POP MART (09992.HK), a leading player in the designer toy market, saw its stock price plummet by 5.80% in intraday trading on Tuesday. The significant drop comes as part of a broader decline in Hong Kong's new consumption concept stocks, with several peers also experiencing notable losses. Gu Ming matched POP MART's decline of over 5%, while other companies in the sector, including Lao Pu Gold, Juzi Biotech, Bruker, and Mixue Group, fell between 3% and 4%.

The sharp decline in these consumer-focused stocks coincides with the release of China's latest retail sales data by the National Bureau of Statistics. Total retail sales of consumer goods from January to September 2025 reached 365.877 billion yuan, marking a 4.5% year-on-year increase. However, September's figures showed signs of a slowdown, with total retail sales hitting 41.971 billion yuan, up 3.0% year-on-year but falling short of the Wind consensus estimate of 3.1%. This slight underperformance in retail growth may have contributed to investor concerns about the consumer discretionary sector.

Despite the market's negative reaction, some analysts remain cautiously optimistic about the consumption landscape. Kaiyuan Securities noted that while September's overall social consumption remained robust, there is an ongoing structural differentiation in the market. They highlighted that discretionary consumption continues to outperform essential goods, suggesting potential for future consumption release. However, the sharp decline in POP MART's stock price indicates that investors may be reassessing the growth prospects of new consumption concept stocks in light of the latest economic data and broader market trends.