Labubu崩盘启示录：一夜暴富梦，终究只是泡沫

Core Viewpoint - The sudden price collapse of Labubu toys highlights the volatility of speculative markets and the psychological factors driving consumer behavior in the collectible toy industry [2][6][12]. Group 1: Market Dynamics - Labubu's hidden version price dropped from 4600 yuan to 2547 yuan, while the regular version fell from 400 yuan to 99 yuan, indicating a significant market correction [2][4]. - The scarcity that once supported the hype around Labubu has collapsed due to a sudden influx of supply from Pop Mart [5][6]. - The blind box craze is waning, with consumers becoming more rational and less willing to pay for the thrill of unboxing [7][8]. Group 2: Competitive Landscape - Increased competition in the collectible market has led to a dilution of consumer attention, with various IPs emerging [9][10]. - The speculative nature of purchases has been exposed, with buyers often motivated by potential profits rather than genuine interest in the products [11][12]. Group 3: Consumer Behavior - The primary buyers of Labubu are young consumers, particularly from Generation Z, who are often financially strained yet driven by FOMO (Fear of Missing Out) [17][44]. - Psychological mechanisms such as identity anxiety, scarcity panic, investment illusion, and emotional value drive young consumers to purchase Labubu toys [19][30]. Group 4: Company Analysis - As of June 19, Pop Mart's market capitalization reached 361.2 billion HKD, with ambitions to become "China's Disney" [32]. - Unlike Disney, which builds its success on deep cultural narratives and content, Pop Mart relies on short-term trends and hype [34][41]. - The current reliance on speculative marketing strategies poses a risk for Pop Mart as market trends shift [42][46]. Group 5: Lessons Learned - The collapse of Labubu serves as a reminder that there are no eternally rising prices, only enduring value [53]. - Rational consumption is more important than following trends, prompting consumers to ask if they truly need, like, and can afford a product [55]. - The essence of consumption should focus on fulfilling needs and obtaining value rather than speculation and vanity [59][60].