POP MART(HK:09992) 新消费智库·2025-06-18 13:22Core Viewpoint - The article discusses the evolution and success of Pop Mart, emphasizing its unique position in the market and the importance of understanding consumer behavior in the context of "useless" products that provide emotional satisfaction rather than practical utility [4][10][12]. Group 1: Company Background - Pop Mart was founded by Wang Ning, who has been in the retail industry since 2008 and considers himself an "entrepreneurial veteran" despite his young age [4][6]. - The company has been operating for 13 years and has not encountered significant competition, which Wang attributes to its unique business model and market understanding [5][33]. Group 2: Market Understanding - Wang emphasizes that consumer behavior is driven by two main factors: satisfaction and existence, where satisfaction addresses material and basic spiritual needs, while existence relates to identity and social status [14][15][22]. - The article highlights the misconception that "useless" products cannot have high market potential, arguing that emotional and aesthetic value can drive consumer purchases [12][30]. Group 3: Industry Barriers - Pop Mart faces high industry barriers, which include both soft and hard barriers. Soft barriers involve the scarcity of talented artists, while hard barriers relate to the operational complexities of running a retail business [35][51]. - The company likens itself to a "record label" in the art toy industry, focusing on discovering and commercializing unique artistic talents [36][42]. Group 4: Future Strategies - The company aims for globalization and group expansion, with a focus on increasing its overseas revenue, which currently accounts for approximately 10% of total income but is expected to grow significantly [96][99]. - Pop Mart's strategy includes a shift from being perceived as a niche toy company to a broader entertainment brand, similar to Disney, by creating a rich ecosystem around its IPs [75][78]. Group 5: Consumer Trends - The article notes a shift in consumer perception, where the market for "happiness" is emerging as a significant opportunity, expanding beyond traditional notions of fashion and trends [90][91]. - Pop Mart's approach to marketing has evolved to celebrate life rather than merely enjoying it, reflecting a deeper understanding of consumer desires [118][120].