Labubu“降温”？从业者却兴奋了

Core Insights - The article discusses the explosive growth of the plush toy segment within the trendy toy industry, particularly driven by the popularity of the Labubu IP from Pop Mart, which has significantly influenced market dynamics and competition [4][9][22]. Industry Overview - The trendy toy industry in China is actively expanding into plush toys, aiming to capitalize on the market popularity ignited by Labubu [3][22]. - Labubu has become a global sensation, with long queues at Pop Mart stores and significant auction prices, such as an initial Labubu selling for 1.08 million yuan [4][6]. - Pop Mart's stock price surged from around 80 HKD to a peak of 283.4 HKD in six months, with a market capitalization exceeding 360 billion HKD [4][9]. Market Dynamics - The sales of Labubu's IP, The Monsters, are projected to exceed 3 billion yuan in 2024, marking a staggering year-on-year increase of 726.6% [9]. - Morgan Stanley forecasts a 152% increase in Pop Mart's overseas sales by 2025, with a compound annual growth rate of 42% from 2025 to 2027 [9][20]. - The plush toy market is experiencing a surge in interest, with many companies quickly launching similar products to capture market share [22][27]. Competitive Landscape - Companies like 52TOYS and Heyone are also entering the plush toy market, indicating a trend where multiple players are vying for a share of the lucrative segment [22][27]. - The article highlights the challenges faced by smaller companies in securing quality IP resources, as established players like Pop Mart have a competitive edge in signing artists and managing IP [25][26]. Consumer Behavior - Consumers are increasingly drawn to the Labubu brand, leading to a phenomenon where similar products are being rapidly produced and sold, even without prior market recognition [22][24]. - The article notes that the lifecycle of trendy IPs is typically short, with many companies needing to continuously innovate and introduce new IPs to maintain sales momentum [19][21]. Future Outlook - The market for plush toys is expected to become more competitive as more companies enter the space, driven by the success of Labubu and similar products [27]. - Companies must invest in marketing and operational strategies to effectively manage and grow their IPs, as the current market environment favors those with robust support systems [24][27].