Hua Er Jie Jian Wen·2025-12-23 13:06Core Insights - Generation Z is driving a global toy consumption boom, significantly boosting the performance of related companies [1] - The phenomenon is termed "happy economy," where adults seek emotional comfort and nostalgic experiences through consumption [1] Group 1: Company Performance - Pop Mart's revenue for the first half of 2025 reached 138.8 billion RMB (approximately 19.3 billion USD), with net profit surging nearly 400% [2] - Jellycat's revenue grew by 66% in 2024 to 333 million GBP, up from 200 million GBP in 2023, with pre-tax profit more than doubling from 67 million GBP to 139 million GBP [2] - The Labubu toy alone contributed approximately 423 million USD to Pop Mart's global revenue in 2024 [2] Group 2: Consumer Behavior - The "Peter Pan effect" describes adults' reluctance to grow up and take on responsibilities, leading them to seek comfort in childhood nostalgia [2] - Economic and geopolitical instability, along with rising living costs, have made traditional milestones like homeownership seem unattainable for many in Generation Z [3] - The phenomenon of "doomsday consumption" has emerged, where Generation Z seeks immediate comfort through small pleasures like travel and collectible toys [3] Group 3: Community and Belonging - A prevalent sense of loneliness among Generation Z influences their consumer choices, with toy purchasing and collecting serving as a means to seek community belonging [4] - A survey indicated that 85% of British Generation Z respondents often feel lonely, highlighting the emotional aspect of their consumption [4] - Jellycat has become the fastest-growing brand in sales at Selfridges, driven by the desire of Generation Z and millennials to integrate into communities through collecting [4]