Core Viewpoint - The article discusses how Pop Mart is evolving from a blind box retailer into a potential luxury brand, leveraging its IP LABUBU to create a new market segment that combines elements of scarcity and desirability similar to luxury goods [3][54]. Group 1: Company Growth and Revenue - Pop Mart's stock price has surged approximately 9 times from early 2024, and nearly 20 times since its lowest point in October 2022 [7]. - LABUBU, a key IP for Pop Mart, generated 3.04 billion yuan in revenue, marking a year-on-year increase of over 700%, surpassing the company's original flagship IP, Molly [12]. - The company has established a flexible supply chain model, reducing inventory turnover days from 159 to 100 days [15]. Group 2: Marketing and Sales Strategy - Pop Mart has expanded its physical presence, doubling its store count in three years, and introduced automated vending machines to enhance accessibility [18]. - The online platform "Paqi" and other digital initiatives have led to a 50% repurchase rate among users [19]. - The membership system has attracted over 40 million members, fostering a community around the brand [19]. Group 3: IP Development and Collaboration - Pop Mart has built a comprehensive IP team to collaborate with both domestic and international artists, aiming to commercialize underrepresented talents [36]. - The design of LABUBU underwent significant iterations based on consumer feedback, leading to a successful launch after adjustments to meet market preferences [41][46]. - Collaborations with fashion designers and participation in events like Milan Fashion Week have elevated LABUBU's profile, resulting in significant sales spikes [46][50]. Group 4: Luxury Brand Comparison - The article draws parallels between Pop Mart's strategies and those of luxury brands, emphasizing the importance of creating desire and exclusivity [69]. - Pop Mart's approach to scarcity through limited editions and high-profile collaborations mirrors the luxury market's tactics [72]. - The potential for Pop Mart to transition into a luxury brand is discussed, suggesting that the brand could leverage its existing popularity and market strategies to redefine its identity [74].

New Consumption Highlights - Uniqlo collaborates with Pop Mart to launch the Labubu joint series, marking their second collaboration since 2022 and the fifth overall with Pop Mart [2][3] - Luckin Coffee introduces the Feather Light Fruit and Vegetable Tea, its first fruit and vegetable juice product, made with standardized fresh kale and four types of fruits and vegetables [4] - Chobani announces its exit from the children's food business due to rising raw material costs and increased competition, with production ceasing by August 2026 [11][14] - Feihe Dairy and Lihigh Foods establish a joint venture company with a registered capital of 25 million RMB, focusing on dairy product production and services [17][18] - Mars and Razer form a joint venture to develop snacks targeted at esports players, with the company based in the United States [20] - Kweichow Moutai launches a new product line, expanding its offerings in the beverage market [30] Industry Events - Haidilao introduces a 22 RMB self-service lunch to address market pressures, while planning to close underperforming stores and open 40-60 new ones in key urban areas [9][10] - Lululemon launches the second season of its SLNSH designer collaboration series, focusing on lightweight and breathable summer designs [10] - ABG establishes its Asia-Pacific headquarters in Shanghai, managing over 50 global brands with an annual retail revenue of approximately 32 billion USD [10] - McDonald's China signs a strategic cooperation agreement with Wuxi High-tech Zone, planning to open over 90 new restaurants in the next three years [10][15] New Product Launches - Mengniu Dairy launches Matcha Milk, featuring a blend of fresh milk and Zhejiang Jing Mountain matcha powder [6] - Starbucks Japan introduces the ME MOMENT™ summer bottled beverage series, including Sunshine Lime and Tropical flavors [6] - Three Squirrels launches a new line of healthy snacks, focusing on low-sugar and low-calorie options [20] - Pop Mart opens its first nationwide store for its independent jewelry brand POPOP in Shanghai [25] Market Trends - The new consumption landscape is characterized by collaborations between brands and the introduction of innovative products aimed at younger consumers [2][4][20] - Companies are increasingly focusing on health and wellness products, as seen in the launches of fruit and vegetable juices and low-calorie snacks [4][20] - The competitive landscape is intensifying, with established brands like Chobani exiting certain markets while new entrants continue to innovate [11][20]

