Tripadvisor貓途鷹市場前景及投資研究報(bào)告-培訓(xùn)課件外文版2024.4

COMPANIES

&

PRODUCTSTripadvisorCHAPTER

01IndustryoverviewLeadingonlinetravelagencies(OTAs)worldwidefrom2019to2022,byrevenue(inmillionU.S.dollars)RevenueofleadingOTAsworldwide2019-2022201915066120674805512915606332020679651993378280960420211095885985992314390220221709011667839929091492577BookingHoldingsExpediaGroupAirbnbTGroupTripadvisoreDreamsOdigeo1Despegar241334525131323538Trivago942304412574MakeMyTrip1LGroupOntheBeachGroup52718929553339212816331619497421743Description:Revenueofleadingonlinetravelagencies(OTAs)worldwideincreasedsignificantlyin2022comparedtothepreviousyear,followingasharpdeclinewiththeonsetofthecoronavirus(COVID-19)pandemic.Thatsaid,amongtheselectedcompanies,onlyBookingHoldingsandAirbnbreportedhigherrevenuesin2022comparedto2019.Overall,bothbeforeandaftertheimpactofthehealthcrisis,BookingHoldingsrecordedthehighestfigure,generatingrevenueofover17billionU.S.dollars[...]

ReadmoreNote(s):Worldwide;2019to2022Source(s):VarioussourcesMarketingexpensesofleadingonlinetravelagencies(OTAs)worldwidefrom2019to2022(inmillionU.S.dollars)MarketingexpensesofleadingOTAsworldwide2019-20222019202021792527117567531617957202138014221118677246927995202259936100151661678448016536791BookingHoldingsExpediaGroupAirbnb496760601622133567239318874518214648TGroupTripadvisoreDreamsOdigeo1DespegarTrivago2183828351MakeMyTrip1LGroupOntheBeachGroup60591404631154Description:Themarketingexpensesofleadingonlinetravelagencies(OTAs)worldwidegrewsignificantlyin2022comparedtothepreviousyear,followingasharpdeclinewiththeonsetofthecoronavirus(COVID-19)pandemic.Overtheperiodconsidered,BookingHoldingsandtheExpediaGroupreportedthehighestfigures,spendingroughlysixbillionand6.1billionU.S.dollarsonmarketingin2022,respectively.WhileAirbnbrecordedthethird-highestfigurethatyear,itspentsubstantiallyless[...]ReadmoreNote(s):Worldwide;2019to2022;companiesarerankedbasedonthehighestrevenuein2022Source(s):VarioussourcesMarketingtorevenueratioofleadingonlinetravelagencies(OTAs)worldwidefrom2019to2022Marketing/revenueratioofleadingOTAsworldwide2019-2022201933%50%34%26%43%62%36%79%35%37%25%202032%49%35%24%52%74%44%72%20%47%32%202135%49%20%25%52%84%29%69%17%36%36%202235%52%18%21%53%83%31%64%17%44%26%BookingHoldingsExpediaGroupAirbnbTGroupTripadvisoreDreamsOdigeo1DespegarTrivagoMakeMyTrip1LGroupOntheBeachGroup5Description:Themarketingtorevenueratioisanindicatorthatmeasureshowmuchacompanyspendsonmarketingtogeneratesales.Thelowertheratio,thelessthecompanydependsonmarketingtoearnrevenue.In2022,themarketing/revenueratioofAirbnb,whichreportedthethird-highest?revenueofleadingonlinetravelagencies(OTAs)thatyear,wasjust18percent.Bycontrast,BookingHoldingsandtheExpediaGrouphadmarketingtorevenueratiosof35percentand52percent,respectively.

