🔫 Pop Mart's slip-ups during rapid expansion, and 12 other consumer market updates | Following the Yuan
Brands mentioned: JD.com, Tmall, INS Land, Starbucks, Pop Mart, Mardi, ADERERROR, Anta, Rapha, Crispi, Li-Ning, Didi, Douyin
Hi everyone,
Hope you are having a productive month before the holidays!
I was in Hong Kong last week for a short trip — I went on a panel with Bernstein, did a sharing with Technological and Higher Education Institute, caught up with some of you, with
’s , at the Foreign Correspondents Club (special shoutout to Allen Lee who flew in from Tokyo) and crashed Monocle’s new book launch party.Every time I visit Hong Kong post-COVID, it feels more integrated with mainland China than before. This time, I was overwhelmed by AliPay and WeChat Pay ads, spotted more mainland retail chains on the high street (like Mixue) and appreciated the convenience of scanning my passport via E-channel, which was only for HK residents before June 26 this year.
One also can’t miss the promotions for the National Games, which cite its location in “China Guangdong, Hong Kong and Macau.”
Everyone has different priorities when looking at HK’s gradual integration. I personally only hope that those in HK who choose to stay are well, and those who’ve left are happy in their new homes.
📊 BIG STAT
Consumer fatigue over the longest Double 11 // Platforms have not published their GMV figures, as expected, but chose to highlight more favorable metrics: JD.com reported a 40% rise in users and nearly 60% more orders, while Tmall said over 100 million new-user orders came from Flash Sale, its real-time delivery service.
Before the wrap up, I told AP and Campaign Asia that this year’s results are likely to mirror national parcel and October national holiday trends: More volume, less revenue. To sum up, people are buying more but spending less.
🎭 CONSUMER CULTURE
Tie the knot in a Shanghai club // Shanghai is making marriage a little more electrifying. The city’s Huangpu District Civil Affairs Bureau has teamed up with INS Land, an entertainment complex, to offer nighttime certification-issuing service for two weekends from November 14 to 22.
After the initial buzz, government staff clarified that couples still need to register with the Bureau separately, but can take part in the certification issuing ceremony in the club. So, no, it’s not Las Vegas style.
But it’s still considered an innovative approach. It’s one of the several registration campaigns, including services at some music festivals, as local governments try to boost the plummeting birth rate.
🍽️ FOOD & BEVERAGE
Starbucks brewed a $4 billion deal in China // On November 4, Starbucks announced it would sell up to 60% of its China retail business to private equity firm Boyu Capital in a deal valued at $4 billion — the biggest consumer-sector acquisition in China in nearly a decade.
Founded in 2011, Boyu has been on a shopping spree this year, acquiring around 45% of luxury mall SKP Beijing and serving as an early investor in brands like Mixue and CATL. Can it help Starbucks China reach China speed in product, marketing and experience, while expanding around 8,000 to 20,000 as planned?
Moutai product prices crash // The price of China’s iconic liquor, Moutai, is in free fall. This year’s Double 11 shopping festival, a 500ml bottle of 53% Moutai was listed at 1,640 yuan ($230) on Taobao — a record low and down more than 31% since the start of the year, according to Gogu Data. In the first half of 2025, Moutai’s revenue and profit growth both hit their lowest levels in a decade.
The fall comes after China’s “strictest-ever alcohol ban” took effect in May, extending restrictions from official banquets to all state-owned enterprise gatherings.
🛍️ RETAIL
Pop Mart faces livestream and product slip-ups // Pop Mart faced two major blips as it continues to ride on the Labubu high. During a livestream on November 6, a Pop Mart staff member held up a blind box priced at 79 yuan ($11) and admitted, “Selling this for 79 is kind of... too much.” Another quickly chimed in, “It’s fine, someone will pay for it.” That offhand exchange struck a nerve with consumers who already feel overcharged.
The controversy comes just after Pop Mart pulled another blind box series off shelves when buyers discovered a typo of its own company name — it read “POP MAET” on the back of the faulted products. Has the Labubu bump stretched Pop Mart too thin?
