Labubu vs Moutai: A Comparison of New and Old Social Currencies

Recently, an analysis report compared the emerging IP Labubu with the traditional liquor giant Moutai, exploring the similarities and differences between these two social currencies, as well as the changes in consumer trends they represent.

Analysis shows that although Labubu and Moutai both possess the attributes of social currency, there are significant differences in their social functions. Labubu is more based on the common interests and values of the younger demographic, while Moutai relies more on power and hierarchical relationships. This difference reflects the essential distinction between "new consumption" and "traditional consumption."

Labubu represents the young generation's pursuit of emotional value, providing consumers with an instant, delicate, and affordable pleasurable experience. In contrast, Moutai plays more of a role as a "social/business lubricant." This difference is also reflected in the globalization process: Labubu has achieved significant success globally, while Moutai's internationalization is still in its early stages.

However, similar to Moutai, the issuer of Labubu also faces the dual challenges posed by the IP cycle and investment attributes. If there is a long gap between Labubu and the next hit IP, the company's global growth may slow down. Furthermore, while the "mainstreaming" of subculture can drive growth, it may also dilute Labubu's unique social identity, thereby alienating the core consumer group.

It is worth noting that regulatory risks and market sentiment are also factors that cannot be ignored. Although Labubu's consumer base is becoming increasingly diverse and the growth of overseas business helps to diversify risks, changes in relevant policies may still impact the company's fundamentals.

Another phenomenon worth noting is the current trend of capital concentration flowing into the "new consumption" sector, which is quite similar to the previous trend of funds clustering around blue-chip stocks. This "crowded trade" may have a significant impact on valuations, and investors need to remain vigilant.

Overall, Labubu and Moutai, as social currencies of different eras, reflect the evolution of consumer culture and the shift in values of the younger generation. Despite facing similar challenges, they represent different consumption philosophies and social models, providing us with an interesting perspective on current consumption trends.

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