Pop Mart's Labubu becomes bait for China's Ping An Bank to lure young customers
Hoping the world's trendiest monster will scare up some new customers, China's Ping An Bank is rewarding those who open new accounts with a Pop Mart Lababu doll amid fierce competition for young customers among Chinese retail banks.
New clients who open a savings account and deposit more than 50,000 yuan (US$6,954) for at least three months could receive a blind box from the first or second series of the Chinese toy retailer's popular collectibles, according to media reports. Customers who also apply for a credit card could receive a blind box from the third series.
With its pointy ears, sharp teeth and mischievous grin, Labubu has attained viral popularity among young consumers worldwide and driven a
heady rise in Pop Mart's revenue and share price . The plush figures – often sold in opaque boxes so that buyers cannot know exactly which one they are getting – typically retail for around 99 yuan on the mainland, but they sell for considerably more in other regions, such as
the US and
Middle East . Prices can soar on the secondary market due to high demand and limited supply.
Ping An Bank's campaign with the sought-after figure quickly drew attention and went viral on RedNote, an Instagram-style platform popular for lifestyle tips. In a post on Monday that garnered more than 1,100 likes overnight, a Sichuan province-based user called Ouqixilanhua claimed to have rushed to a local branch after learning of the giveaway.
'I opened a [bank] account and made a deposit right away,' the user said. 'Money has to be saved somewhere, and I couldn't pass up a free collectible.'
Shen Meng, a director at Beijing-based investment bank Chanson & Company, said Chinese retail banks were struggling to attract and retain young customers amid low interest rates, while the number of retail banks 'far exceeded' what the market needed. The total number of retail banking customers was on the decline as the country's population was dropping and ageing, with overall income levels slipping and unemployment running high among young people, Shen added.
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