💄 FASHION & BEAUTY
Turning point: Gold shines brighter as an investment than jewelry // For the very first time, demand for gold as an investment outpaced that of jewelry, which reflects Chinese consumers’ changing priorities.
China’s total gold jewelry consumption fell 32.5% to 270.04 tons, while investment gold, such as gold bars and coins, rose 24.55% to 352.12 tons, according to data released by the China Gold Association on November 10.
Korean fashion: one in, one out // Two years after entering China through a distributor model, social media-famous Korean label Mardi Mercredi has shuttered all 28 stores across 25 cities.
Meanwhile, another Korean brand ADERERROR opened its first China flagship in Shanghai in October, the second global location after Japan’s Omotesando.
There are many ways a market entry could go wrong. Rapid expansion through distributors could cause backlash if the demand isn’t there. The counterfeit problem is also a longstanding issue for new brands. Counterfeits of ADERERROR have been rampant on e-commerce for years.
🌍 TRAVEL & TOURISM
“Ice economy” fuels “warm economy” // Consumers have started planning their winter holiday early this year. Between September and October, relevant hashtags on Douyin including “Have you seen the first snow of 2025?” and “Ice and snow are also gold mines” drew tens of millions of views.
Beyond northern cities like Harbin, southern cities with warm climates, including Foshan, Shenzhen, and Ningbo — also made the top 10 for Douyin Local Life’s “ice and snow consumption”.
China’s “ice economy” of snow themed parks and ski resorts is booming hand-in-hand with the “warm economy,” which includes hotpot, saunas, and hot springs.
🧠 TECH
Xpeng unveils humanoid robot, rebrands as an AI company // On November 6, EV company Xpeng introduced its latest humanoid robot, IRON, powered by its self-developed Xpeng VLA 2.0 large model at its new Guangzhou headquarters.
The robot’s strikingly human-like gait quickly went viral, with some netizens joking that “there must be a real person inside.” Standing about 1.78m tall and weighing 70kg, IRON features customizable male or female appearances. Xpeng said the humanoid robot aims to enter mass production in 2026.
AI crime infiltrates livestreaming e-commerce // Chinese actress Wen Zhengrong recently spoke out after discovering her face and voice had been used without permission in multiple livestreams, with AI-generated “Wen Zhengrong”selling products.
One fan of Wen revealed she had reported 18 fake livestream accounts in a single day, only to find new ones popping up immediately after. What these platforms and Beijing will do to counter AI crimes will be consequential for both AI and e-commerce worldwide.
🏃♂️ SPORTS
Chinese sports brands take center stage at National Games // Running from November 9 to 21, this year’s National Games have become a catwalk for Chinese sportswear brands.
Anta provided gear for over 70,000 participants and designed the opening ceremony uniforms for 14 delegations. Li-Ning outfitted 8 delegations. Other participating domestic brands are: KELME, Qiaodan Sports, 361°, and Xtep.
Global outdoor brands ride China’s sports boom // On November 6, British cycling lifestyle brand Rapha opened its first mainland store in Shanghai (Rapha’s HK Clubhouse opened in 2014), while Italian outdoor shoe brand CRISPI also debuted its China flagship in Shanghai recently.
As noted per retail sales, China’s sports sector remains the only category that experiences organic growth this year, while other high-growth sectors all benefit from heavy national subsidies.
🐾 PET
Didi rolls out pet care services across 25 cities // Ride-hailing giant Didi has launched a new pet care service, offering home visits for cat feeding, dog walking, bathing, and grooming.
The service is currently available in 25 cities, including Beijing, Shanghai, and Tianjin, with prices ranging from a few dozen to several hundred yuan depending on the service. Upon user request, Didi introduced a pet-friendly transportation feature last year. 🔚
🗓️ UPCOMING – PICK & CHOOSE YOUR CHINA ITINERARY IN DEC 2025
Nov 28-30 Cafeex: The Story of Cafe, Shanghai
Dec 3-5 International Electronics Circuit Exhibition, Shenzhen
Dec 12-14 International Franchise Expo, Beijing
Dec 19-21 Asia Robot Conference and Exhibition 2025, Guangzhou
Dec 27-28 China International Beauty Expo, Shenzhen