火成这样了，为什么有人骂Labubu是郁金香？

Core Insights - Labubu is experiencing a surge in popularity, leading to polarized opinions; some view it as a "modern tulip," while others see it as a necessary emotional outlet for Generation Z, highlighting a generational divide in consumer values [1][2] - High premiums are being driven by capital through scarcity marketing and limited auctions, resulting in conflicts over purchases and rampant scalping, forcing ordinary enthusiasts to either pay inflated prices or withdraw from the market [1][16] - Beyond the debate of "bubble" versus "value," it is essential to recognize the rationality of emotional consumption while remaining cautious of the risks posed by capital speculation on the brand [1][10] Group 1: Criticism and Market Dynamics - Critics express confusion over Labubu's appeal, questioning its utility and design, reflecting a generational gap in consumer culture [3][4] - Some critiques label Labubu as a contemporary "tulip mania," suggesting that its prices are detached from intrinsic value and predicting an inevitable market crash [4][6] - Professional analyses focus on the blind box mechanism's "original sin," accusing the company of exploiting scarcity and randomness to stimulate speculative behavior among consumers [6][9] Group 2: Emotional Consumption and Generational Divide - The phenomenon of Labubu's popularity cannot be solely attributed to blind boxes and celebrity endorsements; it reflects a deeper generational divide between "utility-driven" and "meaning-driven" consumption [10][11] - Labubu embodies emotional consumption, transforming products into "social currency" that conveys emotional recognition and identity expression, particularly among Generation Z [11][15] - The rise of communities like "doll circles" and "character circles" illustrates how young consumers engage with Labubu not just as a product but as a means of social belonging and emotional connection [13][15] Group 3: Market Challenges and Future Outlook - The financialization of Labubu has led to extreme price inflation, with auction prices reaching 1.08 million yuan, distancing the product from average consumers [16][18] - The surge in demand has resulted in physical altercations in stores and heightened management challenges for retailers, as the perception of Labubu as a lucrative asset drives speculative behavior [18][19] - The ongoing hype around Labubu risks eroding its intrinsic value, potentially alienating true enthusiasts and leading to a bifurcated consumer base of capital players and ordinary fans [19][20]