Labubu价格崩了，王宁却笑了

Core Viewpoint - The article discusses the significant decline in the market for Pop Mart's Labubu toys, highlighting a shift from high demand and prices to oversupply and reduced consumer confidence, indicating a broader trend in the collectible toy market [3][8][9]. Group 1: Market Changes - A year after the peak, the average resale price of Labubu toys has dropped significantly, with some items falling below their original retail prices [3][4]. - The once high resale prices for Labubu collectibles have decreased, with some items that were previously valued at over 5400 yuan now selling for around 500 yuan [7][8]. - The increase in available inventory on resale platforms has coincided with a drop in prices, indicating a shift in market dynamics from scarcity to oversupply [8][22]. Group 2: Supply Chain Adjustments - Pop Mart has significantly increased its production capacity, with monthly output reportedly reaching ten times that of the previous year, aiming to meet rising demand and reduce scarcity [26][29]. - The company has shifted its sales strategy from limited releases to regular pre-sales and rolling production, which has altered consumer expectations and market behavior [26][30]. - This proactive approach to supply management is intended to stabilize the market and reduce speculative trading, which has led to a rapid decline in resale prices [26][30]. Group 3: Consumer Confidence and Quality Issues - There has been a notable increase in consumer complaints regarding product quality, with issues such as defects and poor craftsmanship affecting brand perception [32][33]. - The rising number of complaints has led to a decline in consumer trust, which is particularly damaging for a brand that relies heavily on emotional value [33][34]. - As the novelty of the Labubu brand fades, consumers are beginning to reassess the value of the products based on quality and price rather than emotional appeal [39][40]. Group 4: Strategic Shifts and Future Outlook - The appointment of a new board member with experience in luxury branding signals a strategic shift for Pop Mart towards maintaining brand value and exploring new business avenues [41][44]. - Analysts suggest that for Pop Mart to succeed in the long term, it must navigate challenges such as enhancing product maturity, expanding into practical applications, and evolving its IP into a sustainable cultural symbol [46][49]. - The current market cooling may serve as a necessary recalibration period for Pop Mart, transitioning from speculative collectibles to genuine consumer products [49][50].