Big Take Asia
How Pop Mart Became a Bright Spot for China’s Economy
Apr 22, 2025
Shuli Ren, a Bloomberg Opinion columnist and expert on Chinese markets, discusses the impressive rise of Pop Mart, a toy company capturing global attention with its Labubu dolls and blind box collectibles. She highlights how celebrity endorsements, particularly from K-pop star Lisa, fuel demand. The conversation also delves into Pop Mart's innovative strategies, its resilience amid economic challenges, and how it inspires other Chinese brands to navigate international markets. This is a fascinating look at how a toy company is impacting China's economy.
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Quick takeaways
- Pop Mart’s success is driven by the cultural phenomenon of blind box toys, creating a unique consumer experience centered around anticipation and surprise.
- Despite trade wars, Pop Mart adapts its business model to tap into the 'kidult' demographic, redefining collectible toys as forms of self-care and personal expression.
Deep dives
The Rise of Blind Box Toys
Blind box toys, particularly Pop Mart's popular Labubu doll, have created a significant cultural phenomenon in both China and internationally. These mystery box figurines have garnered such demand that fans often line up for hours for new releases, underscoring the thrill of unboxing and the surprise factor that drives consumer interest. The allure of Pop Mart's products lies not just in their design but also in the experience of anticipation that comes with opening these boxes. This strategy has positioned Pop Mart to see a staggering increase in revenue, with their sales revenue hitting nearly $2 billion in 2024, demonstrating the power of novelty in driving consumer purchases.
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