ReadmoreNote(s):Worldwide;2019to2022;companiesarerankedbasedonthehighestrevenuein2022Source(s):VarioussourcesMarketcapofleadingonlinetravelcompaniesworldwideasofSeptember2023(inmillionU.S.dollars)Marketcapofleadingonlinetravelcompaniesworldwide2023MarketcapinmillionU.S.dollars40,000

60,000020,00080,000100,000120,000BookingHoldings(UnitedStates)Airbnb(UnitedStates)112,79391,086TGroup(China)23,203ExpediaGroup(UnitedStates)TongchengTravelHoldings(China)MakeMyTrip(India)15,3275,0634,089Tripadvisor(UnitedStates)Webjet(Australia)2,2051,680852eDreamsOdigeo(Spain)Despegar(Argentina)498383295246Trivago(Germany)LGroup(Netherlands)OntheBeachGroup(UnitedKingdom)6Description:AsofSeptember2023,BookingHoldingswastheonlinetravelcompanywiththehighestmarketcapworldwide.Asofthatmonth,BookingHoldings-theleadingonlinetravelagency(OTA)worldwidebyrevenue-recordedamarketcapofroughly112.8billionU.S.dollars.AirbnbandtheTGroupfollowedintheranking,withamarketcapofaround91.1and23.2billionU.S.dollars,respectively.ReadmoreNote(s):Worldwide;asofSeptember18,2023Source(s):SkiftMostvisitedtravelandtourismwebsitesworldwideasofJanuary2024(inmillionvisits)Mostpopulartravelandtourismwebsitesworldwide2024Numberofwebsitevisitsinmillions200

3000100400500600565.2162.4100.99087.36564.864.557.657.453.952.450.349.345.57Description:InJanuary2024,wasthemostvisitedtravelandtourismwebsiteworldwide.Thatmonth,Booking’swebpagerecordedroughly565millionvisits.Tandfollowedintheranking,witharound162millionand101millionvisits,respectively.ReadmoreNote(s):Worldwide;January2023Source(s):SimilarWebEstimatedtotalnumberofvisitstothetravelandtourismwebsiteworldwidefromAugust2020toJanuary2024(inmillions)Totalvisitstotravelandtourismwebsiteworldwide2020-20242502001501005008/statistics/1215473/total-visits-to-tripadvisor-websiteInJanuary2024,thenumberofvisitstothetravelandtourismwebsitegrewoverthepreviousmonth,totalingroughly162million.Thisfigurealsorepresenteda0.6percentincreaseinvisitstothewebsitecomparedtoJanuary2023.

ReadmoreNote(s):Worldwide;August2020toJanuary2024Source(s):SimilarWebShareofvisitstothetravelandtourismwebsiteworldwideasofJanuary2024,bycountryShareofvisitstothetravelwebsiteworldwide2024,bycountryOthers27.22%Thailand1.00%Canada1.73%Poland1.8%UnitedStates64.74%UnitedKingdom2.88%9Description:InJanuary2024,mostvisitstothetravelandtourismwebsitecamefromtheUnitedStates.Duringthatmonth,websitevisitsfromtheU.S.accountedforroughly65percentoftotalvisitstoTripadvisor'swebpage.AsofJanuary2024,wasoneofthe?mostvisitedtravelandtourismwebsitesworldwide.ReadmoreNote(s):Worldwide;January2024Source(s):SimilarWebMostdownloadedonlinetravelagencyappsintheUnitedStatesin2022,byaggregatednumberofdownloads(inmillions)MostdownloadedonlinetravelagencyappsintheU.S.2022,byaggregateddownloads1816141210817.116.816.613.912.85.664.841.421.271.250BVrboExpediaAirbnbHopperHPricelineKAYAKSkyscannerTripadvisor10Description:TheBmobileappwasthemostdownloadedonlinetravelagencyappintheUnitedStatesin2022.Thatyear,Brecordedaround17.1millionaggregateddownloadsoniOSandGooglePlayintheNorthAmericancountry.TheVrboapprankedsecond,withroughly16.8milliondownloadsintheU.S.in2022.ReadmoreNote(s):UnitedStates;2022;oniOSandGooglePlaySource(s):ApptopiaCHAPTER

