潮玩行业行业专题：一文读懂潮流玩具消费新趋势

Investment Rating - The report maintains a "Buy" rating for the leading companies in the潮玩 (trendy toy) industry, specifically recommending 泡泡玛特 (Pop Mart) and 晨光股份 (Morning Glory) [2]. Core Insights - The潮玩 market in China is expected to reach a scale of 110.1 billion RMB by 2026, with a compound annual growth rate (CAGR) of 20% from 2024 to 2026 [1][6]. - The consumer base for潮玩 is projected to grow from 19 million in 2015 to 40 million by 2025, reflecting a CAGR of 7.7% [1][6]. - The shift in consumer behavior towards emotional and interest-based spending is becoming a core driver of consumption, particularly among the youth aged 18 to 34 [1][11]. Summary by Sections 1. Market Overview - The潮玩 market has shown resilience despite overall consumer pressure, with various forms such as cards, figures, and dolls gaining popularity among young consumers [1][6]. - The market is still in its early stages but has significant growth potential, with the retail market expected to reach 110.1 billion RMB by 2026 [1][6]. 2. Consumer Trends - Emotional consumption is becoming a key driver, with young consumers seeking products that provide emotional satisfaction and social recognition [1][11]. - The rise of "痛文化" (pain culture) allows consumers to express their interests through潮玩, enhancing social connections [1][17]. 3. Product Categories -潮玩 can be categorized into "collectible" and "interactive" types, with products like谷子 (goods),手办 (figurines), and盲盒 (blind boxes) being prominent [1][12]. - The collectible category includes谷子, which has gained traction due to the popularity of domestic IPs and the emergence of a unique "谷圈文化" [1][16]. - The interactive category features products like卡牌 (cards) and毛绒玩具 (plush toys), which foster emotional connections through play and social interaction [1][19]. 4. Investment Recommendations - 泡泡玛特 is highlighted as a leading player with strong IP operation capabilities and a growing global recognition [1][12]. - 晨光股份 is recommended for its innovative approach in integrating文创 (cultural and creative) products with潮玩, leveraging its supply chain for rapid growth [1][12].