How ‘made in China’ went from cheap to trendy and unique? Credit goes to Labubu toy | Trending

In recent years, “Made in China” has evolved from a label associated with inexpensive, mass-produced goods to one representing innovation and trendiness. High-quality Chinese products are gaining popularity worldwide, with items like chip-embedded soccer balls and advanced machinery being welcomed across various industries. Labubu’s unique design has captivated fans of all ages.(X) This year, a quirky rubber-coated plush character named Labubu has taken Asia storm, emerging as the most sought-after toy across the continent. With its pointy ears, devilish eyes, jagged teeth, and mischievous grin, Labubu’s unique design has captivated fans of all ages, reported the South China Morning Post. Created Hong Kong-born art Kasing Lung and produced Pop Mart, China’s leading retailer of trendy toys, Labubu has become a cultural phenomenon. Its unconventional and eye-catching appearance has set it apart, solidifying its place as a must-have collectible for toy enthusiasts across Asia. Pop Mart, the “largest and fastest-growing enterprise in the trendy toy industry” according to a report Guosen Securities released at the end of last month, has witnessed double-digit sales growth in China and triple-digit growth in international markets in the past year. A shift in the perspective of ‘made in China’Labubu and other mystery collectibles, often sold in sealed “blind boxes,” are reshaping the global perception of “made in China” products. These toys are now recognised for their unique designs and brand appeal, moving away from the stereotype of cheap, mass-produced items. At a Pop Mart store in Shanghai’s Xuhui drict, a customer expressed her excitement after finally purchasing a Labubu set after months of waiting. “I could never get one when the stock was replenished online because so many people rushed to buy at the same time,” she said. “Today, I finally got one at an official store, and I’m so happy!” When asked why she loved the toy, she replied, “I love the design; I feel happy when looking at it.” Labubu’s popularity extends beyond China. In April, Lisa, a Thai member of the popular K-pop group Blackpink, posted a photo of herself with a Labubu doll and keychain, sparking a surge in the toy’s popularity in Thailand. This trend quickly spread to Vietnam, Singapore, and other regions. Also read: Single Chinese women are taking maternity photos with fake ba bumps Pop Mart’s third-quarter business update reported overall revenue growth of up to 125% year-on-year. Revenue in mainland China increased up to 60%, while revenue from Hong Kong, Macau, Taiwan, and international markets grew over 440%. Despite their appeal, Pop Mart’s toys come with a premium price tag. A set of six small Labubu figures, each in a different pose and outfit, is priced at about 600 yuan (approximately INR 7000). Other popular Pop Mart products include Molly, a little girl with golden curls and large eyes, and Skullpanda, a skeleton panda figure. China’s trendy toy industry has seen rapid growth, expanding from a market size of 6.8 billion yuan in 2015 to 60 billion yuan last year, with an annual compound growth rate exceeding 30%. Pop Mart holds an 8.5% market share, ranking first in the sector. Since 2021, Pop Mart has been expanding its overseas presence and now has stores in over 20 countries and regions. Its international revenue has seen phenomenal growth, with overseas sales accounting for nearly 30% of the company’s total income in the first half of this year. The success of Labubu and Pop Mart highlights a broader trend of Chinese companies increasingly relying on brand power for global expansion. Hisense Group chairman Jia Shaoqian noted that his company’s success in international markets was largely due to sports marketing, which had helped elevate its global profile and build its brand. “We believe that a brand is the future of a company,” Jia said. “Without a brand, there is no internationalisation for Hisense.” A November report Huatai Securities suggests that Pop Mart is expected to continue its strong growth into the fourth quarter of this year and beyond, with promising prospects of becoming a world-leading trendy toy brand.