Core Viewpoint - The aging economy is a significant trend, yet there is a notable gap in the market for "senior-friendly food" as it is largely dominated by health supplements, leaving a void in daily consumables for the elderly [4][10]. Market Potential - By 2035, the population aged 60 and above in China is expected to exceed 400 million [5]. - Over 100 million seniors are already online, with an online shopping penetration rate exceeding 40%, indicating a profound shift towards e-commerce among the elderly [6]. Current Market Landscape - The current food options for seniors are limited to protein powders, walnut powders, and calcium milk powders, which do not adequately address their diverse dietary needs [7]. - In contrast, Japan has developed a comprehensive standard for senior food, resulting in a market worth over 200 billion yen [8]. Consumer Preferences - The new generation of seniors values quality of life and consumer autonomy, suggesting that the senior food market could evolve into a trillion-yuan industry [9]. - Key requirements for senior food include being easy to eat, nutritious, and palatable, addressing the physical challenges faced by the elderly [11][12]. Nutritional Needs - Approximately 48.4% of seniors over 60 are malnourished, and 13-35% experience swallowing difficulties [14]. - Products that enhance metabolism and address degenerative diseases are essential, with a growing demand for ingredients like glucosamine and phosphatidylserine [15][18]. Innovation in Product Development - Companies are innovating to create senior-friendly foods that are both nutritious and appealing, such as soft-textured fish products and collagen drinks that utilize advanced technology [16]. - The balance between health and taste is crucial, with examples like Kikkoman's reduced-sodium products that maintain flavor while being healthier [21][23]. Competitive Landscape - Foreign brands are leveraging patented ingredients to create competitive advantages, while domestic brands are focusing on integrating senior food into everyday life [28][34]. - The health supplement market saw sales of 95.852 billion yuan last year, with calcium products leading at 5.509 billion yuan [29]. Marketing Strategies - The purchasing decisions for senior food are often made by their children, highlighting the importance of targeting this demographic in marketing efforts [39][40]. - There is a significant disconnect in the market, with low search volumes for "senior food" compared to high volumes for general health keywords, indicating a need for clearer product positioning [42][43]. Future Directions - Brands need to establish clear labels for senior food to enhance recognition among both seniors and their children [45]. - The true value of the senior food market lies in its high-frequency, high-loyalty, and high-premium consumption characteristics, necessitating a focus on product innovation and marketing strategies that resonate with both seniors and their families [47][50].

New Consumption Overview - Al y s sa Fernandez launched a traditional grain cake mix using TAM 105 wheat and other traditional grains [1][3] - Water Otter introduced "Oriental Jasmine" tea extract, made from jasmine flowers with no sugar or artificial ingredients [1][5] - New Hope released a light loquat drink, targeting outdoor activities and social gatherings, with approximately 139 kcal per bottle [1][6] - Huiyuan's new sparkling fruit juice series combines 10% real juice with bubbles, available in four flavors [1][6] - Dayao launched a prebiotic fruit juice soda, emphasizing "0 sugar 0 fat" for gut health [1][6] Investment and Financing - Starbucks CEO Brian Niccol indicated interest from multiple potential buyers for a stake in its China operations due to brand value and coffee sales growth [7][8] - Cargill is investing $90 million to automate its beef processing plant in Colorado to improve efficiency amid a beef shortage in the U.S. [7][11] - Feihe Dairy and Lihigh Foods established a joint venture in Inner Mongolia [7][12] - Tencent Music plans to acquire 100% of Himalaya, maintaining its brand and operational independence [7][12] - Anjuke Foods passed the listing hearing at the Hong Kong Stock Exchange, focusing on frozen food products [7][12] Major Companies - Quinoa beer is expected to invigorate the stagnant beer market, with a new product launched by Mel i, a brand founded by Harvard and MIT alumni [8][13] - Snack company Ai Ling Shi signed a strategic cooperation agreement with JD Logistics to enhance logistics efficiency [8][14] - Korean fashion e-commerce Mus insa plans to enter the Chinese market by opening its first store in Shanghai by Q4 2025 [8][15] - Chanel CEO Leena Nair received the CBE honor for her contributions to retail and consumer sectors [8][16] - McDonald's signed a strategic cooperation framework agreement with Wuxi, planning to open over 90 new restaurants in the next three years [8][17]

