A new consumer survey covering five countries provides fresh data insights into the genuine consumption momentum of POP MART, at a time when market attention is focused on the popularity of trendy toys and secondary market price fluctuations.
According to information, on January 27, Citi Research, in collaboration with its Research Innovation Lab, released a "Global Consumer Survey" that polled 1,501 POP MART consumers from China, Japan, the United States, the United Kingdom, and Australia, focusing on consumption behavior, purchase motivations, brand perception, and IP preferences.
The survey results indicate that, despite previous market concerns about cooling demand for trendy toys and falling secondary market prices, POP MART's user growth, repurchase loyalty, and IP appeal continue to demonstrate strong resilience.
New customers account for a high proportion, with 76% of users "joining the fandom" within the past year. The survey shows that 76% of respondents made their first purchase of a POP MART product within the past year, with 45% being new customers from the last three months; this characteristic of new user expansion is particularly evident in markets like China and Japan.
The research report points out that this trend is closely related to "improved supply and enhanced product availability," rather than being driven solely by the short-term popularity of a single IP.
"Contrary to previous market fears of waning interest, POP MART's global user base is still expanding as supply improves."
Repurchase frequency and short-term purchase intention remain high. In terms of consumption loyalty, the survey shows that POP MART's repurchase characteristics are quite prominent. 34% of respondents reported purchasing monthly, and 29% purchase every three months; meanwhile, 87% of respondents said they are "somewhat likely or very likely" to make another purchase within the next three months.
Regarding future behavioral expectations, 93% of respondents stated they will continue to buy POP MART products in the future, with 26% planning to increase their purchase frequency.
Citi also provided data tracking on app downloads, official website traffic, Instagram interactions, store expansion, and customer footfall. The report suggests that the launch of new series, limited editions, and holiday (Thanksgiving, Christmas, Chinese New Year, Valentine's Day) products are the core factors driving the next purchase.
Low penetration in the secondary market: Only 9% of respondents participate, official channels still dominate consumption. Addressing the issue of secondary market price fluctuations, which is of high concern to the market, the survey results show that only 9% of respondents purchased POP MART products through secondary platforms; this figure is just 2% in the Chinese market, and even in the relatively active US secondary market, it is only 15%.
This result indicates that the core consumption of POP MART currently remains dominated by official channels, with the secondary market having more of an impact on sentiment rather than driving actual consumption behavior.
The report believes that current samples show the secondary market acts more as a "complementary presence" rather than systematically substituting for official sales.
More than just LABUBU: Diversified IP matrix, Twinkle Twinkle emerges as a dark horse in the US market. In terms of IP structure, LABUBU remains the most attractive core IP currently, with 47% of respondents owning LABUBU products, and nearly half of consumers initially encountered POP MART because of LABUBU.
However, the survey also shows that the ownership rates and appeal of IPs such as Twinkle Twinkle, Skullpanda, and Crybaby in overseas markets are higher than previously expected by the market, with Twinkle Twinkle's ownership rate in the US ranking highest among all countries surveyed.
Citi Research points out that this result indicates POP MART's IP driving force in overseas markets is not highly concentrated in a single IP, and there is still room for structural expansion.
Consumer profile: Australia has the highest average cumulative spend per capita, US users prefer to "buy more." In terms of average spending, Australian respondents had the highest per capita expenditure (approximately $132 USD), followed by China (~$130 USD), the US (~$110 USD), the UK (~$108 USD), and Japan (~$95 USD).
Overall, about 90% of respondents have purchased at least 2 items, with the 2–5 item group being the largest (42%); the US has the highest average number of items owned per person (close to 10 items per capita).
These data suggest that, beyond frequency, differences in regional per capita expenditure and per capita holdings can directly impact single-store revenue, ROI for overseas expansion, and pricing strategies.
The blind box mechanism remains core: 80% of respondents value the "surprise factor." The report notes that 80% of respondents consider the "blind box" element important to the purchase experience (approximately 94% in China).
Regarding the willing-to-pay price range, consumers' psychological price point for a single blind box is concentrated in the $25–$31 USD range (varies by country).
This has direct implications for the company's pricing strategy and the launch rhythm of premium new products and limited editions: maintaining the "blind box + limited edition" combination in key markets can simultaneously sustain traffic and sales efficiency.
User profile: 41% are aged 18–34. Demographically, POP MART users skew young: 41% are aged 18-34, especially in the US, UK, and Australia; gender distribution is roughly balanced (approximately 50% male and female).
In terms of purchase purpose, gifting and collecting/hobbies rank highest (approximately 29% and 26% respectively), with emotional satisfaction and following trends also playing a role. High satisfaction rates (54% "very satisfied," 39% "somewhat satisfied") coupled with low abandonment intent (only 7% stated they would not purchase in the future) collectively support the brand's long-term loyalty.
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