Toy retailer PopMart is captivating Gen Z consumers in the United States with its trendy collectible figurines. PopMart’s rapid rise reveals how Asian pop culture and consumer influence are driving a new era of global cultural exchange.
A New Kind of Toy Collector
In just over a decade, PopMart has transformed from a relatively unknown Chinese retailer into a $33.6 billion global toy giant, outpacing the likes of Hasbro, Mattel, and Sanrio combined. At the core of its rise is a cultural phenomenon that fuses Gen Z consumerism, social media virality, and the addictive thrill of surprise—blind box toys. Founded in 2010, PopMart capitalized early on blind boxes, sealed packages containing mystery collectible figures. While this trend was already popular in parts of Asia, PopMart helped evolve this format into a global craze. By 2020, the company reached a value of $15 billion, already surpassing legacy names in the toy industry.
Unlike traditional toy companies that cater to children, PopMart’s primary demographic is young adults—particularly Gen Z consumers with disposable income and a taste for niche collectibles. Young consumers are participating in an aesthetic culture where figurines like PopMart’s Labubu, Skullpanda, and Crybaby as well as Dream Inc.’s Sonny Angel and Smiski are displayed on bags, phone cases, in homes as decorations, and even with miniature outfits and props. Such accessories are often handmade by sellers independent of PopMart who have started small businesses to cater towards Gen Z’s desire for aesthetic personalization.
PopMart’s success is also deeply intertwined with short-form content on social media platforms. Unboxing videos, collection reveals, livestreamed product drops, and reseller hauls have created an infinite loop of viral content. The company’s strategy of releasing limited edition series amplifies demand by controlling supply, tapping into a scarcity business model that makes the search for any one box a high-stakes thrill. In addition, each series typically includes an elusive “secret” or “secret rare” figure—intentionally left off the packaging—to fuel the collector's hunt.
Asian Soft Power and Global Expansion
Although PopMart is based in China, its portfolio includes a wide array of characters from across Asia—acting more as a cultural curator and distributor than a traditional manufacturer. It distributes popular Chinese, Japanese, Korean, Thai and Hong Kong toy lines to global audiences through retail shops, “robo-shop” vending machines, and e-commerce platforms as part of an East-to-West business model redefining the global toy market.
Quickly gaining momentum in the West, PopMart has aggressively expanded its retail capacity in the United States. In September 2023, the company established its first physical location in the United States at the American Dream Mall in New Jersey. Now, it operates 22 brick-and-mortar stores nationwide in states like California, Washington, Texas, Illinois, and New York—with its most recent addition being in Columbia, Maryland in April 2025. The company intends to double that number by the end of this year. PopMart also maintains 39 “robo-shops” across various malls and public places in the United States, expanding its reach beyond traditional retail.
The Faces of the Global Craze
“Labubu,” a monster character inspired by Nordic fairytales, has cemented itself as PopMart’s flagship collectible designer toy—selling out within minutes of each release and drawing long lines of customers on restock days. Created by Hong Kong artist Kasing Lung, Labubu is part of “The Monsters” tribe that first debuted in 2015—making this year its 10th year anniversary. However, Labubu didn’t have a significant impact on the global toy scene until the release of the plush key ring series Exciting Macaron in 2023. Since then, its popularity has skyrocketed, breaking into the resale market, where third-party sellers often double or even triple the original retail price. The character has also spawned an entire dupe market, with counterfeit versions—often called “Lafufus” or fake Labubus—emerging to meet the ever-growing consumer demand.
While Labubu has helped solidify PopMart’s place in the collectible toy world, the blind box trend itself has been around for much longer. Brands like Smiski and Sonny Angels, although not sold at PopMart, have a dedicated fan base of several years. Created by the Japanese toy company Dream Inc. in 2004, Sonny Angels are named after Toru Soeya (nicknamed “Sonny”), a toy manufacturer and founder of the company. They are small, cherubic angel figurines wearing headgear with various themes, including animals, foods, and flowers. Its naked body design is inspired by Kewpie, the American cartoon character created by female illustrator Rose O’Neill, which were used to advocate for women’s suffrage in the early 20th century.
Sonny Angels are currently sold in 33 countries around the world with a cult following that includes American supermodel Bella Hadid, who has shared her Sonny Angel collection on social media. They even made an appearance in a SNL skit last year, bringing the tiny Japanese invention to American living rooms. While the company’s mission is to create products that make people’s lives happier, this product has a surprising target audience—working women in their 20s. Soeya envisioned a pocket doll that could provide a sense of comfort and healing to women as they navigate stressful times in adulthood. Consumers of the product range anywhere from 20 to 40 years old on average, with 90% of them being women. Though having a largely female audience, Sonny Angels have touched the hearts of more than just working women in their 20s.
Also created by Dream Inc. in 2015, Smiski are expressionless glow-in-the-dark figurines described as “curious little creatures that love hiding in small spaces and corners of your room.” They come in various blind box series, where the two-inch tall creatures are engaged in everyday activities such as going to work, exercising, or simply relaxing. Soeya wanted these figurines to add glow to one’s life, both figuratively and literally: they have a higher percentage (about 20%) of glow-in-the-dark powder compared to children’s toys (which are limited to 3 to 5%). Since the Japanese website describes them as guardian yōsei, or fairies, that watch over you, their glowing bodies add to their mystical nature. In addition to the mini figurines, they also come in touch lamp, keychain, and even bath bomb forms. The name comes from a combination of the Japanese words for “corner” (sumi) and “like” or “enjoy” (suki), making them the perfect collectible figures to place in nooks and crannies around your home.
Financial Powerhouse in the Toy Industry
PopMart went public on the Hong Kong Stock Exchange (HKEX) in December 2020, and its numbers speak volumes to the company’s success. In 2024, the firm reported $1.8 billion in revenue—double that of the year prior. In 2025, PopMart stock jumped 113% on the back of Q1 earnings and the anticipated release of the third wave of Labubu: Big into Energy series. The Labubu series alone generated $400 million in revenue in 2024, an explosive 726% year-over-year growth.
PopMart’s success comes at a time when the blind box market is on the rise. According to Cognitive Market Research, the blind box market is valued at $14.25 billion globally in 2024, with a projected compound annual growth rate (CAGR) of 6% through 2031. The United States accounts for 40% of that, with a market size of $5.7 billion, making it the largest consumer region for these collectible figurines.
More than a Toy Trend
PopMart sits at the intersection of the arts, culture, and fandom in an age of algorithm-driven shopping. The company has redefined what a “toy” can be, creating lucrative designer collectibles that play into the emotional charge of collecting and the digital currency of hype and status among online communities. These blind boxes are instruments of soft power, exporting Asian design, creativity, and aesthetic values through viral consumer culture. As the popularity of blind boxes continues to spread across the globe, PopMart may become the blueprint for the next generation of consumer brands. Employing scarcity, storytelling, and style, PopMart is redefining global consumer culture—one blind box at a time.
Emma Potts is a Spring 2025 Young Professional at the East-West Center in Washington. Emma recently graduated from Columbia University, majoring in Political Science and East Asian Languages & Cultures.
Nanami Nishimoto is a Spring 2025 Young Professional at the East-West Center in Washington. She is a graduate student at Virginia Tech’s School of Public and International Affairs (SPIA) with a B.A. in International Studies, majoring in IR and minoring in German.