According to Euromonitor the retail sales total of games and toys in China have risen by RMB 135.6 billion back in 2013, to RMB 324.1 billion by 2018with an average annual rate of 19.1 percent. But not all toy buyers are children. POP MART is a company that sells the blind box, is a top player in the market for designer toys in China.
The market for designer toys in China has seen a surge in recent year. Based on Wang Ning, the founder of POP MART the trend for designer toys started with Hong Kong in the 1990s and was inspired through Japan, South Korea, and the West in the early 2000s. The trend is unavoidable due to the country’s robust economy, he claims.
POP MART’s rapid rise in the rapidly growing Chinese toy market
On the 11th of December, the 11th of December, POP MART launched its initial public offering (IPO) at 38.5 HK$ a share hoping to raise $674 million. At the close of the day the value of POP MART’s shares was up by more than 77.1 HK$, breaking the record for the most successful debutant with deals of more than 500dollars for deals over 500$ in Hong Kong. Within ten years of opening its first location within Beijing, POP MART has established itself as the top player in China’s Chinese fashion toy industry. It boasts an annual increase of 22.8 percent, the industry has seen other companies follow in the POP MART model.
Even though 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 the companies, which is specialized in IP derivative toys. The company was founded in the year 2015 and began to gain investors in the year 2017 according to the director Chen Wei, thanks to the rapid growth in the industry of entertainment. Brands that are more focused on IP like Ali the Fox are also seen a rise in popularity. International brands also have observed China increasing demand for toy products: LEGO and the Japan-inspired Italian brand Tokidoki have revealed that they have plans to target China. Chinese market.
A growing number of young adults have turned 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 are based on pop culture themes (hip-hop graffiti, hip-hop, Japanese Manga culture). In the past the collectors of designer toys in China were a tiny community. But, the landscape is rapidly changing. A growing number of young adults are turning into designers toy buyers in China.
Chen Shaofeng, vice-dean of the Institute for Cultural Industries at Peking University, explained that the growing quantity of people buying designer toys in China is a result of the higher standard of living. The rise of the designer toy market in China has shown China’s younger adults’ love of the arts and culture. However they’re keen to discover their identity. Making purchases and collecting specific kinds of toys for art can be a means of expressing themselves; a method to show people about who they really are as well as what they are interested in. Even though most designer items come in only a few pieces and are priced expensive, they aren’t readily available or affordable to the majority of the toy lovers who are designer in China. Blind box toys from China as a form of art at a reasonable price has gained a lot of attention on the market for designer toys.
What is a blind Box what is its purpose, and how is it 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. The plastic figurines in palm size are packed into opaque polybags and are sold in separate blind box (Chinese:Mang He ). Typically, every character series is comprised of 12 characters. 12 blind boxes comprise one package, while 12 packages make up one box. So, one box includes 144 minifigures and 12 different designs are distributed randomly.
In all 12 designs One minifigure will be selected as a mystery style and there will always be one item within the total of blind boxes. This is why 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 buy all 144 blinds all at once. Most blind boxes are offered at the same price, which is $59 RMB (8 dollars) and that’s quite expensive, especially for a hand-sized plastic doll, but it isn’t costly enough to make collectors in the habit of buying the same thing over and over. In 2011, around four million dolls of Popmart Molly among the top well-known characters in China’s blind-box market China were sold.
The economic blindbox in China
Additionally, there will be limited series (limited quantity and time) of characters that are exclusive to a particular events like holidays like Christmas and Chinese New Year for the same price, and there is no extra cost for limited edition holiday specials. Some collectors will even gather at the front of the shops for the night.
Designer toy buyers in China frequently showcase their collection via social media. They also exchange and discuss dolls through online communities for toys like PAQU (Pa Qu ) or used platforms such as Xianyu (Xian Yu ) from Alibaba. Dealers can also make a lot of money selling popular blind boxes that they have acquired. The cost of a secondhand market is determined by a variety of variables, e.g. the amount of blind boxes produced by the same series of blind boxes; the proportion of mystery style to regular styles (normally 1/1144) and so on.
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 was able to sell a wide range of lifestyle products, such as toy, home beauty, and more. In recent past, POP MART has discovered the unsatisfied need and passion for designer toys among Chinese youngsters. Since the time, POP MART has changed its business model and has shifted its focus to the market for designer toys in China.
Prior to when POP MART began to only work with designers blind boxes were sold through various channels, including stationsery stores or toy stores. Today, POP MART gives designers the opportunity to avail an “all-inclusive solution” from design to distribution to marketing. Additionally, POP MART is running more than 30 stores in elegant shopping malls in 14 cities across China. The company also has more than 200 Roboshops (automated vending machines) across the nation. The company also opened it’s Tmall flagship store in 2015 and also introduced its APP in the year 2016.
POP MART told the toy chronicle in an interview earlier this year. POP MART is the UK most popular designer vinyl toy website currently 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 through Beijing Toy Show 2017 (BTS). The exhibitions of art and toys have been influential throughout Asia. These shows not only provide the opportunity for fans to meet their favourite artists and buy exclusive designer toys, however artists from all over the world can come together to create many wonderful collaborations. For POP MART it’s the most efficient method to find promising artists and discover collaboration opportunities.
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