Core Viewpoint - The article highlights the booming market for Labubu dolls and their accessories, particularly focusing on the significant consumer interest and spending power among various demographics, including full-time mothers and white-collar workers, which is reshaping the "doll clothing" market [1][20][22]. Group 1: Market Dynamics - Labubu dolls have created a new wave of consumer interest, with prices for doll clothing ranging from 20 to 300 yuan, significantly lower than traditional dolls that cost thousands [1][21]. - The demand for Labubu accessories has surged, with sellers reporting sales increasing from dozens to hundreds of orders per day, indicating a robust market growth [3][8]. - The global doll clothing market is projected to reach approximately $1.8 billion in 2023, with a compound annual growth rate of 12% expected by 2025, suggesting a shift towards mid-to-high-end products [22]. Group 2: Consumer Demographics - The primary consumers of Labubu products are full-time mothers and white-collar workers aged 30 to 40, who exhibit a strong purchasing power and emotional connection to the products [20][22]. - Many consumers are purchasing multiple items at once, with reports of single orders including up to 30 pieces of clothing, indicating a trend of higher spending per transaction [10][21]. - Emotional consumption is prevalent, with consumers using Labubu dolls as a form of comfort or stress relief, particularly in urban settings [22]. Group 3: Production and Supply Chain - The production of Labubu clothing has faced challenges, including longer order lead times and increased difficulty in sourcing materials, particularly high-quality fabrics that are often imported [9][22]. - The article notes that the domestic supply of high-end doll clothing materials is limited, with significant price differences between local and imported fabrics [22][23]. - The rise in demand has led to an increase in labor needs, with some sellers expanding their workforce to meet the growing order volume [19]. Group 4: Intellectual Property Concerns - The article discusses the challenges of copyright infringement in the doll clothing market, with instances of counterfeit products appearing shortly after new designs are launched [23][24]. - Sellers are taking steps to protect their designs, but the process can be complicated and costly, highlighting the need for better enforcement of intellectual property rights in this emerging market [23][24].

Core Insights - Labubu has emerged as a significant player in the toy market, showcasing immense commercial value through various products such as clothing, accessories, and more, appealing to a diverse consumer base beyond traditional toy collectors [1][2][3] - The demand for Labubu-related products, particularly clothing, has surged, with sellers reporting substantial increases in sales volume and profitability, indicating a strong market trend [2][4] - The consumer demographic for Labubu products has expanded, with a notable presence of full-time mothers and white-collar workers aged 30 to 40, highlighting a shift in the traditional toy market [7][8] Market Dynamics - The "doll clothing" market has seen explosive growth, with sellers like 小娜koilya experiencing daily sales of hundreds of items, reflecting the increasing popularity of Labubu [2][4] - Labubu's entry into the market has created new opportunities for creativity and customization, allowing consumers to engage in personal expression through their dolls [3][4] - The global doll clothing market is projected to reach approximately $1.8 billion in 2023, with an expected compound annual growth rate of 12% by 2025, indicating a shift towards mid-to-high-end products [8] Consumer Behavior - The purchasing behavior of consumers has evolved, with many willing to spend significantly on Labubu products, including bulk purchases of clothing and accessories, which was previously uncommon in the traditional doll market [6][7] - Emotional consumption is a notable trend, particularly among urban white-collar workers who use Labubu products as a form of stress relief and personal enjoyment [8] - The majority of Labubu's customer base is concentrated in first-tier cities, with 70% of buyers coming from Shanghai, emphasizing the urban appeal of the brand [8] Production Challenges - The production side is facing challenges such as increased order backlogs and difficulties in sourcing high-quality materials, particularly for high-end doll clothing [3][9] - The scarcity of high-quality fabrics in the domestic market poses a risk to the growth of the high-end doll clothing segment, as many materials need to be imported [9] - Intellectual property issues are also a concern, with reports of counterfeit products emerging in the market, highlighting the need for better protection for original designs [9]

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][15] Group 1: Criticism and Market Dynamics - Critics express confusion over Labubu's appeal, questioning its utility and design, with some labeling it as a mere plush toy [3][4] - A more pointed critique categorizes Labubu as part of a "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 consumer behavior [7][10] Group 2: Emotional Consumption and Generational Divide - The phenomenon of Labubu's popularity cannot be solely attributed to blind boxes or celebrity endorsements; it reflects a deeper generational divide between "utility-driven" and "meaning-driven" consumption [11][15] - 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 subcultures like "doll circles" illustrates how young consumers engage with these products, seeking community and emotional connection rather than mere utility [13][15] Group 3: Market Overheating and Future Challenges - Recent trends indicate that the excitement surrounding Labubu has reached excessive levels, with prices for certain items skyrocketing beyond the reach of average consumers [16][17] - The financialization of Labubu has led to a distorted market, where genuine enthusiasts are priced out, and the emotional value of the product is compromised [16][17] - The ongoing debate about the blind box business model and its speculative nature raises concerns about the sustainability of Labubu's market position and the potential for future disputes [17][20]

