South Korean Tourism Surges to China for Panda Viewing and Soaring Gold Prices Spark Mixed Reactions
In a surprising turn of events, there's been a massive surge in the number of South Korean tourists booking trips to China, with reservations for group tours jumping over 600% in May. This wave of tourism is largely driven by the desire to see China's beloved giant pandas, as three new panda-themed travel packages have been introduced by a major South Korean travel agency.
18 May 2024
These packages offer visitors the chance to visit two or three panda protection bases, depending on the chosen package, priced between RMB 4,000 to 7,200. Despite the hefty price tag, inquiries from potential South Korean tourists have been non-stop.
Meanwhile, the price of gold and silver has been soaring, reaching new record highs. According to data from the Shanghai Gold Exchange, the gold price rose to RMB 404.85 per gram, an increase of RMB 12 from the previous trading day. Several major jewelry brands have followed suit, hiking their prices to new highs. A senior manager at a jewelry store in Hangzhou commented, "With 520 just around the corner, I'm afraid these high gold prices might dampen consumer enthusiasm." Interestingly, the surge in gold and silver prices has prompted some individuals to sell off their gold. A Hangzhou resident reportedly sold 12 kilograms of gold overnight. The international gold futures and spot prices both strengthened significantly, while silver showed even stronger growth. Silver futures and spot prices surged by over 6% in a single day, setting a new phase high. In an unrelated incident, a woman in China was asked to pay RMB 1,250 in compensation after accidentally dropping a gold ring in a store and damaging it. This sudden increase in South Korean tourists and the soaring prices of gold and silver have sparked a flurry of reactions on Weibo, the Chinese equivalent of Twitter.
"I can't believe the number of South Korean tourists has skyrocketed like this!" one user remarked. Another user commented, "With gold prices this high, I'm considering selling some of my jewelry too." However, not everyone is pleased with these developments. Some users expressed concerns about the potential impact of the gold price hike on consumer spending, especially with the upcoming Valentine's Day-like holiday in China, known as 520. "I hope these high gold prices won't discourage people from celebrating 520," one user wrote. Meanwhile, the incident involving the woman and the gold ring has sparked a debate about consumer responsibility. Some users argue that she should be held responsible for the damage, while others believe that the store should bear the cost of the repair. As these events unfold, it remains to be seen how they will impact the tourism industry, the gold market, and consumer behavior in China.
One thing is certain, though: these developments have definitely caught the attention of the Chinese public.