Core Viewpoint - The article discusses the phenomenon of the LABUBU blind box craze in China, highlighting the intense consumer demand, the role of social media influencers, and the complexities of the secondary market for these collectibles [3][6][12]. Group 1: Consumer Behavior - Consumers are actively participating in the purchase of LABUBU blind boxes, often queuing early to secure limited editions, indicating a strong demand for these products [3][4]. - The motivations for purchasing LABUBU vary among consumers, including genuine affection for the product, social comparison, and the potential for profit through resale [7][12]. - The popularity of LABUBU has been significantly influenced by endorsements from celebrities, leading to a surge in online searches and social media discussions [6][12]. Group 2: Market Dynamics - LABUBU has seen a dramatic increase in revenue, with projections of 13 billion yuan in 2024 and a 1.6 times year-on-year growth in Q1 2025, alongside a nearly fivefold increase in overseas market revenue [6][12]. - The blind box market operates on a dual-channel sales model, with both online and offline purchasing options, but the tactile experience of in-store shopping remains crucial for serious collectors [10][11]. - The secondary market for LABUBU collectibles is thriving, with resellers often marking up prices significantly, although the market can be volatile and subject to rapid changes in consumer interest [15][17]. Group 3: Brand and Product Strategy - The success of LABUBU is attributed to its unique design and the effective marketing strategies employed by Pop Mart, which include collaborations with artists and leveraging social media for brand visibility [6][12]. - Pop Mart's business model focuses on acquiring IP rights and creating a community around its products, which has fostered a dedicated fan base [12][15]. - The company has introduced various product lines and limited editions, which keeps consumer interest high and encourages repeat purchases [6][12].