China’s “trendy toy” industry, soaring by an average 30 percent year-on-year over the past few years, has gained immense popularity in the country, if not across the world. This year, Pop Mart auctioned off a single limited edition mint-green Labubu (a cute monster toy) for 1.08 million yuan (US$150,000), a record high for an IP toy. Although they have no interactive functions, trendy toys, often sold in mystery boxes, create enormous emotional value with imaginative and unconventional designs that reflect the demands of younger generations, who need imperfect companions to open their minds and hearts. Although not as heroic as China’s early animated characters such as Monkey King and Nezha, nor as pretty as Barbie, today’s IP toys reflect the subtle rebellious streaks of Chinese millennials. Winnie the Pooh, the world’s first IP toy, was issued in 1925, and today’s trendy toys bring continuous comfort and consolation to their owners regardless of age.
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