Chinese millennials’ craze for toys spawns multimillion-dollar industry in blind boxes, drawing calls to curb speculation
- Market for blind boxes could grow to 25 billion yuan (US$3.8 billion) in 2025 from about 3 billion yuan in 2019, according to Qianzhan Intelligence
- China’s toymakers bet on the country’s 500 million young consumers, flush with disposable income and willing to spend on indulgences, to fuel the market
When C.C. Sun first heard in 2019 about so-called blind box toys, collectible figures in mystery packaging, the 32-year-old engineer from Tianjin mocked her colleague for playing with children’s stuff.
Fast forward to last June. When Sun saw Harry Potter figures were on the offer, the big fan of the magical world created by J.K. Rowling did not hesitate to pay 59 yuan (US$9) each, and got a palm-sized figurine of Professor McGonagall.
The toe-dip ended up costing her more than 2,000 yuan within a week to collect all 12 figurines in the series, including a limited-edition Harry Potter on a Firebolt broomstick.
Across the country, consumers like Sun have turned the hobby into a craze and spawned an industry on its own. The market for blind boxes could grow to 25 billion yuan (US$3.8 billion) in 2025 from about 3 billion yuan in 2019, according to Shenzhen-based consultancy Qianzhan Intelligence. The craze, though, has attracted stinging criticism last month from several state-run media outlets, which likened it to gambling addiction.
03:01
China’s ‘biggest’ crane game centre gets customers digging out plush versions of popular online characters
Buyers of blind boxes do not know which figurine they will get until they unpack them. Some may get the thrill of winning sought-after characters, some may be frustrated with ones they already have. Getting the desired piece to complete a collection depends entirely on luck, or perhaps on the amount of money spent.