Pop Mart and Gen Z: Emotional Economy in China

Trending in China, a podcast where we dive into the latest buzz around Chinese economy and beyond.Starting this season, we are bringing you new content from tech trends to culture and consumption, with a focus on what'smaking waves in China's fast-paced society.In this episode of Trending in China, host Zhang Yiyi is joined by Lucas Zhang, a frequent blind box buyer and art toy collector. They dive into the fascinating world of China’s rapidly expanding art toy market, with a particular focus on Pop Mart and its viral blind boxes, where Lucas shares insights into how these toys transcend their function as simple playthings and instead serve as cultural ambassadors, offering emotional fulfillment and self-expression for Gen Z consumers.They explore the growing trend of emotional consumption, where younger generations prioritize products that connect with their individuality and offer a deeper emotional resonance, rather than just fulfilling material needs.The conversation also touches on the role of intellectual property (IP) in shaping art toys, how these toys reflect not just a consumer trend but a shift towards self-expression and community-building, and also the consumption upgrades taking place in China.This episode was recorded in December 2024. Highlights:4:47 Adults also need to play with toys10:08 Art toys like Pop Mart make art more approachable13:00 Labubu storms Southeast Asia16:21 When we talk about IPs, what are we talking about?20:00 Huge market reflected by growth of Pop Mart and Gen Z’s growing purchasing power25:16 What makes them buy: emotional value26:06 Shopping malls in Beijing are providing services different from the past28:39 China is shifting from a production-driven to a consumer-driven society29:40 Gen Z consumers are spending money to buy happiness and please themselves34:25 Purchases of art toy blind boxes is not about escapism but shows confidence of GenZ consumers36:36 How brands should adapt to the evolving market landscape to attract the younger generation of consumersThis podcast is available on Spotify, Apple Podcast and YouTube. You are also more than welcome to check our newsletter where you can find more in-depth sharings around Chinese economy: https://pekingensight.substack.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit pekingensight.substack.com