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Fortune

Nicholas Gordon

The year of the Labubu revealed the 'new consumption' trend among China's Gen Z—and now it's spreading overseas

Pop Mart Labubu China Wang Ning Hong Kong Bonnie Chan Kasing Lung Disney Fortune Sanrio

(Credit: Qilai Shen—Bloomberg/Getty Images)

At the Fortune Global Forum in late October, the CEO of Hong Kong Exchanges and Clearing, the operator of the Chinese city’s stock exchange, shared an investor obsession.

“What is also emerging is a very interesting phenomenon, what we call ‘new consumption,’” Bonnie Chan told the audience. Her prime example? “This thing called Labubu.”

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