1. Externally, the competition is too fierce. Meituan B&B behind Meituan and Tujia behind Ctrip are two core competitors of Airbnb in China. Their advantage in traffic acquisition is much higher than Airbnb's, and their insight into China B&B users is deeper than Airbnb's, which can be said to cater to the needs of domestic users.

2. Internal factors:

(1) Management confusion. Since 2 15, Airbnb has changed seven directors in China, and China lacks autonomy, which leads to the slow business decision-making speed in China.

② The differentiation strategy was not formulated according to the competitive environment and user characteristics of China market. Airbnb's advantages are high quality, high price and unique supply, and it may lose China's vast sinking market.