Pageviews exceed billions! TikTok is booming, but the domestic market is cold and quiet

TikTok's pageviews are in the billions, but the domestic market is quiet

The domestic blind box market is in a slump, while TikTok blind boxes are extremely popular.

The popularity of blind boxes has led to the emergence of the “blind box economy”. According to the development of one of the benchmarks in the blind box toy market, Pop Mart, the overall situation of the domestic blind box market can be reflected to some extent. Pop Mart’s financial report shows that in 2021, Pop Mart’s net profit reached 855 million yuan, while in 2022, Pop Mart’s net profit was 476 million yuan, a year-on-year decrease of 44.3%. The hot scene of queuing up to buy a new IP series from Pop Mart is now a thing of the past. At the same time, the speed at which Pop Mart opens offline stores in China has also slowed down. The former glory cannot be repeated, and the domestic blind box market has reached a saturation point, seeming to be in a declining state. In contrast to the cooled-down domestic blind box market, the foreign blind box market is developing rapidly. Pop Mart’s Q1 2023 financial report shows that Pop Mart’s Q1 revenue increased by 0%-5% year-on-year, of which mainland revenue decreased by 5%-10% year-on-year, while Hong Kong, Macao, Taiwan, and overseas revenue increased by 160%-165% year-on-year. In recent years, Pop Mart has also opened multiple offline stores in many countries such as the UK, the US, France, and Australia, and the scene was once very lively, with many instances of queuing up to buy. Blind boxes are popular on TikTok The popularity of blind boxes abroad is also fully displayed on TikTok. Blind boxes were extremely popular on TikTok in 2022, and the trend has not disappeared with time. The popularity of blind boxes has expanded from trendy toys to various fields such as cosmetics and clothing, and blind boxes have blossomed on TikTok. Just like the famous quote from the movie “Forrest Gump”: “Life is like a box of chocolates. You never know what you’re gonna get.” The fun of blind boxes lies in this, making full use of people’s curiosity, desire to collect, and the desire to win rare, limited, and hidden products. When consuming blind boxes, there are two completely different pleasures. One is to get a beautiful toy at a certain and uniform price, gaining psychological satisfaction. The other pleasure comes from the unknown stimulation. No one can know which product is in the box unless the box is opened. This mechanism is extremely addictive and is a unique way for modern young people to relieve stress under control. TT123 learned that so far, the hashtag #blindbox on TikTok has been viewed 2 billion times, while #surprisebox and #mysterybox are also expressions of blind boxes, with the hashtags viewed 641 million and 5.2 billion times, respectively. In addition to these blind box-related hashtags, there are also some topics related to blind boxes, such as #mysterytoy with 961 million views and #surprisetoy with 528 million views. The viewing volume of any hashtag related to blind boxes cannot be underestimated. It can be seen that blind boxes are extremely popular on TikTok. ▲ Image source: TikTok Compared to the popularity of blind boxes, TT123 learned that what is more popular and attractive to TikTok users is unboxing, as the hashtag #unboxing has been viewed 76.4 billion times. People not only like to buy blind boxes but also enjoy watching videos of others unboxing them. Watching others unbox and buying blind boxes are two different psychological stimulations, with the former being more decompressive than the latter. From another perspective, after watching unboxing videos, users are also prone to impulse purchases. ▲ Image source: TikTok Blind boxes for everything It is reported that Pop Mart has opened up cooperation with well-known IPs such as Disney, Lord of the Rings, and Harry Potter to increase its popularity overseas, and a series of trendy toys it sells are popular in overseas markets. Recently, Pop Mart has cooperated with famous Crocs to launch a wave of sales overseas. With the blind box market booming, many brands have seen the business opportunities behind blind boxes and have launched various forms of blind boxes, such as lucky bags, to participate. “Everything can be blind boxed”. Blind boxes are not limited to trendy toys and have become an important marketing model for many brands to attract young consumers and gradually move towards the masses. Many luxury brands have also put down their high-end image and launched blind boxes to attract the attention of young consumers. Chanel once launched a blind box set priced at 6,000 yuan, and Dior also launched a Christmas commemorative blind box. These brands have attracted a wave of attention under the banner of limited-edition blind boxes, and it can be said that they have won the widest attention with the least marketing cost. Although the products inside the blind boxes have been criticized by consumers, this has not affected the enthusiasm of young people to buy luxury blind boxes. Heat is a platform that focuses on luxury blind boxes and has nearly 120,000 fans on TikTok. Many luxury brands cooperate with Heat to sell their out-of-season products. For consumers, this is a high-value thing that can buy luxury products that were once out of reach at the most cost-effective price and enjoy the fun of opening blind boxes. For luxury brands, blind boxes can not only clear inventory but also shorten the distance between them and young consumers. ▲ Image source: TikTok At the same time, TT123 found that there are many sellers on TikTok who sell products in the form of unboxing boxes. Blogger @edjvntge takes the banner of “Creators of the Vintage Mystery Box” and shoots and produces blind box videos. Most of @edjvntge’s blind box videos are clothing and various fashion items, and the reverse sales of his own products are achieved through unboxing. As of now, @edjvntge has 660,000 fans and has received up to 11.2 million likes. ▲ Image source: TikTok Final thoughts For sellers, based on the domestic experience, the passion for blind boxes will gradually fade away under the background of the generally sluggish market economy, and what can be retained is more of the story expression behind blind boxes. Consumers prefer personalized product expressions. Cute and curious are external manifestations. A good-looking appearance may inspire sales in the short term, but in the long-term development, whether it is trendy toys or any other product such as cosmetics and clothing, it is important to turn the product into a story. Creating a unique brand culture that belongs to oneself is more conducive to the long-term development of the brand. After the product sales volume is up, sellers may wish to consider creating their own brand culture. Editor ✎ Ten Degrees/AMZ123 ****Disclaimer: The copyright of this article belongs to BusinessDialogue. No reprinting is allowed without permission.****

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