In today’s consumer market, blind box culture has swept the world with its unique charm, especially loved by young people. As a leading brand in this field, Bubble Mart has achieved an astonishing increase in market value in just a few years with its innovative product design and business model, becoming a phenomenon in the trendy toy industry. This article will provide an in-depth analysis of the success code behind Bubble Mart, and explore how it accurately captures consumer needs from multiple dimensions such as psychology, business strategy, and cultural value, transforming a simple plastic doll into a cultural symbol with emotional value, social attributes and even investment potential, as well as its wisdom and strategies in its global layout.
In the trendy toy circle, there is a saying: “Once you enter the blind box, it is as deep as the sea, and from then on, the wallet is a passerby。”
Bubble Mart, a company that started with blind boxes, has seen its stock price rise from a low of 9.543 to a maximum of 199 from 2022 to 2025, an increase of nearly 20 times. According to its 2024 financial report, its revenue increased by 106.9% year-on-year to 13.04 billion yuan, net profit increased by 188.8% to 3.125 billion yuan, accounting for nearly 40% of overseas market revenue, and its market value exceeded HK$260 billion.
What kind of magic did it work to make young people willing to empty their wallets for plastic villains? Behind this lies a precise grasp of human needs and a well-designed business logic.
01 Seize the emotional rigid needs of Generation Z: from “functional consumption” to “emotional investment”
1. “Emotional compensation” in the era of loneliness
Generation Z grew up in an era of material abundance, and it is no longer a problem to have enough to eat, and they are more eager to be “understood” and “accompanied”. Bubble Mart dolls have round faces, big eyes, and soft lines, and this “baby schema” design is inherently protective and inspires a desire to protect.
Some people made up stories for Molly, designed exclusive circles of friends for Dimoo, and even took dolls on trips and “life photos”. These dolls are no longer toys, but “spirit companions”. In the Douban “Bubble Mart Players” group, 3 million users shared the “daily life of raising a baby”, essentially completing self-expression and emotional sustenance through dolls.
2. The “dopamine carnival” at the moment of unboxing
The core charm of blind boxes lies in “uncertainty”. 12 regular models + 1 hidden model per series, with a hidden probability as low as 1/144. This kind of “lottery-style” expectation perfectly activates the brain’s reward mechanism – the heartbeat before unboxing, the ecstasy of unpacking the hidden model, and even the loss of the duplicate model are all violent emotional fluctuations.
Neuroscience studies have found that uncertainty leads to 30% higher dopamine secretion than certainty rewards. Bubble Mart has turned consumption into an “emotional roller coaster”, and what makes young people addicted is not the doll itself, but the heartbeat and anticipation at the moment of unboxing.
02 Addiction mechanism design: “psychological traps” that make users unable to stop
1. A complete “addiction model” closed loop
Neil Eyal’s “addiction model” is vividly reflected in Bubble Mart:
Triggers: External triggers are exquisite posters, unboxing videos of KOLs, and people queuing up in stores; The internal trigger is the obsession of “collecting a set” or the fluke mentality of “in case you win a hidden amount”.
Action: The unboxing action is extremely simple – tearing the package, opening the box, and completing it in less than 10 seconds, which is in line with the human weakness of “instant feedback”.
Rewards: The basic model is a “consolation prize”, the hidden model is a “super jackpot”, and there are likes and envy in the community to bring social rewards.
Investment: Users continue to buy in order to collect collections, share collections and make videos in the community, and the more time and emotions they invest, the more difficult it is to leave this “pit”.
2. Scarcity creates “missed anxiety”
Bubble Mart is well aware of “rare things are precious”:
Hidden hunger marketing: Hidden money does not announce the specific quantity, offline stores are limited to supply every day, want to buy? Please get up early and line up.
Limited edition limited edition release: The city limited edition is only available in specific stores for 3 days, and the holiday limited edition is only available once a year, so if you miss it, you have to go to the second-hand market to buy it at a high price.