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]

Labubu。受访者供图 而这些"买娃"的人，大多数都是成年人。成年人为什么需要Labubu？这股热潮又会持续多久？ 戴凤冠的 中新网北京6月13日电(记者 袁秀月)在社交媒体平台上，博主李黎发布的一篇为Labubu(拉布布)做凤冠 的笔记，获得了她开设账号以来的最高点赞。 这款来自泡泡玛特的小精灵风格潮玩，近日在世界各地掀起热潮。外国粉丝们排队数小时"抢娃"，二手 市场上部分Labubu溢价超30倍，一个薄荷色初代Labubu更是被拍出108万元的天价。 随时随地带走的"精神搭子" "成年人的内心也住着一个小孩，我们可以从这些玩具上获得心理慰籍和疗愈。生活也许有时有点苦， 但Labubu是甜的。"2023年"入坑"Labubu的李黎认为，养宠物也是一样，但养宠物要考虑很多现实问 题，毛绒玩具就不一样了，是可以随时随地带走的"精神搭子"。 棉花娃娃爱好者张颖则认为，玩具其实是自己内心的投射。她平时喜欢旅游，带着Labubu去各种各样 的地方，就像带了一个朋友共同体验世界。 心理专家分析，毛绒玩具的柔软触感和可爱外观不仅能够引发人们的"萌系"情感，还扮演了一种"情感 寄托"的角色。在快节奏、高压力的现代生活中， ...

Group 1 - The core viewpoint of the articles highlights the phenomenon of emotional consumption, exemplified by the success of Pop Mart, which has transformed niche collectibles into mainstream consumer products, achieving significant revenue growth and market influence [2][3] - Pop Mart's revenue for 2024 is projected to be approximately 13.04 billion RMB, representing a year-on-year increase of 106.9%, and its market capitalization has surpassed that of Japan's Sanrio, indicating a shift in the global toy market dynamics [2] - The company's business model focuses on providing instant emotional value through affordable toys, appealing to consumers' emotional needs and driving demand through a combination of collectibility and social currency [2][3] Group 2 - Emotional consumption is characterized by impulsive purchasing decisions aimed at fulfilling immediate emotional needs, which has contributed to the rise of brands like Pop Mart in a fast-paced lifestyle [3] - The success of Pop Mart reflects a broader shift in consumer behavior from functional needs to the pursuit of symbolic value, aligning with the theories of consumer society proposed by French philosopher Jean Baudrillard [3] - The rise of Pop Mart signifies a cultural shift among the younger generation, particularly Generation Z, who are redefining the commercial landscape from material consumption to emotional engagement [3]

Summary of the Conference Call Company and Industry Overview - **Company**: Cool Play (酷乐潮玩) - **Industry**: Retail, specifically in the toy and trendy goods sector Key Points and Arguments 1. **Growth Strategy**: Cool Play maintains growth through emotional consumption products and a low-price strategy during economic downturns, with rapid expansion in cities like Wuhan and Changsha in 2023, indicating its potential to navigate economic cycles [1][4] 2. **Store Expansion Plans**: After rapid expansion in 2018, the company has adopted a cautious approach post-2023, planning to open no more than 30 new stores in 2025, reflecting a conservative industry outlook on market recovery [1][9][18] 3. **Sales Recovery**: Single-store sales have recovered to approximately 90% year-on-year, with average sales per store around 410,000 to 420,000 yuan [10] 4. **Store Characteristics**: Typical store size is about 200 square meters, with 2,500 to 3,000 SKUs, primarily categorized into toys (60%), daily necessities (20%), and trendy accessories (30%) [11][12] 5. **Profit Margins**: Profit margins vary by product category, with children's toys at 40%-60%, two-dimensional products at 35%-40%, and trendy accessories potentially exceeding 60% through promotions [13] 6. **IP Product Sourcing**: The company negotiates directly with IP holders or sources from authorized small brands, with high-profile IPs generally yielding lower margins due to higher costs [14][15] 7. **Market Competitors**: Major competitors include Miniso and GARM Party, with Cool Play ranking third in sales but having a higher average sales per store compared to competitors [19][20] 8. **Profitability Comparison**: Cool Play's net profit margin is in the double digits (approximately 12%-13%), while Miniso's is around 40%, highlighting Cool Play's more conservative growth strategy without external capital [21] 9. **International Expansion**: The company is focusing on international market expansion, particularly in Southeast Asia, where sales have reached three times that of domestic sales, with plans to enter the Thai market in 2025 [22] 10. **Supply Chain Advantages**: China's supply chain complexity and efficiency provide a competitive edge, allowing brands to meet consumer demands effectively [23] Additional Important Insights 1. **Trends in the Grocery Sector**: The grocery sector in China is experiencing positive growth, particularly during economic downturns, with a focus on emotional consumption products [3] 2. **Blind Box Market Decline**: The blind box market has rapidly shrunk, with only a few brands like Pop Mart remaining active, indicating a shift in consumer preferences [27] 3. **Impact of COVID-19**: The pandemic led to a temporary closure of underperforming stores, but the subsequent drop in rental prices has created opportunities for grocery stores to expand [7][8] 4. **Consumer Behavior**: Demand for children's products remains stable despite economic fluctuations, indicating resilience in this segment [17] 5. **Future Challenges**: The retail industry faces challenges, particularly in shopping centers where rising rents may hinder growth, while smaller discount and convenience stores are expected to thrive [61]

