Consumer Trends

Two major investment banks have recalibrated their outlook on Pop Mart International Group following the company's extraordinary 2025 performance, with both HSBC and UBS anticipating a significant normalization in growth as the Labubu phenomenon matures. The divergent approaches—HSBC cutting its price target while UBS maintaining its Buy

Meituan announced on February 5 the acquisition of 100% equity in the China operations of fresh grocery e-commerce company Dingdong(Cayman) for an initial consideration of approximately $717 million, or about 50 billion yuan at prevailing exchange rates. The deal marks a significant consolidation in China's competitive

A wave of Chinese toy and collectible companies is lining up for initial public offerings in Hong Kong, riding the momentum of the "guzijingji" economy that has propelled Pop Mart to a market capitalization peak. The surge reflects investor enthusiasm for a sector that reached 240 billion yuan

In a research note published on Wednesday, January 28, 2026, Citi Research issued a sobering reality check on PDD. While the e-commerce giant continues to aggressively capture global market share through its international arm, Temu, the domestic narrative in China is rapidly deteriorating under the weight of slowing consumption,

Busy Ming has made a high-profile debut in Hong Kong, crystallising how scale, efficiency and consolidation are reshaping China’s mass-market retail sector as consumer spending turns increasingly value-driven. The company, which integrates the “Busy For You” and “Super Ming” brands, began trading on the Hong Kong

Citigroup Global Markets released a comprehensive consumer survey on January 27, 2026, covering 1,501 Pop Mart customers across five countries, revealing aggressive expansion in the company's user base and sustained purchase momentum that defies recent market concerns about fading collectibles demand. The investment bank maintains its Buy

Anta has agreed to acquire a 29.06% stake in German sportswear giant Puma SE for €1.5 billion ($1.6 billion), marking China's first major cross-border acquisition of 2026 and positioning the Chinese athletic wear conglomerate as Puma's largest shareholder. The transaction announced Monday

While broader consumer sentiment in China remains a subject of intense debate among macro strategists, a very specific, high-end corner of the retail market is witnessing a veritable stampede. In a research note published on January 26, 2026, Citi Research has doubled down on its bullish stance for Laopu

Pop Mart saw its Hong Kong-listed shares jump nearly 6% on Wednesday, fueled by viral demand for its latest blind box series featuring plush keychains that emit wooden fish sounds when tapped. The product sold out on the company's official platform within days, with limited-edition versions

The overseas short drama market maintained robust momentum in 2025, with total revenue surpassing US$3.2 billion and downloads exceeding 1.2 billion—both marking substantial year-over-year growth. Chinese developers virtually monopolized the top 20 revenue rankings, with ReelShort alone generating approximately 4.3 billion yuan (US$