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0How Pop Mart Sold the 'Happy Vibe' of Owning a Labubu
With the ugly-cute Labubu dolls hanging from purses around the world, Chinese entrepreneur Wang Ning has found a formula to keep shoppers consuming at a time of global economic uncertainty.
Call it the "happiness market," the niche of affordable pleasures like the now-ubiquitous Labubus that helped Pop Mart, the company Wang founded and heads, publish record-breaking results Tuesday. Revenue for the year's first half tripled compared with last year to 13.88 billion yuan, or $1.93 billion, surpassing the company's sales for all of 2024.
Pop Mart's Hong Kong-listed shares have more than tripled this year, in large part thanks to Labubu's explosive popularity in the U.S. Gen-Z shoppers line up for hours outside Pop Mart stores to snag the latest Labubu plushies and other figurines. First-half sales outside of China made up 40% of the company's total revenue.
Pop Mart and three other Hong Kong-listed companies—jewelry brand Laopu Gold, Mao Geping Cosmetics and ultracheap fast-food chain Mixue—have been dubbed the dream team of "new retail," harnessing the desire of young Chinese for feel-good purchases.
In a 2023 talk with a group of Chinese fund managers, Wang said Pop Mart designer toys fulfill two core consumption needs: gratification and identity. Julien Jing, a 32-year-old analyst in Hong Kong, checks out Pop Mart each time he goes to a shopping mall. "You'll think to yourself, 'That's just the cost of a meal,' and you buy it," Jing said.
Investors and analysts have cautioned that Labubus could be a fleeting fad and that Pop Mart's success hinges on whether it can keep producing designs that command similar attention.
vibe 英 [vaɪb] 美 [vaɪb] n. 氛围，感觉，气场
a chill vibe 放松的氛围
a vacation vibe 度假氛围感
This café has a really cozy vibe. 这是家很温馨的咖啡馆。
formula 英 [ˈfɔːmjələ] 美 [ˈfɔːrmjələ] n. 公式，配方
formula for something 实现......的方法
There's no magic formula for success. 成功没有窍门。
The formula for a happy weekend is good food, a movie, and zero work messages.快乐周末的密码是美食、电影和没有工作信息。
niche 英 [niːʃ] 美 [nɪtʃ] n. 细分市场（也称niche market，指针对特定人群或特定需求的小众市场）
ubiquitous 英 [juːˈbɪkwɪtəs] 美 [juːˈbɪkwətəs] adj. 无处不在的，十分普遍的
Smartphones are ubiquitous in modern urban life.智能手机在现代城市生活中无处不在。
Coffee shops seem ubiquitous in this city.咖啡店在这个城市似乎无处不在。
in large part thanks to 很大程度归功于……（mainly thanks to）
The stock surge is in large part thanks to the new strategy.公司股价大涨，很大程度上归功于新战略调整。
snag 英 [snæɡ] 美 [snæɡ] v. 抢购，抓住（to catch or obtain something quickly, often with difficulty）
I managed to snag the last ticket to the concert.我抢到了最后一张演唱会门票。
Our team snagged the biggest client from our competitors.我们团队从竞争对手那里抢到了最大客户。
plushie 英 [ˈplʌʃi] 美 [ˈplʌʃi] n. 毛绒玩具
plush n. 毛绒
figurine 英 [ˌfɪɡəˈriːn] 美 [ˌfɪɡjəˈriːn] n. 手办，小雕像
harness 英 [ˈhɑːnəs] 美 [ˈhɑːrnəs] v. 控制并利用；给马套上马具（to control something, usually in order to use its power）
近义表达：use（harness比use更突出一种主动掌控的意思）
We need to harness the power of social media to reach younger audiences. 我们需要利用社交媒体的力量触达年轻受众。
The company is harnessing AI to challenge traditional industries. 这家公司正利用AI挑战传统行业。
gratification and identity 满足感和身份认同
instant gratification 即时满足
delayed gratification 延迟满足
Social media provides instant gratification through likes and comments.社交媒体通过点赞和评论提供即时满足感。
fleeting 英 [ˈfliːtɪŋ] 美 [ˈfliːtɪŋ] adj. 转瞬即逝的
fleet v. 飞逝
fad 英 [fæd] 美 [fæd] n. 一种短暂和无根据的时尚、热潮
It was just a fad that lasted for in months.它只流行了一阵，火了几个月后就没了。
