POP MART(HK:09992) 36氪·2025-05-01 09:48Core Viewpoint - The article discusses the successful expansion of Pop Mart into the U.S. market, highlighting the popularity of its IP "labubu" and the significant revenue growth in overseas markets, particularly in North America, despite recent price increases [4][8][12]. Group 1: Market Performance - Pop Mart's IP "labubu" has seen a revenue surge, with its income exceeding 3 billion yuan globally last year, and U.S. sales in Q1 2025 surpassing the total sales of the previous year [4][8]. - The company's overseas business revenue grew by 475% year-on-year, with North America experiencing an astonishing growth rate of 895%-900% [8][9]. - The price of "labubu" products in the U.S. increased by approximately 30%, from $21.99 to $27.99, while other product prices also saw adjustments [5][6]. Group 2: Consumer Behavior - Despite the price hikes, consumer demand remains strong, with long queues observed at stores and high engagement on the Pop Mart app, indicating that consumers are willing to pay a premium for the brand [7][12]. - Some consumers expressed a willingness to pay higher prices due to the perceived scarcity and emotional value of the products, while others noted a shift in purchasing behavior, with some opting to buy from domestic platforms instead [7][10]. Group 3: Pricing Strategy - The price increases are seen as a strategic response to tariffs and market conditions, with the company needing to balance pricing without alienating consumers [6][10]. - Pop Mart's pricing strategy is informed by the "lipstick effect," where consumers may reduce larger expenditures but still engage in smaller, emotionally-driven purchases [9][10]. - The company is cautious about raising prices indiscriminately, focusing on maintaining brand value and consumer perception of worth [11][12]. Group 4: Future Outlook - Analysts suggest that Pop Mart is evolving into a brand comparable to Bandai Namco, LEGO, and Disney, with significant growth potential still ahead [12]. - The company's ability to innovate and create new popular IPs will be crucial for its long-term success, as reliance on existing products may lead to stagnation [13].