industry, which is the same as the whole year of 2013.

Distribution of online travel financing in the first half of 2014

At present, outbound travel is still the most investment-oriented market segment, but the platform-based outbound travel OTA model is difficult to obtain financing, and the special sale format has become a new form of obtaining traffic and expanding in a short period of time, which is favored by capital. Online outdoor travel has not received special attention. Among the three online outdoor travel websites that have received investment, one belongs to the outdoor community and the other two belong to the strategy community, both of which require long-term accumulation of users and content. Industry insiders believe that in the first half of this year, investment in the online tourism field tends to be more segmented, such as surrounding tours, scenic spots, boutique hotels, hotel conference rooms, etc., and there are more mergers and acquisitions cases, with many buying companies, even buying teams and assets. Industrial investors have begun to intervene more online, and at the same time, many online companies have begun to extend to the offline market, and the importance of resource control has increased. However, under the pursuit of a large amount of capital, investment in the tourism industry has already appeared in a bubble. At present, the companies on the market are generally too high. Compared vertically, they are higher than the historical prices; compared horizontally, they are higher than the investment prices in other fields.

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