Core Viewpoint - The article discusses the successful expansion of Pop Mart into the U.S. market, highlighting the popularity of its IP "labubu" and the significant revenue growth in overseas markets, particularly in North America, despite recent price increases [4][8][12]. Group 1: Market Performance - Pop Mart's IP "labubu" has seen a revenue surge, with its income exceeding 3 billion yuan globally last year, and U.S. sales in Q1 2025 surpassing the total sales of the previous year [4][8]. - The company's overseas business revenue grew by 475% year-on-year, with North America experiencing an astonishing growth rate of 895%-900% [8][9]. - The price of "labubu" products in the U.S. increased by approximately 30%, from $21.99 to $27.99, while other product prices also saw adjustments [5][6]. Group 2: Consumer Behavior - Despite the price hikes, consumer demand remains strong, with long queues observed at stores and high engagement on the Pop Mart app, indicating that consumers are willing to pay a premium for the brand [7][12]. - Some consumers expressed a willingness to pay higher prices due to the perceived scarcity and emotional value of the products, while others noted a shift in purchasing behavior, with some opting to buy from domestic platforms instead [7][10]. Group 3: Pricing Strategy - The price increases are seen as a strategic response to tariffs and market conditions, with the company needing to balance pricing without alienating consumers [6][10]. - Pop Mart's pricing strategy is informed by the "lipstick effect," where consumers may reduce larger expenditures but still engage in smaller, emotionally-driven purchases [9][10]. - The company is cautious about raising prices indiscriminately, focusing on maintaining brand value and consumer perception of worth [11][12]. Group 4: Future Outlook - Analysts suggest that Pop Mart is evolving into a brand comparable to Bandai Namco, LEGO, and Disney, with significant growth potential still ahead [12]. - The company's ability to innovate and create new popular IPs will be crucial for its long-term success, as reliance on existing products may lead to stagnation [13].

Core Viewpoint - The article discusses the successful expansion of Pop Mart's IP "labubu" into the U.S. market, highlighting significant sales growth and price adjustments that have not deterred consumer interest [4][7][8]. Group 1: Market Performance - Pop Mart's "labubu" IP generated over 3 billion yuan in revenue last year, with U.S. sales in Q1 2025 surpassing the total sales of the previous year [4]. - The company's overseas business revenue increased by 475% year-on-year, with the Americas market experiencing an astonishing growth rate of 895%-900% [8]. - The launch of the third-generation "labubu" plush toy led to long queues in stores across major cities, indicating strong consumer demand [5][7]. Group 2: Pricing Strategy - Pop Mart raised the price of "labubu" products in the U.S. by approximately 30%, from $21.99 to $27.99, while other new products also saw price increases [5][6]. - Despite the price hikes, consumer purchasing intent remained strong, with many willing to pay more due to the perceived scarcity and emotional value of the products [7][8]. - The company is cautious about pricing strategies, recognizing that excessive price increases could lead consumers to seek cheaper alternatives [9][10]. Group 3: Consumer Behavior - The article notes a shift in consumer behavior towards emotional and small-scale purchases, driven by economic conditions and societal changes [8][9]. - While new consumers are entering the market, there are concerns that some may not remain loyal after initial purchases [7][9]. - The "lipstick effect" suggests that during economic downturns, consumers may reduce larger expenditures but increase spending on smaller, emotionally-driven items [8]. Group 4: Competitive Landscape - Pop Mart views all emotional products as competitors, indicating a need for careful management of brand perception and pricing [9]. - The company is currently in a favorable position in overseas markets, with consumers willing to pay a premium for its products [11]. - The article warns that without continuous innovation and new product development, Pop Mart risks losing market momentum, similar to challenges faced by other brands like Nike [11][13].