盲盒的吸引力还在吗？

Core Insights - The global trend of the collectible toy brand Pop Mart, known for "Labubu," is expanding with the opening of its first store in Vancouver, Canada, which saw a buying frenzy within just two days of its launch [1] - The brand is also experiencing strong foot traffic in its domestic stores, with significant consumer engagement in popular shopping districts like Wangfujing and Xidan in Beijing [2] Market Dynamics - The blind box market is undergoing a rational adjustment, with some popular series now easily available on online platforms, leading to a drop in second-hand prices for limited edition items [2] - This market shift raises questions about the ongoing appeal of blind boxes, which have become a new symbol of youth culture and emotional consumption [2][3] - The decline in speculative pricing is seen as a return to the essence of consumer goods, focusing on emotional value and IP culture rather than mere hype [2] Consumer Behavior - The core attraction of blind boxes lies in the emotional consumption needs of Generation Z, who value emotional connections and self-expression through their purchases [3] - High user loyalty is crucial for the sustainable growth of the collectible toy industry, as evidenced by Pop Mart's data showing a total of 59.12 million registered members and a 50.8% repurchase rate in the first half of 2025 [3] Industry Development - The current market rationalization is viewed as a starting point for high-quality development, emphasizing the need for cultural depth in product innovation and quality upgrades to meet consumer expectations [4] - The government is providing a supportive policy environment for the high-quality development of the collectible toy industry, encouraging innovative consumption and collaboration with well-known IPs [4] - Brands are encouraged to move away from short-term traffic strategies and focus on IP cultivation, quality enhancement, and experiential innovation to maintain the appeal of collectible toys [4]