New Consumption Overview - Major new product launches include Da Yao's birch sap soda with ≥2.5% birch sap content [4], Xiangpiaopiao's new Chenpi Moonlight White light milk tea featuring celebrity endorsement [4], and Yili's bottled jasmine milk tea with over 30% fresh milk [6] - Other notable products include Songxianxian's low-sodium Matsutake soy sauce [6], Dove's limited edition mint-filled dark chocolate [8], and the opening of the first multi-category second-hand store "Super Turn" in Beijing [15] Investment and Financing - DoorDash acquired Symbiosis for $175 million, enhancing its advertising technology services [10] - Juewei Foods established a wholly-owned subsidiary in Changsha for food services [10] - White Elephant launched two e-commerce companies in Shanghai with a registered capital of 5 million RMB each [10] - Yingstone Innovation debuted on the STAR Market with a first-day surge of 285%, achieving a market cap of over 70 billion RMB [10] - Personal care brand Plush raised $4.7 million in funding to expand its offline presence and brand influence [12] Major Companies - Nike and LEGO announced a global partnership to launch interactive experiences and co-branded products [15] - Puma released the second season of its HYROX collaboration series, debuting at the 2025 HYROX World Championship [15] - Baiyunshan's vice chairman Yang Jun resigned due to work relocation [15] - Coupang is integrating Farfetch with R.Lux to expand into the luxury goods market in South Korea [15]

Core Viewpoint - The article discusses the evolution and success of Pop Mart, emphasizing its unique position in the market and the importance of understanding consumer behavior in the context of "useless" products that provide emotional satisfaction rather than practical utility [4][10][12]. Group 1: Company Background - Pop Mart was founded by Wang Ning, who has been in the retail industry since 2008 and considers himself an "entrepreneurial veteran" despite his young age [4][6]. - The company has been operating for 13 years and has not encountered significant competition, which Wang attributes to its unique business model and market understanding [5][33]. Group 2: Market Understanding - Wang emphasizes that consumer behavior is driven by two main factors: satisfaction and existence, where satisfaction addresses material and basic spiritual needs, while existence relates to identity and social status [14][15][22]. - The article highlights the misconception that "useless" products cannot have high market potential, arguing that emotional and aesthetic value can drive consumer purchases [12][30]. Group 3: Industry Barriers - Pop Mart faces high industry barriers, which include both soft and hard barriers. Soft barriers involve the scarcity of talented artists, while hard barriers relate to the operational complexities of running a retail business [35][51]. - The company likens itself to a "record label" in the art toy industry, focusing on discovering and commercializing unique artistic talents [36][42]. Group 4: Future Strategies - The company aims for globalization and group expansion, with a focus on increasing its overseas revenue, which currently accounts for approximately 10% of total income but is expected to grow significantly [96][99]. - Pop Mart's strategy includes a shift from being perceived as a niche toy company to a broader entertainment brand, similar to Disney, by creating a rich ecosystem around its IPs [75][78]. Group 5: Consumer Trends - The article notes a shift in consumer perception, where the market for "happiness" is emerging as a significant opportunity, expanding beyond traditional notions of fashion and trends [90][91]. - Pop Mart's approach to marketing has evolved to celebrate life rather than merely enjoying it, reflecting a deeper understanding of consumer desires [118][120].

