00:00Well, Chris Pereira is founder and chief executive of a consultancy firm in Pacton.
00:05It's a really interesting subject right now.
00:09A lot of people are talking about this, especially in central China.
00:12I'm actually in the hometown of the founder of Popmark right now in Zhengzhou.
00:16And I'm really getting the sense these days that these aren't just game characters for consumers anymore.
00:22They're relationships.
00:23So when you're looking at Popmark or if you're looking at these games,
00:26the players have spent years with these storylines.
00:29So a fragrance feels like something you're getting from someone you actually care about,
00:33someone you know.
00:35It's not just a brand deal to the people in China and overseas.
00:38So I think that's why for Popmark and for other cultural exports from China,
00:45it's not just about the toy or game anymore.
00:47It's about how connected you feel to these products.
00:50Looking ahead, I think AI will really deepen this relationship that people have with these characters
00:54because you get a really customized experience.
00:57And the more people are able to customize their experience,
01:01the more they're going to be willing to pay for that to feel close to these characters in real life.
01:06So do you think gaming companies are becoming the new luxury brands?
01:11I think there's a really high-end play to games.
01:16You know, the gaming sector can be fully customized,
01:19more customized than it has ever been in history, really,
01:22that you can, with the help of AI in the future, be in the game.
01:26You can create your own game, create your own storyline.
01:29I think that's the definition of high-end luxury is really personalized service,
01:33personalized experience.
01:34So I think we'll definitely see gaming move in that direction in the future.
01:38It seems to be that Gen Z in particular buy into stories and identities.
01:43Why do you think this is?
01:46Gosh, I think there's a real desire and need for connection and meaning in the world these days.
01:53You know, with more and more connection, thanks to the Internet through AI and technology,
01:58I think people are more connected but less connected interpersonally than we've ever been before,
02:03if that makes sense.
02:04So looking at our screens, working on computers all day is one thing,
02:08but having that human connection is really important.
02:11And I think Gen Z, like you mentioned, is really looking for that through a customized experience
02:17and I think through cultural and through gaming experiences also.
02:21And these fragrances inspired by gaming characters.
02:23Are we likely to see that happen now with Western brands?
02:28Well, there's a trend across many industries right now.
02:31So my company helps Chinese companies expand overseas,
02:33and we're seeing a trend across industries, over 500 different brands that we've worked with.
02:38Western companies and foreign brands are actually learning from Chinese companies.
02:42In other words, Chinese companies are leading the trend in technology, cultural exports,
02:48and also in customization for user experience.
02:52So Western brands will definitely follow in the footsteps of Chinese companies.
02:56And fragrance, I think, is one area that Western brands, especially in Europe,
03:00have been traditionally leaders in.
03:03But it's interesting.
03:04I think in the next few years, we're going to see newcomers from China
03:07that might give them a run for their money.
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