“Philatelic” consumption: Each series has 13 styles, and if one is missing, it is not considered a “complete collection”, which will force obsessive-compulsive disorder and increase the repurchase rate. Data shows that 60% of sales come from limited and hidden models.
03 IP Ecology: From “Single Doll” to “Cultural Symbol”
1. Create a “pyramid” IP matrix
Bubble Mart’s IP strategy is divided into three layers:
Own IP: Original characters such as Molly, Dimoo, Labubu, etc., are the soul of the brand. Molly’s “tsundere face” has become an iconic symbol in the trendy toy industry, contributing 35% of revenue in 2024 alone.
Authorized IPs: Disney, Harry Potter, SpongeBob SquarePants, etc., lowering the cognitive threshold for new users. For example, the Dimoo× Disney series sold out 1 million boxes on the day of its launch.
User co-creation IP: Collect fan ideas through the “Fun” APP, and even let players participate in character design, such as the “SKULLPANDA” series, inspired by the dark style of user contributions.
2. Amplify the value of IP in the whole industry chain
Bubble Mart is not satisfied with selling blind boxes, but turns IP into “goose that lays golden eggs”:
Product layer: from a blind box of 59 yuan, to a big baby (limited edition figure) of 599 yuan, to co-branded sweatshirts, mobile phone cases and other peripherals, covering different consumption levels.
Experience layer: Hold “Bubble Mart City Park” to turn the store into a theme park, with AR unboxing, baby clothes customization, scene-based photography, and even open cafes and pop-up stores, allowing users to immerse themselves in IP culture.
Content layer: Developing animations, comics, and games, such as “Molly’s Fantasy Journey” animated short films have been viewed more than 20 million times on Bilibili, turning IP from dolls into “stars” with stories.
04 Social currency: buy blind boxes, buy “identity tags”
1. Showing the baby = showing taste, hidden money = social hard currency
On Xiaohongshu and Douyin, # Blind Box Unboxing #话题播放量超 10 billion times. The excitement of the young man posting a wall of Molly’s collection and winning a hidden model is essentially sending a signal: “I am a person in the trendy toy circle, and I have unique taste and luck.” ”
In the Douban group, users use “family photos” (collecting the entire series) to prove their status as “senior players”; On the second-hand platform, a Molly hidden model can be sold for 3,000 yuan, which is 15 times higher than the original price, and owning it is like owning a “circle ticket”.
2. The identity transition from “consumer” to “co-creator”
Bubble Mart turns users from “passive buyers” into “active participants”:
UGC content spree: 60% of the official social media content comes from users, some people make blind box micro-movies, some people design baby clothes, and some even use blind boxes for stop motion animation. This content, in turn, attracts more people to the pit.
Offline community operation: organize a “trendy toy market” for players to set up stalls to exchange collections; Host “designer meet-and-greets” to bring fans and IP creators face to face and enhance the sense of belonging. Buying a blind box is no longer a lonely consumption, but joining a circle with a common language.
05 Assetization expectations: turning toys into “appreciable investment products”
1. Financial value gives birth to the second-hand market
Bubble Mart does not directly participate in second-hand transactions, Xianyu has a lot of blind boxes for trading, and the price is not cheap, so it slowly forms financial attributes:
- Control the supply: the hidden model is produced in limited quantities, and the regular model is sold out while supplies last, and it is expected that it will be artificially manufactured “out of print”. For example, the “Molly Steampunk” series in 2020 rose to an average price of 800 yuan after it was out of print.
- Set the price anchor: The official website clearly marks the price, and the exhibition launches high-priced limited editions (such as 1000% size big baby sold for 4999 yuan) to provide reference coordinates for the second-hand market.
- Provide “official certification”: launch authentication certificates, security numbers to convince players that “this is not an ordinary toy, but a valuable collectible”.
