POP MART(HK:09992) Hua Er Jie Jian Wen·2025-05-26 10:55Core Insights - A plush toy from China, Labubu, is creating a speculative frenzy in Europe and the US, surpassing even cryptocurrency trends, indicating a shift in traditional business logic and market rules [1] Group 1: Popularity and Sales Dynamics - The hashtag Labubu on TikTok has garnered hundreds of millions of views, showcasing the intense enthusiasm among fans [2] - Labubu's offline sales are booming, with customers queuing for hours outside Pop Mart stores, and new releases selling out within seconds, often leading to bidding wars where consumers pay two to three times the retail price on resale platforms [10] - Due to chaos from purchasing frenzies, Pop Mart has had to suspend all Labubu sales in the UK [12] Group 2: Cultural and Artistic Background - Labubu was created by Hong Kong artist Kasing Lung in 2015 as part of a monster-themed picture book, gaining traction after a licensing agreement with Pop Mart in 2019, which led to mass production [16] - The blind box purchasing model has transformed buying toys into a ritualistic experience, combining elements of gambling and excitement, making Labubu a symbol of identity and fashion [18] Group 3: Social Media Influence and Trends - In the post-pandemic era, Labubu aligns with the "lipstick effect," where consumers opt for small luxuries during economic uncertainty [20] - The initial excitement around Labubu has evolved into a trend where Western players modify the toy, reflecting cultural preferences such as long eyelashes and enhanced body features [22][30] - The rise of counterfeit versions, affectionately dubbed "Lafufu," highlights a unique consumer behavior where some prefer the quirky imperfections of knock-offs, which still keep the brand relevant in discussions [40][42] Group 4: Cultural Exchange and Innovation - The global Labubu phenomenon exemplifies a blend of consumer psychology, social media algorithms, and cultural exchange, indicating that true commercial success lies in cultural integration and innovation rather than mere product export [43]