cute economy- Buy back "childhood" and bring back partners
The "cute economy" has swept Singapore. Some catering operators have launched fun dolls as gifts with consumption, which has increased the daily customer flow by 30%; Southeast Asia, including Singapore, has become the largest overseas market for the trendy toy brand Pop Mart, which opened two new stores in Singapore this year; the sales of Jellycat plush toys, a new favorite on the gift list, in some local sales counters have also soared by more than 50% this year compared with last year.
The cute economy is a product market that has been spawned by "cuteness" as a selling point. More and more local adults are willing to pay for "cuteness", and merchants are also taking advantage of the situation to seize business opportunities. Pop Mart, a trendy toy brand from China, has caught up with the trend and expanded rapidly in Southeast Asia.
In response to Lianhe Zaobao's inquiry, Pop Mart revealed that in the first half of 2024, the entire Southeast Asia region, including Singapore, was the largest overseas market, contributing 41.1% of overseas revenue, reaching 103 million Singapore dollars. The total revenue from overseas and Hong Kong, Macao and Taiwan was S$250 million, an increase of 259.6% year-on-year.
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