2. The hidden logic of “drawing boxes = financial management”
For many young people, drawing blind boxes is not only a consumption, but also a “low-cost investment”:
Bet on hidden money to earn the difference: Some people specialize in hoarding, and when they draw hidden money, they will hang it on the second-hand platform to earn back a few boxes of costs;
Set full set and other appreciation: The complete series is more valuable than a single model, such as a set of “Dimoo Space Series” The original price is 767 yuan, and it can be sold for 1,500 yuan after being out of print;
Follow the trend and enter the market for fear of stepping into the market: seeing others making money from blind boxes, worried about missing the “opportunity to get rich”, and unknowingly falling into the cycle of “the more you buy, the more you lose, the more you lose, the more you buy”.
06 Globalization: Conquer the world with “culturally neutral” IP
Bubble Mart’s overseas strategy can be called a “localized textbook”.
1. Choose the right IP: Use “cute” to break cultural barriers
Original IPs such as Labubu and SKULLPANDA do not have complex cultural backgrounds and conquer the world with their “cute” and “cool” appearances. In Thailand, the CRYBABY series incorporates traditional Thai clothing, and the sales of the first store exceeded 2 million on the opening day; In Mexico, the TYCOO skull figure was launched in conjunction with the Day of the Dead, turning “death” into a warm symbol of affection.
2. Supply chain escort
Build a “three continents and five warehouses” system, with North American orders delivered within 72 hours and European orders delivered in 5 days, solving cross-border logistics pain points. In 2024, LABUBU sold $1.5 million in 8 hours of live streaming on TikTok Shop, and the hidden model was sold to $1,920 on the overseas second-hand platform StockX, breaking the stereotype that “Chinese brands can only pay low prices”.
Bubble Mart’s underlying password: redefining the value of “toys”
The success of Bubble Mart is essentially the completion of three value upgrades:
From “goods” to “emotional products”: what users buy is not plastic dolls, but the surprise of unboxing, the sense of accomplishment of collecting, and the companionship when they are lonely;
From “consumption” to “social”: blind boxes become social currency, buying blind boxes is to join a circle, and exposing blind boxes is to display identity tags;
From “toys” to “assets”: through scarcity and liquidity design, dolls have the expectation of appreciation, and consumption behavior has the attribute of “investment”.
07 Enlightenment for product managers: good products must understand “human levers”
1. It is more important to tap into “hidden needs” than to meet explicit needs
Young people buy blind boxes, on the surface they like dolls, but deep down they crave emotional catharsis, social identity, and self-expression. Product managers need to learn to ask, “Is it the feature that users really want, or the emotional value behind it?” ”
2. Design an “addiction mechanism” to grasp the “sense of uncertainty”
Certainty rewards are commonplace, and uncertainty is irresistible. But pay attention to the balance – the probability of hidden models is too low to frustrate users, too high and unattractive, and the probability of Bubble Mart 1/144 is the “golden ratio” that has been tested countless times.
3. Building an “ecosystem” lasts longer than selling a single product
Bubble Mart does not just sell blind boxes, but builds a complete ecology of “production-consumption-social-investment” around IP. Users are not only consumers, but also communicators, co-creators, and even investors in this ecosystem, and this multiple identities make users extremely sticky.
08 The truth for ordinary people: Why can’t you help but buy, buy, buy?
The next time you open a blind box, think about:
- Do you really like this doll, or do you enjoy the thrill of unboxing?
- Do you post on Moments to share happiness, or do you want to get the sense of identity that comes from likes?
- Do you keep buying to collect collections, or are you afraid of missing out on “appreciation opportunities”?
The story of Bubble Mart is essentially a business about human nature. It tells us that in the era of material surplus, it is never the product itself that can touch people’s hearts, but the emotional resonance, social value, and infinite amplification of “good expectations” behind the product.
When we buy krypton gold for the blind box, we buy not only a small doll, but also an expectation of the unknown, a release of emotions, and a small “deterministic utopia” built for ourselves in this uncertain world.
This may be the ultimate password for Bubble Mart’s market value of 260 billion, and it may have your contribution.
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