“羊群效应”背后的黄牛，终究倒在labubu脚下

Core Viewpoint - The article discusses the recent surge and subsequent decline in the popularity and prices of LABUBU collectibles from Pop Mart, highlighting the volatility in the market for trendy art and collectibles, particularly among Generation Z consumers [1][4][19]. Group 1: Auction Results and Market Demand - On June 10, a LABUBU collectible was sold for 1.08 million yuan, with a total auction revenue of 3.7254 million yuan from 48 items, indicating strong market demand for trendy art [1][3]. - A unique mint green LABUBU sold for 1.242 million yuan, setting a record for LABUBU auctions, while a limited edition brown LABUBU fetched 943,000 yuan, showcasing the strong appeal of the LABUBU series in the collector's market [3][4]. Group 2: Price Volatility and Market Trends - Following the auction, LABUBU prices began to decline, with reports of a price crash on June 19, suggesting that the previous hype could not sustain high secondary market prices [4][19]. - The stock price of Pop Mart, which had reached an all-time high on June 12, has been on a downward trend, indicating that the company's performance may not support its high valuation [4][19]. Group 3: Consumer Behavior and Marketing Strategy - The popularity of LABUBU is attributed to factors such as consumer herd mentality, low entry costs for blind box purchases, and the influence of celebrities, which have driven demand [12][14]. - Pop Mart's strategy includes expanding into jewelry, aiming to diversify its product offerings and reduce reliance on blind box sales, which have shown signs of market fatigue [19][20]. Group 4: International Expansion and Market Potential - Pop Mart operates 133 stores internationally, with significant potential for expansion in markets like the U.S. and Europe, where current store density is low [21][22]. - The company plans to leverage localized marketing strategies and partnerships with local artists to enhance brand relevance and drive sales in international markets [24].