1. Vinyl Face Dolls Are Hot
Labubu, a product of Pop Mart, has driven the Southeast Asian trendy toy market to become popular. Trendy toy companies are flocking overseas to make money. There was an original IP created by a small boss in Dongguan. He was originally worried about sales, but in just three months in Southeast Asia, he shipped 2 million units and made tens of millions of dollars in profit.
2. Active Southeast Asian Market
In the view of Zhang Yingnan, CMO of toy brand 52TOYS, the consumption capacity of the Southeast Asian market is “very active”, which is different from “strong” consumption capacity. It is more related to regional culture. Southeast Asians live more in the present and are more willing to pay for things that can show their individuality.
Southeast Asian countries have a good momentum of economic development in recent years. The main countries with higher per capita GDP are Singapore (2023, 84,700 US dollars), Malaysia (2023, 11,600 US dollars) and Thailand (2023, 7,171 US dollars).
People here are not satisfied with basic living needs, and pursue higher quality and more personalized products and consumption experiences. As an emerging consumer category that combines creative design, cultural connotation and collection value, trendy toys just fit this consumption trend.
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“Their (Southeast Asian market) consumption capacity is very active,” Zhang Yingnan said. Active consumption capacity is different from strong consumption capacity. The former is influenced by regional culture, while the latter is related to the local economic level.
According to her observation, Southeast Asians live more in the present and are willing to pay for things they like. The store manager in Thailand mentioned to her that she often encountered a type of consumer in the store. At the cashier, they took out two bank cards, flipped through their mobile phones, and then looked for cash in their pockets. They emptied their pockets from head to toe before putting together a sum of money to buy the blind box.
3. Risks And Opportunities Coexist
During the Thailand Trendy Toy Show last November, except for the top well-known brands, more than half of the other new IPs sold “mediocrely”. This is related to the limited popularity of new brands, but more importantly, the market has been saturated in just two months. It is understood that some popular IP products of dark horse companies are now unsalable.
But the market will not disappear, because in essence, humans still have a great spiritual demand for trendy toys. Toys are not new now. We played with them when we were young and we still play with them when we grow up. In addition to eating, people also need spiritual sustenance and a sense of beauty.
