LABUBU爆红：“怪异可爱”的审美表达与盲盒的情感代偿

Core Insights - LABUBU has emerged as a leading trendy toy IP since its inception in 2015, characterized by its unique blend of cute and edgy elements, which resonates with contemporary consumer preferences [1][2][5] - The popularity of LABUBU has significantly contributed to the soaring market value of Pop Mart, the company behind it, with LABUBU becoming a cultural phenomenon among young consumers [1][10] Company Overview - Pop Mart, established in 2010, is recognized as a leading cultural entertainment company in China, focusing on trendy toys that integrate art, design, and pop culture, primarily targeting adult consumers [3][20] - The company successfully transitioned to a trendy toy business model in 2016, launching its first self-developed blind box product, which validated the commercial viability of the blind box model [20][22] Market Dynamics - The trendy toy market has evolved from niche to mainstream, with significant contributions from companies like Pop Mart, which has established a comprehensive operational platform covering the entire trendy toy industry chain [3][20] - LABUBU's success is attributed to its effective marketing strategies, including collaborations with global celebrities, which have amplified its visibility and desirability among consumers [8][9][10] Consumer Engagement - The blind box sales model employed by Pop Mart creates a psychological drive for consumers, enhancing the excitement of unboxing and fostering a sense of community among collectors [22][24] - LABUBU has transcended its role as a mere toy, becoming a social currency among young people, who use it as a means of self-expression and identity [11][18] Financial Performance - LABUBU's revenue from the "The MonsterS" series skyrocketed from 368 million yuan in 2023 to 3.041 billion yuan in 2024, marking a staggering year-on-year growth of 726.6% [10] - The surge in LABUBU's popularity has led to a more than 500% increase in Pop Mart's stock price from July 2024 to June 2025 [10]