Core Insights - The rise of Labubu reflects the changing consumption logic of Generation Z, emphasizing "social capital" over mere collection [1] - Labubu's auction price reached 1.08 million yuan, marking its entry into the "million club" of collectible toys [1] Pricing and Market Dynamics - Regular Labubu blind boxes are priced at 99 yuan, while special brand collaborations are priced at 159 yuan, with many products currently sold out [2] - Resale prices for Labubu items can exceed three times their original price, with some items selling for as much as 30 times their original price [9] - The secondary market shows significant price inflation, with a blind box price rising from 99 yuan to 349 yuan, and a rare collaboration item selling for 27,999 yuan, approximately 47 times its original price [9] Historical Context and Evolution - Previous collectible toys like Monchhichi and KAWS have paved the way for the current trend, each reflecting the emotional needs of their respective eras [10] - Labubu's design and marketing strategy, including low probability for hidden variants, caters to the social media-driven desire for exclusivity and status [11] Financial Performance - In 2024, the total revenue for Bubble Mart reached 13.04 billion yuan, with Labubu's IP "THE MONSTERS" generating 3.04 billion yuan, a staggering increase of 726.6% year-on-year [15] - Bubble Mart's business model focuses on product-driven growth, with a strong emphasis on IP development and operational efficiency [15] Consumer Behavior and Market Trends - The frenzy surrounding Labubu highlights a shift in consumer behavior, where the act of purchasing transcends the product itself, becoming a form of social expression and status [16] - The ongoing demand for Labubu and similar collectibles suggests a sustained interest in tangible symbols of value amidst economic uncertainties [16]