泡泡玛特的美国门店成功吸引到了一群不速之客——摩根士丹利的分析师们。 9月28日，大摩发布一份研究报告，称上周实地走访了泡泡玛特在美国的6家门店，通过三项观察进一步 印证了观点——泡泡玛特美国市场仍处于发展初期。目前,尚无其他玩具/爱好类门店能提供与泡泡玛特 相同的消费体验，例如拆盒带来的乐趣、极具吸引力的产品设计以及丰富的IP矩阵。而6家门店中有5家 的客流量和交易额超过周边门店，仅次于苹果门店。 大摩分析师们走访了泡泡玛特的纽约及新泽西州门店，包括美国梦购物中心店、泽西城花园购物中心店 （试营业）、史泰登岛店、世界贸易中心店。 还有泡泡玛特的旧金山门店，包括石镇购物中心和联合广场店（试营业）。 核心发现 新客群与产品广度：在多数门店中，发现有新顾客询问公司 "盲盒" 产品的定义。同时，顾客购买的IP/ 产品种类丰富，并非仅聚焦于Labubu毛绒玩具（部分门店无该产品在售，或实施限购）。这表明零售 门店是推广泡泡玛特丰富IP/产品组合的有效渠道。 即便未销售Labubu毛绒玩具，多数受访门店的客流量依然可观。6家门店中有5家的客流量和交易额超 过周边门店，仅次于苹果门店；唯一未超过周边门店的是位于泽西城花园 ...

Core Insights - The Labor Day holiday consumption showed robust growth despite high base effects, indicating a recovery in consumer spending, particularly in the retail and tourism sectors [1][10] - Key retail and catering enterprises reported a year-on-year sales increase of 6.3%, up from 4.1% during the Spring Festival holiday, with tourism revenue also exceeding pre-pandemic levels [1][4] Consumption Trends by Category - Home appliances, automobiles, and communication equipment saw significant sales growth of 15.5%, 13.7%, and 10.5% respectively, driven by the "old for new" policy [2][11] - The catering sector experienced an 8.7% increase, benefiting from high consumer willingness to spend on experiential dining [2] - Jewelry sales improved due to lower base effects and fluctuating gold prices, with some brands reporting a shift from negative to positive growth [8] Regional Consumption Insights - Consumption growth was balanced across different city tiers, with key tourist cities performing strongly and lower-tier cities benefiting from increased foot traffic [3][9] - Major cities like Beijing and Shanghai outperformed the national average in consumption growth, supported by domestic tourism and favorable visa policies for inbound travelers [3][9] Tourism and Travel Data - Domestic tourism revenue grew by 8%, with total visitor numbers increasing by 6.4%, indicating a recovery to 123% of pre-pandemic levels [4][11] - Outbound travel saw a robust year-on-year growth of 21%, with Hong Kong and Macau leading the increase in inbound tourism [4] Industry Performance Highlights - The sports and leisure retail sector reported a 15% increase in sales, attributed to rising outdoor activities and favorable weather conditions [5] - The high-end liquor market faced challenges, with increased discounting in the mid-to-high price segments due to cautious consumer spending [6] - The restaurant sector showed varied performance, with some brands like Nayuki's Tea achieving significant growth in both dine-in and delivery sales [7] Box Office and Entertainment - The box office revenue during the holiday period fell sharply by 51% to CNY 747 million, primarily due to a lack of blockbuster films [8][11]