02CompanyinformationRevenueofTripadvisor,Inc.worldwidefrom2008to2023(inmillionU.S.dollars)RevenueofTripadvisorworldwide2008-20232,0001,8001,6001,4001,2001,0008001,7881,6151,5561,5601,4921,4921,4801,246944.67902762.97637.076046004002000484.642010352.092009298.252008201120122013201420152016201720182019202020212022202312Description:Tripadvisor,Inc.'sglobalrevenueincreasedbyaround20percentin2023comparedtothepreviousfiscalyear,exceedingthefiguresreportedbeforethecoronavirus(COVID-19)pandemic.Whilethecompany'srevenueworldwidereachednearly1.6billionU.S.dollarsin2019,itdeclinedto604millionU.S.dollarsinthefirstyearofthehealthcrisis,thenpeakedatroughly1.8billionU.S.dollarsin2023.ReadmoreNote(s):Worldwide;2008to2023;fiscalyearsendingDecember31Source(s):TripadvisorRevenueofTripadvisor,Inc.worldwidefrom2017to2023,bybusinesssegment(inmillionU.S.dollars)RevenueofTripadvisorworldwide2017-2023,bybusinesssegmentTripadvisor

core1ViatorTheForkIntersegment

elimina2017201820192020202120222023483665551844937378685966126154103113Description:In2023,Tripadvisorcorebusinesssegment'srevenueworldwideincreasedbynearlysevenpercentcomparedtothepreviousyear.In2023,thecompany'scoresegment-includingearningsfromTripadvisor-brandedhotels,displayandplatform,experiencesanddining-amountedtojustoveronebillionU.S.dollars,risingfrom966millionU.S.dollarsin2022.Overall,?Tripadvisor,Inc.'srevenueworldwidetotalednearly1.8billionin2023.

ReadmoreNote(s):Worldwide;2017to2023;fiscalyearsendingDecember31Source(s):TripadvisorRevenueofTripadvisor,Inc.worldwidefrom2012to2023,byregion(inmillionU.S.dollars)RevenueofTripadvisorworldwide2012-2023,byregionUnitedStatesUnitedKingdomAllothercountriesAsia-PacificEMEAEuropeLatinAmericaROW(Restofworld)NorthAmerica2,0001,8001,6001,4001,2001,00080024127250826427346618540234977541583062911725949472526001,19820235640913390538877400473835821169454405322402915262003021561721441228202012201320142015201620172018201920202021202214Description:Tripdavisor,Inc.'sglobalrevenueincreasedsignificantlyin2023comparedtothepreviousyear,exceedingthefiguresreportedbeforethecoronavirus(COVID-19)pandemic.Bothbeforeandaftertheimpactofthehealthcrisis,theUnitedStatesrepresentedthecompany'smostprofitablemarket.In2023,Tripadvisor'srevenueintheU.S.amountedtonearly1.2billionU.S.dollars,thehighestfigurerecordedbythecompanytodate.

