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Labubu哪有泡沫?溢价是中国企业应得的奖励
Hu Xiu· 2025-06-18 03:33
Core Viewpoint - The article discusses the phenomenon of Labubu, a collectible toy that has seen its price soar in the secondary market, questioning the traditional valuation methods applied to it and suggesting that it represents a shift from a toy market to a luxury accessory market [2][8][10]. Group 1: Market Dynamics - Labubu's market is evolving from a traditional toy market, valued at approximately $13 billion, to a luxury accessory market, similar to the handbag market, which is around $40 billion, with luxury bags accounting for $20-30 billion [7][8]. - The transition signifies that the market size is no longer determined by essential users but by premium users, potentially expanding the market size by 2-3 times [9][10]. Group 2: Consumer Behavior - The article categorizes Labubu consumers into two main types: professional speculators and casual users, with the former being more aware of the risks and rewards involved in the speculative market [12][14]. - Casual users purchase Labubu primarily for social and emotional experiences rather than for investment, often valuing the moment of ownership over the potential future value [19][20]. Group 3: Value Proposition - The perceived value of Labubu extends beyond its physical attributes, embodying social capital, identity, and emotional satisfaction, which are considered more valuable than the item itself [22][36]. - The phenomenon illustrates that the premium associated with Labubu is not merely a bubble but represents a new form of utility that includes social recognition and cultural participation [23][34]. Group 4: Cultural Significance - Labubu's success reflects a broader trend of Chinese brands creating cultural symbols and achieving premium pricing through design and narrative, marking a shift in the narrative of Chinese manufacturing [42][46]. - The article posits that the ability to create and sell "useless" yet desirable products is a hallmark of a strong economy, indicating a move towards cultural output rather than just manufacturing [45][47].