以下文章来源于姚兰 Yvonne ，作者姚兰 姚兰 Yvonne . 95后作者，写消费品牌和消费投资机构，有商业和青年文化 这是新消费智库第 2 6 5 4 期文章 新消费导读 一声"Goodme"，正是对自己最有力的肯定。 作者 ：姚兰 编辑：竺天 审核： Single 来源：姚兰 Yvon n e 一代人有一代人的 "破烂"，Z世代痴迷于收集LABUBU，也热衷于收集好看的奶茶杯。 奶茶品牌在抖音开演唱会？ 去年 10月，我曾写到，ZIMOMO（LABUBU家族的首领）人偶的舞蹈视频在网络上疯传，是LABUBU出圈的原因之一。"动作清晰有力， 还会揉肚子，气血很足。""一看就是第一天上班。""谁再说自己的爱豆因为服装吃动作，就把这个给他看。". . . . . .抖音上遍地锐评。 LABUBU能够拿捏孤独的成年人，怎可忽略洗脑神曲《LABUBU之歌》？这首歌的歌词仅由一个英文单词LABUBU构成，在小红书上，有人 称歌词写得好，另一位天赋型选手对此来劲儿了："给你也写一首，momo momomomo momo momomo mo mo mo momo。" 去年下半年，我多次写到，奶茶的品牌就是它的包材， ...

New Consumption Overview - Budweiser Group launched a sugar-free energy drink brand Phorm Energy in the US, featuring four flavors at a price of $2.99 per 16-ounce can [3] - Genki Forest introduced its first co-branded product in overseas markets, a collaboration with Disney's classic IP "Lilo & Stitch," offering three flavors of sparkling water in Indonesia [3] - Starbucks Japan released its first spicy Frappuccino, combining mango pulp, jasmine tea, and soy milk, topped with a special spicy honey sauce [3] - Dayao launched a new probiotic juice soda, containing dual probiotics and dietary fiber equivalent to about 33 prunes per can [6] - Yili introduced a rooftop-packaged yogurt drink designed to pair with meals, made from 100% fresh milk with only 1.4g of fat per 100ml [8] Investment and Financing - Dolce & Gabbana secured €150 million in debt financing to support its beauty and real estate divisions, with agreements in place for refinancing existing loans [8] - Carlsberg and PepsiCo plan to invest over $250 million (approximately 1.8 billion RMB) to build a new soft drink production facility in Almaty, Kazakhstan, with an annual capacity of 340,000 hectoliters [8] - Ananier, a children's clothing brand, announced plans to transfer control by selling a 13.03% stake to an investment management firm [8] - Novo Nordisk completed the acquisition of DSM-Firmenich's stake in the feed enzyme alliance, aligning with its sustainable development strategy [9] - Fuzhou Tastin Catering Company increased its registered capital from approximately 1.03 million RMB to about 118 million RMB, marking a 11,323% increase [11] Major Company Developments - Fenty Beauty by Rihanna opened its first concept store in mainland China at Shenzhen MixC, featuring interactive installations and experience zones [11] - Weidongli announced the launch of functional dairy products targeting specific needs, with new products focusing on eye care and sleep assistance [11] - Gentle Monster created new limited-time collaboration spaces in cities like Shanghai and Los Angeles, featuring large installations that contrast with smaller toys [12] - Longchamp appointed world champion table tennis player Wang Manyu as its brand ambassador, aiming to embody the brand spirit of "dynamic life" [12] - Lao Xiang Ji partnered with Molecular Coffee to open a chicken soup café in Nanjing, combining coffee with molecular cuisine elements [12]

