Magic of 'panda economy': Social media brings fluffy images worldwide

Hong Kong's giant panda family has recently gained new members. In addition to the birth of twins, a new pair of giant pandas gifted by the Central Government will arrive in Hong Kong next month.

Giant pandas have always been popular, and there are many experiences worldwide on developing the "panda economy".

In terms of the experience of zoos in Japan and South Korea in creating "internet celebrity pandas", it is important to make good use of social media and live broadcasting so that the pandas can really "walk out of the zoo," gain popularity and attract tourists; in addition, the launch of co-branded products, combined with the cultural and tourism creativity and another peripheral industry chain, has also created great value for the development of the "panda economy" in the local community.

Born on July 20, 2020, Fu Bao is the first cub born to two pandas in South Korea's Everland and is also the first panda born from natural breeding in the country, so it has attracted the attention of the Korean public since its birth. According to the park statistics, from January 4, 2021, it has attracted about 5.5 million visitors, which is equivalent to one-tenth of the population of Korea.

For many South Koreans, Fu Bao, born during the epidemic, brought them special warmth and happiness.

Lee Soo-hyun, a professor at Seoul National University, said the panda cubs' resemblance to babies creates a sense of protection. Mental health experts also say that cuddly things have healing properties that can reduce depression and anxiety. Kim Heon-sik, a Korean cultural critic, said that the fact that Fu Bao was born in Korea made people feel closer to it.

One of Fu Bao's Korean fans said, "We met him when he was very young and witnessed his growing progress, and I think that's why Koreans are so attached to him."

The park's ability to portray the bears on social media has contributed to Fu Bao's rise to the top of the charts. In addition to collaborating with a TV station to produce a panda documentary, the park promoted panda-related content on various social media platforms, sharing toys such as bamboo goggles and guitars made for the pandas by their keepers, as well as enrichment facilities such as hammocks and slides. The two keepers of Fu Bao have also started their own short video programs to record the daily life of the panda family in a fun and lively way, which have become regular viewing for panda fans.

The popularity of the pandas has boosted the park's revenue. According to Samsung C&T, the park's operator, the park's revenue increased to 77 billion won in 2021 (after Fu Bao met the public), 87 billion won in 2022, and 124 billion won in 2023. Initial revenues for the first quarter of 2024 were the highest ever at 126 billion won (US$91.3 million) as Koreans flocked to the park to say goodbye to the panda after it was confirmed that Fu Bao would return to China.

"Panda economy" in different countries

South Korea

The average daily attendance of the Everland during the peak season is 4,000, with a peak of 7,000 to 8,000 people per day, and the ticket price is 62,000 won (HK$361). The revenue in the first quarter of this year was a record high of 126 billion won (HK$5.8 million). More than 400 types of Fu Bao's peripheral merchandise have been sold, with 3.3 million pieces sold. The first pop-up store of Fu Bao was opened last year, with 110,000 items sold in two weeks, generating sales of 1 billion won (HK$5.8 million).

France

With the arrival of the giant pandas Huan Huan and Yuan Zai in France in 2012, the zoo's annual attendance has increased from 600,000 in 2012 to 2 million by 2022, and annual ticket revenue has risen from 600,000 euros to 1.6 million euros (HK$139 million).

Japan

According to Japanese academics, Xiang Xiang's six years in Japan have generated approximately 65 billion yen (HK$3.5 billion) in zoo admission and peripheral merchandise revenue, surpassing the 59.6 billion yen in economic value created by Japan's win in the World Baseball Classic (WBC), and the births of her younger siblings, Xiao Xiao and Lei Lei, in 2021, will generate more than 30 billion yen (HK$1.6 billion) in economic benefits in a single year.

United Kingdom

In 2011, the arrival of two pandas, Yang Guang and Tian Tian, increased attendance at the Edinburgh Zoo in the UK by 4 million in two years, with annual revenue rising from £5 million to around £15 million (HK$150 million).

United States

The San Diego Zoo is one of the most visited zoos in the U.S. and the first in the U.S. to conduct collaborative research on giant pandas with China. According to the zoo, Panda Ridge is renovating the zoo's original giant panda house, and the new space is four times larger than the previous habitat. Tickets for the zoo's morning guided tours of the pandas cost US$92, and the zoo's website shows that tours from August through October are nearly sold out.

The Washington Zoo has housed the first pair of Chinese giant pandas, Ling-Ling and Hsing-Hsing, since 1972, and about 2.5 million people visit the Washington National Zoo each year. In 2011, the Washington Zoo became one of the first zoos to launch a 24-hour-a-week live panda cam. The live stream has received more than 100 million page views to date.

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