泡泡玛特卖“阴间丑娃”，把迪士尼打懵了

Core Viewpoint - The recent launch of the Labubu 3.0 series by Pop Mart has sparked an unprecedented buying frenzy, with consumers facing long queues and significant price markups in the secondary market, despite mixed reviews on the product's aesthetics [1][5][9]. Group 1: Market Dynamics - The Labubu 3.0 series has seen a surge in demand, with pre-orders for the product already sold out, leading to resale prices significantly higher than the original retail price, such as a set priced at 599 yuan being resold for 1000 to 2000 yuan [5][28]. - The secondary market for Labubu collectibles is thriving, with hidden variants fetching prices as high as 1220 yuan each, indicating a strong speculative interest among consumers [5][28]. - The previous Labubu and Vans collaboration saw prices soar to as high as 30,000 yuan, showcasing the potential for collectibles to transform into luxury items [7][28]. Group 2: Consumer Sentiment - Despite the high demand, the Labubu 3.0 series has received negative feedback regarding its design, with many consumers expressing disappointment upon receiving the product, leading to a wave of criticism on social media [9][11][28]. - The contrast between the product's marketing and the actual consumer experience has led to a phenomenon where consumers question their purchasing decisions, reflecting a disconnect between expectation and reality [11][21][28]. Group 3: Brand Positioning and Strategy - Labubu has emerged as Pop Mart's strongest IP, generating 30.4 billion yuan in revenue last year, a staggering increase of over 700% year-on-year, surpassing the company's previous flagship IP, Molly [28]. - The appeal of Labubu lies in its unique design that resonates with the Z generation's desire for individuality and self-expression, despite its unconventional and "ugly" aesthetic [30][32]. - Pop Mart's strategy of leveraging scarcity and hype through limited releases has effectively created a "hunger marketing" environment, driving consumer demand and secondary market speculation [32][38]. Group 4: Cultural and Competitive Landscape - Unlike Disney, which builds its IPs on deep narratives and emotional connections, Pop Mart's approach has focused more on visual appeal and immediate consumer engagement, which may limit long-term brand loyalty [43][51]. - The lack of a comprehensive narrative or cultural depth in Pop Mart's IPs, including Labubu, has resulted in a superficial consumer experience, contrasting with Disney's immersive storytelling [44][49]. - While Pop Mart has achieved remarkable short-term success, the company faces challenges in establishing a sustainable brand identity and emotional connection with consumers, which are crucial for long-term growth [51].