For Pop Mart, tiny blind boxes are big business

Pop Mart, a Beijing-based toymaker, has seen explosive growth driven by the popularity of its collectible Labubu plush toys, appealing to Gen Z and millennials globally, with sales doubling to $1.8 billion last year. The toys’ unique “blind box” packaging encourages repeat purchases, while Pop Mart’s market valuation exceeds that of US toy giants Mattel and Hasbro. As the company expands internationally, it taps into consumer behavior that favors small luxuries in tough economic times, positioning itself for continued success despite the cyclical nature of toy trends.