On May 21st, Ctrip Group announced its unaudited financial performance for the first quarter of 2024. In the first quarter, Ctrip achieved steady growth in various businesses, with a net revenue of 11.9 billion yuan, a year-on-year increase of 29%; The growth rate of international business is significant, with the total revenue of Ctrip's international OTA platform Trip.com increasing by about 80% year-on-year.
In the first quarter, Ctrip's accommodation booking revenue was 4.5 billion yuan, a year-on-year increase of 29%; The operating revenue of transportation ticketing was 5 billion yuan, a year-on-year increase of 20%; The operating revenue of tourism and vacation business was 883 million yuan, a year-on-year increase of 129%; The operating revenue of business travel management business was 511 million yuan, a year-on-year increase of 15%.
"At the beginning of 2024, driven by more stable supply and further relaxation of visa requirements, the demand for domestic and outbound tourism in China has significantly increased." Liang Jianzhang, co-founder and Chairman of the Board of Directors of Ctrip Group, said, "In addition, thanks to our continuously improving products, our global business has grown strongly. We are committed to investing in product and technological innovation to provide users with an excellent travel experience."
The international business performance is impressive. The financial report shows that in the first quarter, Ctrip leveraged the advantages of the international OTA platform Trip.com to innovate inbound tourism products and services. At present, Trip.com has launched online reservation functions for over 600 top domestic scenic spots, and provides more than 20 languages and payment methods to improve the booking experience for overseas tourists. In the first quarter, Ctrip's inbound travel bookings increased by more than four times year-on-year, and Trip.com's total revenue increased by about 80% year-on-year.
In addition, in the first quarter of this year, thanks to the continuous attention of the government and society to the tourism industry, many provinces increased their market promotion efforts, and the domestic tourism market continued to maintain strong growth, driving Ctrip's domestic hotel and flight bookings to increase by more than 20% year-on-year. At the same time, outbound tourism has become an important driving force in the tourism market in 2024. In the first quarter, Ctrip's outbound hotel and flight booking both increased by more than 100% year-on-year.