Xin Lang Cai Jing·2026-01-28 09:09Core Insights - The consumer base of Pop Mart continues to expand, with 76% of respondents having made their first purchase in the past year, and 45% being new buyers in the last three months [1][4][5] - The survey indicates strong future purchasing intent, with 87% of respondents likely to buy Pop Mart products in the next three months, driven by new series, limited editions, and seasonal releases [1][4] - LABUBU remains the most attractive core IP, with 47% of respondents owning LABUBU products, and nearly half of the respondents first encountered Pop Mart through LABUBU [2][5] Consumer Behavior - Approximately 90% of respondents purchased at least two Pop Mart items, with 42% owning between 2 to 5 items, and only 9% indicating they would buy from second-hand platforms [1][4] - The primary reasons for purchasing Pop Mart products include emotional satisfaction, trend-following, gifting, collecting, and personal interest [1][5] Demographics and Spending - 41% of Pop Mart users are aged 18-34, with a balanced gender distribution in the US, UK, and Australia [2][5] - Average spending varies by country, with Australian respondents spending approximately $132 (about 916 RMB), followed by China at $130, the US at $110, the UK at $108, and Japan at $95 (about 659 RMB) [2][5] Market Performance and Future Outlook - Despite a decline in LABUBU's popularity and secondary market prices, user growth, repurchase loyalty, and IP appeal show strong resilience [2][5] - Citi Research projects that Pop Mart's breakthroughs in IP diversification, product innovation, and multi-field monetization will support continued growth through 2026, setting a target price of HKD 415 and a buy rating [2][5] - On January 28, Pop Mart's stock rose by 7.03% to HKD 231.4, following two share buybacks totaling nearly HKD 350 million [6]