商贸社服周专题0119：泡泡玛特饰品店开业，强IP+独特设计打造产品差异化

Investment Rating - The report maintains an "Outperform" rating for the retail sector [2]. Core Insights - The jewelry market in China is experiencing a growth trend, with the market size expected to exceed 800 billion yuan by 2024, up from approximately 300 billion yuan in 2010 [5][13]. - The rise of self-wear consumption is a key driver, with 91% of consumers prioritizing personal expression and emotional satisfaction through jewelry [14]. - The younger generation, particularly those aged 25-34, is becoming the main consumer force, with their purchasing share of gold jewelry increasing from 16% to 59% between 2016 and 2021 [6][15]. Summary by Sections 1. Jewelry Market Overview - The Chinese jewelry market has shown consistent growth from 2010 to 2024, with fluctuations in growth rates, including a significant drop in 2020 followed by recovery [13]. - The demand for jewelry has shifted from mere decoration to a combination of daily wear and emotional fulfillment, pushing brands to innovate and diversify their offerings [14]. 2. Competitive Landscape - Major brands like Swarovski and Pandora have faced challenges, with market shares declining due to increased competition and changing consumer preferences [17][20]. - APM Monaco has shown stable growth, maintaining a market share of around 0.2% since 2020 [17]. 3. New Brand Launches - Pop Mart launched its jewelry brand "POPOP" with pop-up stores in major cities, focusing on trendy IP elements and unique designs [12][26]. - The product range includes various jewelry types priced between 249 and 2699 yuan, utilizing materials like S925 silver and 14K gold [30]. 4. Investment Recommendations - The report suggests focusing on sectors poised for recovery, such as traditional retail and dining, while also considering growth areas like pet care, cross-border e-commerce, and beauty products [32][33]. - Specific companies to watch include Pop Mart, which is expected to benefit from its innovative approach and strong brand IP [34].