New Consumption Highlights - Water Otter announced its first tea fresh extract "Oriental Jasmine," made from selected jasmine flowers and featuring a clean ingredient profile with zero sugar and zero additives [3][5] - Aman launched a new tennis apparel line, Aman Tennis Club, targeting tennis enthusiasts with a full range of products including skirts and accessories [5] - Nai Xue collaborated with Moomin to launch a new peach-flavored smoothie and other seasonal products ahead of the Baby Festival [5] - Mengniu introduced a new matcha milk product, emphasizing its unique flavor profile derived from Zhejiang's matcha powder [5] - Wild Man Diary is tapping into the frozen dumpling market with a new product featuring konjac, which has gained traction since the company's establishment in 2018 [5] - Zegna held a fashion show in Dubai to unveil its 2026 summer collection, showcasing a new aesthetic and emotional narrative [6] - Heytea launched a seasonal product featuring fresh yellow skin peaches, highlighting local fruit flavors [6] - Starbucks China announced plans to expand its non-coffee beverage offerings, introducing new summer products at reduced prices [13] Investment and Financing Trends - Bubble Mart's stock price surged over 4% in Hong Kong, reaching a historical high with a trading volume exceeding 3.2 billion HKD [14] - Finnish biotech company Volare secured 26 million euros in funding to enhance protein production facilities [14] - Shaanxi Tianchong completed a Pre-A round financing of several tens of millions, focusing on pet pharmaceutical innovations [14] - Kid's King plans to acquire 100% of Zhuhai Siyu Industrial Development Co. for 1.65 billion RMB [14] - Yardley London, a century-old British fragrance brand, was acquired by a US private equity firm, although the transaction amount was not disclosed [14] New Product Launches - Asahi Beer launched a new mixed draft beer "One Third" in Japan, combining classic flavors for a smooth taste [21] - Jianlibao introduced a new plant-based beverage series, targeting various consumer scenarios [21] - Dove released a limited edition mint-flavored dark chocolate, featuring a unique texture [22] - Nongfu Spring launched a carbonated tea drink "Ice Tea," emphasizing natural tea extraction [22] - Peet's Coffee introduced a new rose-flavored coffee liquid and a sparkling Americano series [22] Industry Developments - Antonia opened two flagship stores in mainland China, expanding its presence in Shanghai and Guangzhou [9] - Grandpa's Tea announced a new series with celebrity endorsement, focusing on a unique tea blend [10] - Kudi Coffee signed a strategic cooperation agreement with Rwanda to develop a coffee industry demonstration park [11] - Bubble Mart applied for over 80 trademarks related to its popular Labubu brand, indicating strong market interest [11]

Core Viewpoint - The article discusses the transformation of the condom market in China, highlighting that the decline in sales does not equate to a decrease in sexual desire but rather reflects a shift in consumer behavior and market dynamics in the new consumption era [2][5][26]. Market Overview - The condom market in China experienced a significant decline from 2019 to 2021, with Durex's sales on Tmall dropping from 3.72 million units to 840,000 units, a decrease of over 70% [4][10]. - The overall adult products market remains robust, with the market size for condoms in 2023 estimated at 10.148 billion yuan, part of a larger adult products market valued at 165.351 billion yuan [12]. Consumer Behavior Changes - The decline in condom sales is attributed to three main factors: the impact of the pandemic on intimate relationships, a trend of consumption downgrade, and urban renewal policies leading to increased population mobility [5][10]. - Despite the downturn, there is evidence of recovery in 2023, with online sales of condoms increasing by over 50% in the first half of the year compared to previous years [11]. Brand Dynamics - Durex, once a market leader with a 45% share in China, faces increasing competition from both established brands like Okamoto and emerging domestic brands that cater to younger consumers with innovative products [18][21]. - The article emphasizes the need for Durex to adapt its marketing strategies to align with changing consumer preferences, particularly focusing on female consumers who are becoming more prominent in the market [22][26]. Innovation and Product Development - Durex has introduced new product lines, such as the ultra-thin polyurethane condoms and the hyaluronic acid series, which have gained traction in the market [23][24]. - The demand for specific product features, such as thinner condoms, is rising, with consumers increasingly prioritizing quality over quantity [20][27]. Marketing Strategies - Traditional marketing approaches are becoming less effective, and brands must pivot to more localized and consumer-centric strategies that resonate with modern consumers' values [21][26]. - The rise of e-commerce platforms like Meituan has changed purchasing behaviors, with a significant portion of condom orders being placed by women, highlighting the importance of convenience and privacy in the buying process [27][30]. Future Outlook - The article concludes that the condom market is undergoing a "consumption upgrade," necessitating brands to rethink their narratives and marketing strategies to meet evolving consumer needs [26][35].