AEMPS

IP Ecosystem-Driven Value Creation in China's Designer Toy Industry: A Case Study of Pop Mart

Author

Mingxuan Guo * 1

1 Dongbei University of Finance and Economics

Corresponding Author

Mingxuan Guo

Keywords

Designer Toys, Blind Boxes, IP Ecosystem, Emotional Consumption, Pop Mart

Abstract

China's designer toy industry has shifted from a niche subculture to a visible sector of cultural consumption. Unlike traditional toys, designer toys combine artistic design, emotional experience, symbolic identity and collectible scarcity. This paper examines how the industry creates value and how this value can be sustained, using Pop Mart and the Labubu-related IP boom as the main case. It adopts a qualitative case-study approach based on academic literature, public company information, regulatory documents and secondary industry materials. The analysis focuses on three questions: how consumer demand transforms manufactured objects into cultural and emotional goods; how Pop Mart converts IP assets into commercial growth through blind boxes, channels, communities and globalization; and what risks may threaten the long-term development of this model. The paper finds that value creation in designer toys depends less on manufacturing itself than on an IP ecosystem that links artists, products, retail spaces, online platforms, resale markets and fan communities. However, blind-box uncertainty, speculative resale, dependence on hit IPs, product homogenization and cross-cultural expansion risks can weaken sustainability. Future growth should shift from hit-driven sales to transparent operations, diversified IP, responsible consumer protection, and sustainable innovation.

Citation

Mingxuan Guo. IP Ecosystem-Driven Value Creation in China's Designer Toy Industry: A Case Study of Pop Mart. AEMPS (2026) Vol. 287: 9-16. DOI: 10.54254/2754-1169/2026.LD35263.

References

[1]: Xinhua News Agency. (2025). Chinese IP-themed industries gain momentum. Xinhua. https: //english.news.cn/20251219/b9ffc9a03ea940ebb4b7f8a1bcd58b4a/c.html

[2]: Holbrook, M. B., & Hirschman, E. C. (1982). The experiential aspects of consumption: Consumer fantasies, feelings, and fun. Journal of Consumer Research, 9(2), 132-140.

[3]: Bourdieu, P. (1984). Distinction: A Social Critique of the Judgement of Taste. Cambridge, MA: Harvard University Press. https: //www.hup.harvard.edu/books/9780674212770

[4]: Schmitt, B. (1999). Experiential marketing. Journal of Marketing Management, 15(1-3), 53-67.

[5]: Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing, 57(1), 1-22. https: //doi.org/10.1177/002224299305700101

[6]: Muniz, A. M., Jr., & O'Guinn, T. C. (2001). Brand community. Journal of Consumer Research, 27(4), 412-432.

[7]: Cova, B., & Cova, V. (2002). Tribal marketing: The tribalisation of society and its impact on the conduct of marketing. European Journal of Marketing, 36(5/6), 595-620.

[8]: Prahalad, C. K., & Ramaswamy, V. (2004). Co-creation experiences: The next practice in value creation. Journal of Interactive Marketing, 18(3), 5-14. https: //doi.org/10.1002/dir.20015

[9]: Kozinets, R. V. (2002). The field behind the screen: Using netnography for marketing research in online communities. Journal of Marketing Research, 39(1), 61-72.

[10]: Jenkins, H. (2006). Convergence Culture: Where Old and New Media Collide. New York: New York University Press. https: //nyupress.org/9780814742952/convergence-culture/

[11]: Xiao, L. Y. (2022). Blind boxes: Opening our eyes to the challenging regulation of gambling-like products and gamblification and unexplained regulatory inaction. Gaming Law Review, 26(5), 255-268.

[12]: Zhou, J. (2025). Research on the IP operation model of trendy toy companies: A case study of Pop Mart. In M. M. Husin (Ed.), Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025), Advances in Economics, Business and Management Research, 353, 1224-1231.

[13]: Liu, Y., & Yu, Q. (2025). Sustainable development analysis of China's designer toy IP industry: A case study of Labubu. Academic Journal of Business & Management, 7(12), 8-16.

[14]: POP MART International Group Limited. (2026). Annual results announcement for the year ended 31 December 2025 and change in use of proceeds.https: //www1.hkexnews.hk/listedco/listconews/sehk/2026/0325/2026032500285.pdf

[15]: State Council Information Office of the People's Republic of China. (2023). China draws regulatory bottom line on blind-box businesses. https: //english.scio.gov.cn/pressroom/2023-06/16/content_87751554.htm

Copyright © 2021 Eliwise Academy. Unless Otherwise Stated