Pop Toys Serious Biz in Hot China Market

Mighty Jaxx, a Singapore-based high-end toy brand, which mainly features street art styles and targets a niche market, plans to open its first Chinese brick-and-mortar store in Shanghai in the second half of 2023 to further expand its footprint in the country.

Fueled by a hot pop toy market, the company entered the China market in 2018 and has mainly cooperated with offline stores such as Top Toy and QQ Family, besides selling its products through vending machines. In addition, it sells products on e-commerce platforms such as Douyin and Tmall.

The company said it would like to differentiate itself from other brands by offering consumers the extended experience of communicating with other fans or certain figures associated with the products. For example, consumers have a chance to talk to F1 drivers if they purchase related toys.

In 2021, sales of China's pop toy market stood at 36.6 billion yuan ($5.3 billion). From 2021 to 2024, the sector's compound annual growth rate is expected to reach 27.7 percent. However, the market is in its initial development stage in China and remarkable growth opportunities exist in the next few years, according to consultancy Frost& Sullivan.

China Renaissance, a financial institution, also predicts that by 2024, sales of China's pop toy market are expected to reach 76.4 billion yuan.

Source: China Daily