Blind Box Phenomenon Drives Growth
Major Chinese toy companies have seen significant stock market gains this year. Pop Mart, the Beijing-based owner of iconic brands like Labubu and Molly, witnessed a 350% surge in its share value, reaching a market capitalization of $15.2 billion. Other firms, such as Alpha Group and Wahlap Technology, have similarly benefited, with their shares rising by 26% and 60%, respectively, thanks to their anime and entertainment-related products.
Collectibles, known as guzi in Chinese, range from dolls and trading cards to IP-themed art prints. While some items are priced under ¥10 (roughly $1.40), premium editions can sell for over ¥15,000 ($2,000). These collectibles are not just toys—they’ve become an adult-focused art industry and a status symbol among enthusiasts.
Photo: Bloomberg
Pop Mart has capitalized on the blind box trend, where customers purchase mystery boxes containing random collectible items. This segment alone is projected to grow at a compound annual rate of 5.5%, reaching $3.8 billion by 2032. Beyond blind boxes, anime-inspired goods and other IP-driven merchandise have further diversified company revenues. For instance, Wahlap Technology has leveraged China’s burgeoning “2D culture”—an aesthetic rooted in anime, manga, and video games originating from Japan—to create derivative IP products for younger consumers.
Cultural and Economic Trends Shape the Industry
The rise of blind boxes aligns seamlessly with broader economic trends in China, including the “surprise economy,” “loneliness economy,” and “social economy.” Specifically, the surprise economy thrives on delivering unexpected joy to consumers through products like blind boxes and exclusive collectibles. Meanwhile, the loneliness economy emerged during the pandemic, as consumers increasingly sought emotional connections through virtual interactions, robotic companions, or blind box collections. In addition, the social economy fosters community-building among niche groups, with fan-driven online communities actively exchanging, trading, and celebrating collectibles like Labubu and Molly.
According to Citic Securities, the market for art toys and animation-related merchandise in China could surpass ¥500 billion, driven by increasing cultural confidence, deep IP development, and strong consumer engagement. Companies like Mango Excellent Media and Huace Film & TV have expanded their “guzi” product lines, organized comic exhibitions, and launched pop-up events to capture this growing demand.
As China’s consumer culture evolves, the blind box market and collectible toys stand poised for long-term growth, reflecting the nation’s shift toward creative consumerism and emotional engagement.
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Source: Vietnam Insider