ReadmoreNote(s):Worldwide;2012to2023;fiscalyearsendingDecember31Source(s):TripadvisorSellingandmarketingexpensesofTripadvisor,Inc.worldwidefrom2009to2023(inmillionU.S.dollars)SellingandmarketingexpensesofTripadvisorworldwide2009-20231,000900800700600940849784778756692672502469500400300200100036831626620914010620092010201120122013201420152016201720182019202020212022202315Description:Tripadvisor,Inc.'ssellingandmarketingexpensesworldwidegrewsignificantlyin2023comparedtothepreviousyear,exceedingthefiguresreportedbeforethecoronavirus(COVID-19)pandemic.Afterdecliningto316millionU.S.dollarsinthefirstyearofthehealthcrisis,thecompany'sglobalsellingandmarketingexpensespeakedat940millionU.S.dollarsin2023.ReadmoreNote(s):Worldwide;2009to2023;fiscalyearsendingDecember31Source(s):TripadvisorOperatingincomeofTripadvisor,Inc.worldwidefrom2008to2023(inmillionU.S.dollars)OperatingincomeofTripadvisorworldwide2008-2023400340296.3294.57272.763002001000232226.3183187168.18166124.88124126101-100-200-300-400-131-329200820092010201120122013201420152016201720182019202020212022202316Description:In2023,Tripadvisor,Inc.'soperatingincomeincreasedbyroughly25percentcomparedtothepreviousfiscalyear.Afterreportinganoperatinglossof329millionU.S.dollarsinthefirstyearofthecoronavirus(COVID-19)pandemic,thecompanyhadanoperatingincomeof126millionU.S.dollarsin2023.ReadmoreNote(s):Worldwide;2008to2023;fiscalyearsendingDecember31Source(s):TripadvisorNetincomeofTripadvisor,Inc.worldwidefrom2008to2023(inmillionU.S.dollars)NetincomeofTripadvisorworldwide2008-2023300226205.44198194.07177.682001000138.78126120113102.4372.372010-19-100-200-300-400-148-289200820092010201120122013201420152016201720182019202020212022202317Description:Afterreportingsignificantnetlossesinthefirsttwoyearsofthecoronavirus(COVID-19)pandemic,Tripadvisor,Inc.recordedapositivebalancein2022and2023.Inthelatteryear,thecompany'snetincomeamountedto10millionU.S.dollars,halvingcomparedto2022.ReadmoreNote(s):Worldwide;2008to2023;fiscalyearsendingDecember31Source(s):TripadvisorTotalassetsofTripadvisor,Inc.worldwidefrom2008to2023(inbillionU.S.dollars)TotalassetsofTripadvisorworldwide2008-20233.02.52.01.52.572.542.292.272.242.172.131.981.971.961.471.31.00.50.00.840.720.570.52200820092010201120122013201420152016201720182019202020212022202318Description:Tripadvisor,Inc.'stotalassetsworldwidedeclinedby1.7percentin2023overthepreviousfiscalyear.AsofDecember31,2023,Tripadvisor'stotalassetsamountedtoroughly2.54billion,decreasingbyroughly30millionU.S.dollarsfrom2022.

ReadmoreNote(s):Worldwide;2008to2023;fiscalyearsendingDecember31Source(s):TripadvisorNumberofTripadvisor,Inc.employeesworldwidefrom2011to2023NumberofTripadvisoremployeesworldwide2011-20234,5004,1944,0003,5003,0002,5002,0001,5001,0005003,3663,3273,2283,1003,0082,8452,7932,6912,5962,0171,57520121,250201102013201420152016201720182019202020212022202319Description:ThenumberofTripadvisor,Inc.'semployeesworldwidedeclinedbyroughlyeightpercentin2023comparedtothepreviousfiscalyear.Overall,thecompanyemployed2,845peopleasofDecember31,2023.Overtheperiodconsidered,thenumberofTripadvisor'semployeespeakedat4,194in2019.ReadmoreNote(s):Worldwide;2011to2023;fiscalyearsendingDecember31Source(s):TripadvisorTotalnumberofuserreviewsandratingsonTripadvisorworldwidefrom2014to2023(inmillions)NumberofuserreviewsandratingsonTripadvisorworldwide2014-20231,2001,0001,0001,0001,0008848598007306006004002000465320200201420152016201720182019202020211202212023220Description:ThetotalnumberofreviewsandratingsonTripadvisorworldwidehasincreasedsignificantlysince2014,reachingtheonebillionmarkin2021.Inthefollowingyears,thecompanymentionedthatthenumberofreviewsontheplatformexceededonebillion.Asof2023,suchreviewsandratingsrelatedtoovereightmilliontravelentries,includingexperiences,accommodation,restaurants,airlines,andcruises.ReadmoreNote(s):Worldwide;2014to2023;fiscalyearsendingDecember31Source(s):TripadvisorShareoftravelreviewsonTripadvisordeemedtobefakefrom2018to2022,withaforecastfor2023ShareoftravelreviewsonTripadvisordeemedtobefake2018-202310%9%8%7%6%5%4%3%8.8%4.4%3.6%20202.4%20182%1%0%2022202321Description:AccordingtoaJanuary2024analysis,theshareoftravelreviewsonTripadvisordeemedtobefakeispredictedtodoublein2023comparedtothepreviousyear.Asforecast,fakereviewsareexpectedtoaccountforanestimated8.8percentofallreviewsonthetravelwebsitethatyear.Thisfigurewouldrepresenta267percentageincreasecomparedto2018.ReadmoreNote(s):Worldwide;2018to2022Source(s):LIH;TripadvisorCHAPTER

