According to Euromonitor the retail sales total of games and toys in China have risen between RMB 135.6 billion during 2013 and RMB 324.1 billion as of the year 2018, a typical annual rate of 19.1 percent. But, not all of these toy buyers are children. POP MART is a company that sells boxed blinds, has become the leader in the market for designer toys in China.
The market for designer toys in China has grown in recent year. Based on Wang Ning, the founder of POP MART the trend of designer toys began at Hong Kong in the 1990s and was inspired from Japan, South Korea, and the West during the 2000s. The trend is unavoidable because of the country’s solid economy, he claims.
POP MART’s rapid rise in the rapidly growing Chinese toy market
On the 11th of December, 2020 POP MART launched its initial public offering (IPO) at 38.5 HK$ a share in hopes of raising six74 million dollars. At the close of the day POP MART’s share price was up by more than 77.1 HK$, breaking records for the highest debutant with deals of more than 500dollars within Hong Kong. Ten years after launching its first location within Beijing, POP MART has established itself as the top player in its segment of the Chinese marketplace for designer toys. It boasts an annual rise of 22.8 percent, the market has seen other companies follow in the POP MART model.
Although POP MART is dominating the market, with more than 75% of the market however, rivals have also profited from the trend of designer toys. 52 Toys is one of them, with a focus on IP derivative toys. The company was founded in the year 2015 and was only able to begin attracting investors in the year 2017 according to the director Chen Wei, thanks to the rapid growth of the media industry. smaller brands that focus on IP, such as Ali the Fox as well have gained popularity. International brands also have observed China increasing demand for toy products: LEGO and the Japan-inspired Italian brand Tokidoki have revealed that they are planning big to target China. Chinese market.
Younger and younger adults are turning into fashion-conscious consumers of toys in China
Designer toys, sometimes referred to as art toys are collectibles and toys designed by designers and artists that are typically made of vinyl and inspired by pop culture themes (hip-hop graffiti, hip-hop, Japanese Manga culture). In the past designers who collected toys in China were a tiny community. But, the landscape is rapidly changing. Younger and younger adults are turning into designers toy buyers in China.
Chen Shaofeng, vice-dean of the Institute for Cultural Industries at Peking University, stated that the rising quantity of people buying designer toys in China is due to rising standards of living. The growing market for designer toys in China has demonstrated China’s young adults’ love of the arts and culture. In the same way they’re eager to discover their identity. The act of buying and collecting certain kinds of toys for art is a way to express themselves; a method to show people their identity and the things they enjoy. Although most designer toys are only available in a small amount and are priced expensive, they aren’t accessible or affordable for the majority of the toy lovers who are designer in China. Blind box toys made in China as a work of art that is affordable has gained a lot of attention on the market for designer toys.
What is a blind Box as well as why it is popular in China?
Blind boxes are identical from the outside, however they feature a an exclusive minifigure inside. They are created by various artists or designers. Plastic figurines that are palm-sized are packed into opaque polybags and are sold in separate blind box (Chinese:Mang He ). In general, each series is comprised of 12 characters. Twelve blind boxes form one package, while 12 packages make up one box. This means that one carton contains 144 minifigures with 12 different designs are distributed randomly.
In each of the 12 styles One minifigure will be selected as a mystery style and there will always be one item within the total of blind boxes. This keeps many blind box lovers from buying additional boxes to add to their collection. Since you never know which item you’ll purchase, those who want to finish their collection could purchase all 144 blind boxes all at once. The majority of blind boxes are offered at the same price, the same price of 59 RMB (8 dollars) and that’s quite expensive, especially for a hand-sized plastic doll, but not costly enough to make collectors not buying more and more. In the last year, around 4,500,000 pieces of Molly among the top well-known characters in blind boxes in China has been sold.
Visit this website when shopping for Popmart Molly.
Strategies of the economic blindbox in China
There will also be a limited series (limited quantity and time) of characters that are exclusive to a particular occasions like the Christmas season or Chinese New Year for the same price. There is no extra cost for limited edition holiday specials. Some collectors have even gathered at the front of the shops for the night.
Designer toy buyers in China frequently showcase their collection through social networks. They also exchange and discuss dolls through online communities for toys like PAQU (Pa Qu ) or the secondhand marketplace such as Xianyu (Xian Yu ) from Alibaba. Dealers can also make a lot of money selling the popular blind boxes they have acquired. The cost of a second-hand market is based on a variety of variables, e.g. the volume of production of the same series of blind boxes; the proportion of mystery styles to normal styles (normally one-fourth of 144) or.
What is POP MART? (Pao Pao Ma Te )?
As per POP MART itself, it is a retailer of lifestyle goods that is based on the brand’s motto “MAKE FUN!”. POP MART was founded in 2010 and offered a variety of lifestyle goods, such as toys, home, digital beauty, and more. However, in recent times, POP MART has discovered the lack of enthusiasm and desire for designer toys among Chinese youngsters. Since that time, POP MART has changed its approach and changed its focus to the market for designer toys in China.
Prior to when POP MART began to only work with designers blind boxes were offered through various channels, including toy stores or stationary shops. Today, POP MART gives designers the opportunity to avail an “all-inclusive solution” from production through distribution to marketing. Additionally, POP MART is running more than 30 stores in exquisite shopping malls across 14 cities across China. It also operates more than 200 Roboshops (automated vending machines) across the nation. The company also opened it’s Tmall flagship store in 2015 and also it launched its APP in the year 2016.
POP MART told the toy chronicle during an interview this year. POP MART is the UK top designer vinyl toy website in the moment the main POP MART customer base is comprised of 18 and 35. urban white collar employees and students. 75% of them are female. Wang Ning, the founder of Pop Mart says: “The market for designer toys in China is massive and very promising.”
China Designer Toy Exhibition
POP MART is also behind the Beijing and Shanghai Toy Show. Around 300 of the top designers in China, Japan, South Korea as well as Europe, the United States, and Europe were present at the most recent Beijing Toy Show 2019 in August. POP MART introduced designer toy exhibitions to China mainland by launching the Beijing Toy Show 2017 (BTS). The art toy shows have been influential throughout Asia. They not only provide the opportunity for fans to meet their favourite artists and purchase exclusive designer toys as well artists from all over the world can come together to create amazing collaborations. For POP MART this is the most efficient method to find promising artists and discover collaboration opportunities.