Labubu and Moutai: A Comparison of Social Currency in the New and Old Consumption Era

A large investment bank in the United States recently released a report comparing and analyzing the emerging trendy toy IP Labubu with the traditional liquor giant Moutai, exploring the changes in consumer trends reflected behind these two types of "social currency."

The report points out that although Labubu and Moutai both have social attributes, there are significant differences between the two. Labubu is more based on the common interests and values of the younger demographic, while Moutai relies on traditional power and hierarchical relationships. This difference reflects the essential distinction between "new consumption" and "traditional consumption."

Analysts believe that Labubu represents the younger generation's pursuit of emotional value, providing consumers with instant, delicate, and affordable experiences. This suggests that China is shifting from an investment-driven model to a consumption-driven model. In contrast, Moutai is deeply rooted in Chinese traditional culture, and its globalization process is still in the early stages. Meanwhile, Labubu has achieved significant success globally, aligning more closely with the current spirit of the times.

However, the producers of Labubu also face challenges brought by the IP cycle and investment attributes. The report points out that if there is a long gap between Labubu and the next hit IP, the company's global growth may slow down. In addition, the "mainstreaming" of subcultures, while driving growth, may also dilute Labubu's uniqueness and alienate the core consumer group.

The report also reminds investors to pay attention to regulatory risks and market congestion. The current phenomenon of capital concentrating in the "new consumption" sector is quite similar to the previous trend of funds flocking to blue-chip stocks. The vulnerability of this crowded trading may have a huge impact on valuations.

Despite these challenges, analysts remain optimistic about Labubu producers. They believe that, in the context of scarce high-quality investment targets, the market's preference for "new consumption" stocks may persist for some time. The real turning point may only come when there is a clear inflection point in overseas market data or when a strong recovery in the Chinese economy provides investors with more options.

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