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On June 10th, a "globally unique" mint-green LABUBU figurine sold for 1.08 million RMB at a Poly Auction event. Originally purchased for a five-digit sum in May 2020, sold for six figures after 1-2 years, this PVC collectible's eight-figure final price earned it the nickname "plastic Moutai" online for its geometric profit growth.

Contrastingly, on the same day, prices for 2025 Feitian Moutai (original case) fell below 2,100 RMB per bottle, dropping to 1,990 RMB for loose bottles by June 11th, and further to 1,960 RMB by June 14th. Even the usually resilient Zodiac Moutai series showed signs of strain: while older editions like the Year of the Horse (15,000 RMB/bottle) and Year of the Goat (25,200 RMB/bottle) command high premiums, the newly released 2025 Year of the Snake, launched at 2,499 RMB in January, was quoted at just 2,460 RMB on June 13th.

This stark contrast – the frenzy around LABUBU (endorsed by celebrities like Shu Qi, Rihanna, Madonna, and Beckham) versus Moutai's price decline and Zodiac "price inversion" – reflects shifting market trends.

What do young consumers, the current driving force, truly want? While Moutai once held status akin to "hard currency" (in 2018, roughly equating two taels to 1 gram of gold), its appeal seems to be waning among this demographic. Experts like veteran wine collector Liu Gang previously questioned the sustainability of speculative investment in products like Zodiac Moutai, where prices surged based on packaging alone, warning of a potential "pass-the-parcel game."

Netizens observe that young people today favor trendy items like LABUBU, designer sneakers, luxury goods, and imported spirits over traditional collectibles like tulips, stamps, or Moutai. The 1.08 million RMB LABUBU sale underscores this shift towards "emotional consumption."

Designed by Hong Kong's Kasing Lung, LABUBU is inspired by Nordic sprites. Lung aimed to create an unconventional character representing "the hidden depths of young people." Its global appeal, spanning generations, highlights a fundamental change in consumption drivers. Beyond brand heritage or price-performance ratio, young consumers crave resonance and empathy – a mischievous, fanged yet soft-hearted sprite perfectly embodies their desire to be seen and valued.

For the alcohol industry to adapt, Wu Peihai, Advisor and former Deputy General Manager of Beijing Red Star Co., Ltd., advises: "The industry must grasp young people's desire for novelty and playfulness. Products need not just price-performance ratio, but 'emotional value ratio,' fulfilling emotional needs rather than just focusing on quality or category." He suggests targeting pain points, creating joyful drinking experiences, developing low-alcohol options, and crafting gamified social drinking scenarios.

Huawei's rotating Chairman, Ken Hu, stated at a product launch: "Innovation is a marathon without a finish line." Whether it's tech giants like Huawei or pop culture phenomena like LABUBU creator Pop Mart, success lies in integrating innovation to deliver exceptional products, experiences, and scenarios. The underlying logic is clear: competition has shifted from products to standards and culture, demanding relentless self-reinvention and systemic innovation.

For the traditional alcohol industry, the imperative is clear: embrace innovation with an open mind, continuously reinvent, and find ways to attract – and re-attract – the next generation of consumers.