Core Insights - The initial Labubu was auctioned for 1.08 million, highlighting its perceived value similar to luxury brands like Rolex and Moutai, which are mass-produced industrial products that create scarcity through controlled supply [1] - The revenue for Pop Mart in 2024 is projected to be 13 billion, while Rolex's revenue is expected to be 85.7 billion, indicating a significant gap, yet Pop Mart shows a stronger premium in the secondary market [1] - Labubu and Moutai serve as status symbols for different demographics, with Labubu appealing to younger consumers and Moutai to middle-aged individuals, both having high resale value and market demand [2] Market Dynamics - Labubu can be gifted to superiors discreetly, maintaining a high value while being perceived as a simple plastic toy, which can be easily explained away if questioned [3] - The perception of aesthetics in luxury items can evolve over time, as individuals become more familiar with certain products, transforming initial judgments into appreciation [3][5] - Consensus around luxury items is shaped by a small group of influencers, which then permeates to the broader public, creating a shared understanding of value [4][6]