Core Viewpoint - The recent surge in gold prices has led to a surprising lack of interest in Pop Mart's new gold jewelry line, contrasting sharply with the previous demand for their blind boxes [1][3]. Pricing Strategy - Pop Mart has adopted a fixed pricing model for their gold products, which does not fluctuate with gold prices, unlike traditional gold retailers [3]. - The pricing for Pop Mart's gold items ranges from 980 yuan for the cheapest gold bead to 56,800 yuan for a 41-gram gold ornament, with per gram prices between 1,300 and 1,800 yuan [1][3]. - Comparatively, their collaboration with Chow Sang Sang has a per gram price of 2,185 yuan, indicating that Pop Mart's pricing strategy may not appeal to average consumers [3]. Target Market and Consumer Behavior - The primary consumers for gold jewelry are typically older women with higher purchasing power, which does not align with Pop Mart's core demographic of younger consumers [4]. - There is a potential mismatch in targeting both young consumers through IP and high-end customers through gold, which may lead to dissatisfaction on both fronts [4]. Market Expansion and Growth Potential - Pop Mart's founder has indicated that jewelry is a key area for expansion, with a 67% increase in IP derivative income projected for 2024, accounting for 29% of total revenue [3]. - Despite impressive growth in their IP derivative products, the gold market operates differently, with consumers placing a higher emphasis on price stability and value retention [4]. Strategic Challenges - The initial low demand for Pop Mart's gold products may reflect deeper strategic issues, particularly in pricing and distribution channels [4]. - If Pop Mart can effectively integrate the value of their IP with the stability of gold, they may successfully penetrate a new market [4]. - However, maintaining high premiums and limited distribution could pose risks to their overall brand ecosystem [4].