KFC is once again on the hot list for its controversial marketing practices.
Recently, KFC launched a blind box co-brand package, the event shows that from January 4, 2022, the purchase of designated packages at KFC, including KFC China 35th anniversary KFC X DIMOO limited edition series handmade. This is a linkage between KFC and Bubble Mart International Group Limited (hereinafter referred to as "Bubble Mart").
On January 12, the "China Consumer Association Comment KFC Blind Box" was on the hot search with more than 200 million readers, once again pushing this linkage marketing to the cusp of public opinion. This article is titled "Using 'Blind Boxes' to Induce Food Overconsumption, When Resisting!" It is mentioned in the article that KFC's sales of limited blind boxes are to stimulate consumption by means of "hunger marketing", which can easily lead to impulsive consumption of consumers in order to obtain limited blind boxes, and cause unnecessary food waste due to over-purchase.
On January 13, some media reported that after being named by the China Consumer Association, this blind box package is still sold in KFC stores in some cities. In this regard, Nandu reporters visited a number of KFC stores in Shenzhen, and the clerk unanimously said that this package was "sold out earlier." The clerk of a store in Nanshan District said that the package sales are too hot, the store is sold out in two days, some people buy six sets at a time in order to collect the whole set of dolls, and the store will also have a new blind box package next week.
The clerk said that the current KFC stores in Shenzhen may be sold out, if you want to buy, you can try your luck in each store on the Mini Program. Nandu reporters tried a total of 12 stores in different areas, and none of them saw the package for sale. KFC's official APP online customer service said that the DIMOO blind box package activity has ended.
This activity is based on bubble mart's own IP product DIMOO as a prototype, with reference to KFC's products including burgers, fries, corn, sundaes, coffee, fried chicken barrels and other products for a new design, of which the ace fried chicken store manager DIMO wearing a fried chicken bucket hat is a hidden model. There are 7 blind boxes in total, of which the rare model has a rate of 1:72. To this end, some consumers did not hesitate to spend 10,494 yuan at a time to buy 106 packages; some consumers purchased "eating" services for "begging for babies".
KFC and Bubble Mart joint package. (Infographic)
In recent years, Gen Z's consumption purchasing power has been rising, and the doll economy has continued to be hot. The doll Dimeo bound to KFC this time, what kind of complex do consumers have for it, and why can it be so crazy?
"Tide play the first stock" bubble mart: the market value of 100 billion, head IP to create the largest revenue
Founded in 2010, Bubble Mart opened its first store in Zhongguancun, Beijing. At the time, it was a humble toy grocery store, and few expected that twelve years later, it would be among the malls of major cities and the favorite of a large number of young people.
Molly is the first head IP hatched by Bubble Mart, and the most successful and profitable IP. In 2016, Bubble Mart partnered with Molly designer Kenny Wong to launch the first trendy toy product, the Molly Constellation collection. The prospectus shows that in 2019, this cute doll with big eyes and pouting mouth generated 456 million yuan in revenue for Bubble Mart, higher than all other IPs, accounting for 27.1% of the total revenue.
Bubble Mart's head IP Molly. (Infographic)
On November 12, 2020, "The First Share of Chao Play" Bubble Mart was successfully listed in Hong Kong at an issue price of HK$38.5 per share. On the first day after the opening, the stock price rose to HK$77.1 per share, doubling the market value to more than 100 billion to around HK$106.5 billion. At the beginning of 2021, Bubble Mart's share price rose to its highest price since its listing at HK$107.6 per share, bringing the total market capitalization to HK$147.2 billion.
The IP Dimoo bound to KFC this time is another head of IP that Bubble Mart has incubated after Molly. According to the data, in the first half of 2021, Dimoo brought 205 million yuan in revenue, accounting for 11.6% of the total revenue of all IP, surpassing Molly.
Bubble Mart's Doll Economy: The "Top Stream" IP without a Story
In 2019, Wang Ning, the founder of Bubble Mart, said in an interview with the media that Bubble Mart has a grand goal to become the most Disney-like company in China five years later.
However, compared with the IP created by Disney through cartoons, movies and other content stories, whether it is Molly or Dimo, Bubble Mart's IP only stays in the toy image, without character stories and personalities.
This is similar to the Disney doll Lingna Bell that suddenly exploded in September 2021. In the "Disney Universe", Linga Bell is not like other cartoon characters such as Mickey Mouse Donald Duck, Princess Elsa, etc., and has "works" such as movie comics. However, it still can't stop it from becoming the top "female star" in the doll industry overnight. Some media have previously reported that some people have suppressed blood in urine and kneeled in order to grab Lingna Bell's peripheral products.
Why is IP without content favored by consumers? What kind of consumer psychology and logic may be hidden behind this? Zhu Di, a researcher at the Institute of Sociology of the Chinese Academy of Social Sciences, believes that the phenomenon of young people going crazy for blind boxes may be explained by an "imaginary hedonism" theory. Previously, consumers may need to use external material products or services to highlight their social status and obtain consumer satisfaction. But in modern society, consumers may need a constructed imagination to have fun. This imagination does not necessarily have to resort to external material products. Like young people buying white T-shirts, white sneakers, and then painting their favorite patterns on them, all reflect this consumption motivation.
Black Ant Capital is an important investor in Bubble Mart. He Yu, managing partner of Black Ant Capital, once said in an interview with the media that Bubble Mart's business model is original. "The essence of IP is human emotional sustenance. At present, the whole society is fragmented, especially in China, everyone watches vibrato, brushes Weibo, and doubles the speed of watching dramas. Times are changing, and today it is possible to produce IP without content in this situation. ”
How to regulate the blind box marketing model? Experts: Adverse social consequences should be resisted
The KFC blind box package incident, People's Daily commented that "everything can be blind box" often brings chaos such as excessive marketing, live trading, and "three noes" sales. Allowing it to expand into the food field is likely to promote waste, violate the spirit of the Food Waste Law, and directly contradict the provisions of "not inducing and misleading consumers to order too much food", and is also suspected of infringing on consumers' right to know.
Problems such as uneven quality of "blind box" goods occur from time to time, and what aspects of this market should be regulated? Judy believes that regulators should uphold the principle of tolerance and prudence, and attach importance to and supervise new consumption. Certain rules can be set up, such as marketing can not bring negative social consequences, such as food waste in this hunger marketing, and through the traffic stars to call on fans to over-consume, are a waste of resources, should be regulated.
Written by: Nandu reporter Yan Zhaoxin