Group 1 - The core viewpoint of the articles highlights the rise of the "emotional value" driven consumption in China, particularly in the context of the "trendy toy economy" and the shift towards personalized and experiential consumption among younger consumers [1][2] - The company Bubble Mart has successfully tapped into this trend by offering unique IP characters like LABUBU, which resonate with young consumers' aesthetic preferences and emotional needs, leading to a significant increase in demand [1] - In the first quarter of this year, Bubble Mart's overseas business revenue saw a remarkable year-on-year growth of over 475%, indicating strong international interest in its products [1] Group 2 - The shift in consumer behavior from a focus on practicality to an emphasis on emotional resonance and psychological satisfaction is driving the growth of new consumption models, including the trendy toy economy and "guzi economy" [2] - The emotional consumption market in China is projected to exceed 20 trillion yuan by 2025, reflecting the increasing importance of emotional value in consumer spending [2]

Core Viewpoint - The millet market is experiencing rapid growth driven by the popularity of ACG (Anime, Comic, and Games) culture and the expansion of its consumer base, with a projected growth rate of 30% year-on-year in 2024 [1] Industry Characteristics - The rapid rise of the millet economy is attributed to the matching of supply and demand, with the female Gen Z being the main consumer group, driven by emotional consumption needs and the rise of quality IPs [1] - The growth is supported by the emergence of quality supply, including the rise of domestic animation IPs and the concentration of millet stores in the market [1] Business Model - The millet economy's value chain is structured into three main segments: upstream IP and raw material supply, midstream product development, and downstream diversified sales [2] - Upstream, IP development is the "heart" of the millet economy, with strong bargaining power and short authorization periods [2] - Midstream participants are numerous but concentrated in specific segments, while downstream sales channels include online, offline, and second-hand markets, with a focus on core business districts [2] - The overall markup in the millet economy's value chain is high, with substantial profit margins across all segments [2] Future Development - The macroeconomic environment and supply-demand alignment are expected to drive significant growth in the millet economy, similar to trends observed in the Japanese market [3] - The current economic foundation and demographic structure in China provide fertile ground for the development of the millet economy, with increasing IP supply and expanding audience demographics [3] - There remains considerable potential for per capita consumption growth compared to developed countries [3]

Investment Rating - The report indicates a positive outlook on the emotional consumption market, predicting significant growth in related industries [28][27]. Core Insights - Emotional consumption is increasingly recognized as a vital aspect of young people's spending habits, driven by the need for immediate emotional relief and self-expression [10][18]. - The emotional consumption market in China is expected to exceed 2 trillion yuan by 2025, with a compound annual growth rate of 12% since 2013 [28][27]. - Young consumers are willing to pay a premium for products that provide emotional value, with 90% expressing a readiness to spend more for emotional satisfaction [21][27]. Summary by Sections Section 1: Current Consumption Trends - 88.2% of young people report feeling stressed, leading to a rise in consumption behaviors that provide immediate positive feedback [4][7]. - Nearly 60% of consumers believe that spending helps alleviate stress, highlighting the importance of emotional products [8][21]. - Young consumers allocate nearly 30% of their spending to interests, indicating that consumption is a form of self-expression [10][14]. Section 2: Emotional Consumption Market Growth - The global healing economy is projected to reach $7 trillion by 2025, with emotional consumption being a key component [28]. - The report highlights rapid growth in sectors such as trendy toys, cultural tourism, and pet-related products, all benefiting from the emotional consumption trend [27][30]. - The trendy toy market in China is expected to reach 90 billion yuan in 2024, with a 14% annual growth rate [30]. Section 3: Consumer Behavior and Preferences - Young consumers are increasingly drawn to unique and quirky products that provide emotional satisfaction, often referred to as "spiritual fast charging" [33][34]. - The popularity of stress-relief products, such as fidget toys, has surged, with significant engagement on social media platforms [35][36]. - Emotional consumption is characterized by a shift towards instant gratification, with young people prioritizing experiences and products that offer immediate joy [18][19]. Section 4: Demographic Insights - The report categorizes young consumers into five distinct emotional consumption personas, each reflecting different motivations and spending behaviors [41][42]. - These personas include individuals who seek emotional release, self-reward, and novelty, showcasing the diverse motivations behind emotional spending [41][42]. Section 5: Future Outlook - The report anticipates continued growth in the emotional consumption market, driven by evolving consumer preferences and the increasing importance of emotional well-being [27][28]. - Platforms like Douyin (TikTok) are playing a crucial role in shaping trends and facilitating the discovery of new emotional products [106][108].