Chongqing - Southeast Asia is seeing a rise in the popularity of Chinese blind boxes, fueled by demand for trendy toys and social media influence. In just two months of launching cross-border live-streaming sales, entrepreneur Gu Leiming is earning over 100,000 yuan (about 13,704 U.S. dollars) monthly. His business, focused on selling blind boxes via platforms like TikTok, taps into a fast-growing and lucrative market.
52TOYS's first store in Thailand celebrates its anniversary. (Photo provided by the interviewee)
Gu began in early October with his first live stream targeting Vietnamese consumers. His initial broadcast, set against a wall of blind boxes, generated 1,500 yuan (about 205 U.S. dollars) in just two hours. Encouraged by this success, Gu expanded to more live-streaming studios in Vietnam and Malaysia. His monthly sales now reach 300,000-400,000 yuan (about 41,000-55,000 U.S. dollars).
The popularity of blind boxes in Southeast Asia is fueled by factors such as celebrity influence and the region’s young demographic, which is passionate about collectible toys. Thai pop star Lisa has been instrumental in popularizing the Labubu character from the Chinese brand Pop Mart. She regularly shares selfies featuring Labubu on her social media and the character is often seen hanging from the luxury handbags of Thailand’s royal family, further boosting its popularity in the region.
In addition to celebrity influence, Southeast Asian consumers are drawn to the unique appeal of blind boxes—mystery toys sold in sealed packages where buyers can’t see the contents until opened. This novelty has captivated a generation eager to collect toys not just for fun but as a way to connect socially and emotionally.
The expansion of Chinese companies in Southeast Asia mirrors the growth in blind box sales. Brands like 52TOYS are rapidly increasing their presence, with plans to open 10 stores in Thailand by December 2024. Pop Mart, another major player, reported a 478.3% year-on-year growth in Southeast Asia in the first half of 2024, with Bangkok’s new store opening drawing large crowds.
Despite the strong potential of the blind box market in Southeast Asia, challenges remain. High return rates, especially in Vietnam, where cash-on-delivery is common, pose financial risks for sellers. Returns can reach up to 40%, requiring products to be shipped back or discarded, leading to lost revenue.
The hosts of cross-border e-commerce live-stream are working. (Photo provided by the interviewee)
Competition is also intensifying. Data from the e-commerce platform Metric shows that five major platforms in Vietnam—Shopee, Lazada, Tiki, Sendo, and TikTok Shop—host over 500 blind box stores, generating total revenues exceeding 4.6 billion Vietnamese dong (about 180,000 U.S. dollars).
However, experts remain optimistic about the market’s future. Gu, an entrepreneur in the industry, believes that the blind box business will thrive for at least the next five years. He is planning further live-streaming expansions in Yunnan and Southeast Asia and developing exclusive IP for the market.
Looking beyond Southeast Asia, Europe, and the Middle East are seen as potential growth markets, thanks to Europe’s high consumer spending and the Middle East’s young population. While some caution that the blind box craze might be fueled by speculation, analysts note that consumer enthusiasm and the power of social media present strong growth opportunities for brands willing to adapt to regional trends.
(Xiong Yingying, a reporter from Cover News, contributed the Chinese version of this report.)
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