掉进 Labubu 消费主义陷阱的 “乌合之众”，后来怎么样了？

Core Insights - Pop Mart's market value has surged to over 300 billion RMB, with its stock price increasing up to 17 times in just over a year, indicating a phenomenon that resembles a consumption bubble rather than a straightforward business success [1] - The allure of Labubu lies in its ability to create an illusion of accessibility to a lifestyle associated with the top 20% income earners, driven by celebrity endorsements and social media [1][3] - The new consumerism trend allows ordinary individuals to feel a temporary blurring of class boundaries through ownership of celebrity-endorsed products, similar to past consumer behaviors where status was derived from brand logos [1][3] Consumer Behavior - 65% of female consumers purchase Labubu not for practicality but for the social status it confers, comparing themselves to celebrities rather than peers [3] - Labubu serves as a symbol of shared experiences for couples, representing memories and rituals rather than the physical product itself [3][4] - The emotional significance of Labubu is fleeting, akin to past trends where items once cherished lose their value over time [4][6] Marketing Strategy - Pop Mart effectively leverages scarcity and exclusivity through limited and collaborative releases, particularly appealing to female consumers who use these products as social currency [6][8] - The brand's strategy of making non-essential items into status symbols is a clever manipulation of consumer vanity, allowing access to a sense of luxury at a lower price point [8][9] - The company aims to transform Labubu into a long-lasting intellectual property, although this ambition conflicts with the fast-paced nature of fashion and consumer trends [11][12] Market Dynamics - The essence of fashion is conformity, and Labubu's value as a social currency is tied to immediate gratification, which can quickly shift with new trends [12] - Pop Mart's ability to maintain interest in Labubu through continuous product launches may only provide temporary relief from the inevitable decline in consumer interest [12]