03ConsumersSourcesofinformationaboutproductsintheU.S.asofDecember2023SourcesofinformationaboutproductsintheU.S.2023Shareofrespondents0%10%20%30%40%50%Searchengines(e.g.,Google)Onlinestores53%34%33%CustomerreviewsInthestore31%BrandwebsitesandappsSocialmediawebsitesandappsFriendsandacquaintancesVideowebsitesandapps(e.g.,YouTube)OnlineforumsPricecomparisonwebsitesQuestionandanswerwebsitesandappsCouponanddealwebsitesandappsBlogsandpodcasts29%28%27%26%17%16%14%13%11%23Description:53percentofU.S.respondentsansweroursurveyon"Sourcesofinformationaboutproducts"with"Searchengines(e.g.,Google)".Thesurveywasconductedin2023,among10,046consumers.

ReadmoreNote(s):UnitedStates;JanuarytoDecember2023;10046respondents;18-64yearsSource(s):ConsumerInsightsAmericanCustomerSatisfactionIndexScoresforinternettravelcompaniesintheUnitedStatesfrom2002to2023AmericanCustomerSatisfactionIndexforinternettravelcompaniesU.S.2002-2023Expedia79TripadvisorTravelocity

(Expedia)Priceline73202376757678827573767977807778757475797720227372202174732020777620197976201878782017807720167781201577752013/2014*201276757674201177762010797324/statistics/195020/customer-satisfaction-with-us-internet-travel-companies-since-2002ThisstatisticshowstheAmericanCustomerSatisfactionIndexscoresforinternettravelcompaniesintheUnitedStatesfrom2002to2023.ExpediareceivedanAmericanCustomerSatisfactionIndexscoreof79in2023,anincreaseoverthepreviousyear.ReadmoreNote(s):UnitedStates;2002to2023Source(s):ACSI?Hotel/privateaccommodationonlinebookingsbybrandintheU.S.asofDecember2023Hotel/privateaccommodationonlinebookingsbybrandintheU.S.2023Shareofrespondents15%

20%0%5%10%25%30%35%40%BHAirbnb38%34%33%ExpediaPricelineTrivago32%14%13%TravelocityTripadvisorVrbo12%12%9%Agoda8%HomestayHotwireKAYAK7%7%7%25Description:WeaskedU.S.consumersabout"Hotel/privateaccommodationonlinebookingsbybrand"andfoundthat"B"takesthetopspot,while"Orbitz"isattheotherendoftheranking.ReadmoreNote(s):UnitedStates;JanuarytoDecember2023;4236respondents;18-64years;respondentswhobookedhotels,vacationapartmentsorhousesonlineinthepast12months(Mobility,Travel)Source(s):ConsumerInsightsHotel/privateaccommodationonlinebookingsbybrandinCanadaasofDecember2023Hotel/privateaccommodationonlinebookingsbybrandinCanada2023Shareofrespondents15%

20%0%5%10%25%30%35%ExpediaAirbnb36%35%BHTrivago34%22%14%TripadvisorKAYAK10%6%Agoda5%TravelocityVrbo4%4%HopperHotwirePriceline3%3%3%26Description:WeaskedCanadianconsumersabout"Hotel/privateaccommodationonlinebookingsbybrand"andfoundthat"Expedia"takesthetopspot,while"Orbitz"isattheotherendoftheranking.ReadmoreNote(s):Canada;JanuarytoDecember2023;852respondents;18-64years;respondentswhobookedhotels,vacationapartmentsorhousesonlineinthepast12months(Mobility,Travel)Source(s):ConsumerInsightsHotel/privateaccommodationonlinebookingsbybrandintheUKasofDecember2023Hotel/privateaccommodationonlinebookingsbybrandintheUK2023Shareofrespondents30%0%10%20%40%50%60%BAirbnb60%34%Expedia18%18%HTripadvisorTrivago11%11%Agoda7%7%ELastminuteHostelworldKAYAK6