POP MART(HK:09992) Sou Hu Cai Jing·2025-11-21 16:04Core Insights - The younger generation is increasingly engaged in purchasing collectibles and trendy toys, indicating a shift in consumer behavior towards emotional value rather than practicality [2][20] - The toy and trendy toy market in China is projected to reach approximately 153.6 billion yuan by 2025, with a year-on-year growth of 26%, highlighting it as a significant new consumption trend [2][11] - Tmall has established itself as the leading online platform for trendy toys, capturing 75.8% of the market share during the first phase of the Double 11 sales event in 2025 [5][11] Market Dynamics - The Tmall platform has seen a consistent double-digit growth in the trendy toy sector during the Double 11 period, with over 300,000 new products launched and more than 10,000 merchants experiencing doubled growth [2][10] - The trend of limited edition releases and the cultural significance of collectibles have created a unique consumer experience, where purchasing items at original prices is perceived as a victory [9][10] - The collaboration between Tmall and major IP companies like miHoYo and Bubble Mart has led to significant sales achievements, with some products reaching sales figures exceeding 500 million yuan [13][19] Consumer Behavior - The consumer base for trendy toys is expanding across various age groups, from elementary school students to older generations, indicating a broad appeal [8][28] - The emotional connection and community aspect of collecting trendy toys are driving consumers to engage in late-night purchases and participate in exclusive sales events [9][30] - The rise of "star trendy toys" associated with popular figures has further accelerated sales, showcasing the intersection of fandom and consumerism [28][30] Strategic Positioning - Tmall's long-term strategic investments in the trendy toy sector have established a robust infrastructure that supports brands in logistics, marketing, and consumer engagement [14][18] - The platform's ability to provide comprehensive support for brands, including data insights and marketing strategies, has positioned it as a critical player in the growth of the trendy toy market [23][24] - Tmall's focus on emotional value and community engagement is reshaping the landscape of consumer goods, making it a fertile ground for emerging brands and trends [30][22]