最低两位数拿下，Labubu怎么了？

Core Viewpoint - The Labubu series by Pop Mart, once considered a "hard currency" in the trendy toy market, has seen a drastic price drop of over 80% within six months, indicating a significant market correction and a shift from "investment products" back to "ordinary consumer goods" [1][3][5] Group 1: Price Decline and Market Dynamics - The price of Labubu collectibles has plummeted, with some items that were once valued at thousands now listed for a fraction of that on second-hand platforms like Xianyu, reflecting a severe revaluation in the trendy toy market [3][5] - The regular Labubu products, originally priced between 59 to 79 yuan, are now being sold for as low as 49 yuan with shipping included, indicating a collapse in the pricing structure [5][6] - The overall heat index for Labubu products has dropped from a peak of 9.2 to 6.5, showcasing a significant decline in market interest [5] Group 2: Supply and Demand Factors - A substantial increase in supply has been identified as a core reason for the price drop, with new Labubu products frequently available at retail prices, breaking the previous scarcity model [5][7] - The shift in consumer demographics, with younger buyers purchasing for personal enjoyment rather than investment, has altered the market dynamics, leading to a decline in speculative buying [6][7] Group 3: Industry Trends and Strategic Shifts - The failure of the artificially created scarcity model in the trendy toy industry has prompted a shift from an "investment logic" to a "consumer logic," emphasizing genuine consumer interest over speculative value [7][8] - Pop Mart's recent strategy includes reducing reliance on single IPs and increasing the variety of products, moving away from blind box sales and enhancing collaborations with artists to improve product value [8][10] - The current market adjustment is seen as a necessary step towards sustainable growth, as the industry transitions from being perceived as "financial products" to "cultural consumer goods" [10]