Complete analysis of the art toy and stuffed animal market | From hype products to emotional assets and cultural finance market

[Summary]

The art toy and stuffed animal market, which will explode in 2024-2025 mainly in Asia, is no longer just a toy market.

LABUBU, Crybaby, SKULLPANDA, DIMOO, NOMMI, WAKUKU, Jellycat, Monchhichi, etc. are currently

Emotional economy × IP financialization × Asian consumption capital market

It is located at the intersection of

Prices are determined not only by cost, materials, and manufacturing costs.

Rather, what is important is

• Emotions
• SNS energy
• Community *Limitability *Culture
• Desire to participate
• Liquidity of secondary distribution

It is.

As of 2026, this market is transitioning from the ``total hype market'' to the ``phase of selecting only those IPs that will remain as part of culture.''

0. Executive Summary

The essence of the current art toy and stuffed animal market is

Financialized cultural assets market

It is.

Of course, the product itself is a toy.

However, the price formation occurring in the market cannot be explained solely by the functional value of toys.

For example, in POP MART's 2025 financial results, THE MONSTERS generated sales of 14.161 billion yuan, accounting for 38.1% of the company's total sales. SKULLPANDA, CRYBABY, and DIMOO are also multi-billion yuan IPs each.

On the other hand, Jellycat is not a blind box, but has become popular through a different route due to its tactile comfort, gift demand, and bag charm.

In other words, the market is not monolithic.

• LABUBU type: hype, rarity, secondary distribution
• Jellycat type: practical demand, healing, gift, brand culture
• Monchhichi type: nostalgia, retro, generational inheritance
• NOMMI/WAKUKU type: bag charm, customization, next-generation SNS consumption

There are multiple markets that overlap.

1. Essence of market structure

Emotional infrastructure, not characters

Most importantly, characters are no longer just "cute products."

Today's Generation Z and Millennials are

• SNS fatigue
• Anxiety about the future
• Loneliness
• recession
• Relationship fatigue
• Information overload

I am holding.

As a result, the character goes beyond "healing";

Mental stabilizer

began to play a similar role.

Emotion function for each IP

In other words, the essence of the market is

Emotional consumption economy

It is.

2. Why did the market explode?

1. Celebrity-based

Celebrity exposure, including BLACKPINK's LISA, played a major role in LABUBU's explosion.

As a result, LABUBU

cute toys

From,

Asia's wealthy culture

It has been upgraded to

Importantly, small toys attached to bags have become part of fashion.

2. Blind box structure

POP MART's biggest weapon is the blind box.

This is more than a normal product sale.

Gacha finance

It has a structure similar to.

User psychology is

• I want to win
• I want to complete
• I want to release a secret
• I want to show my unboxing experience on SNS

It moves in that direction.

This dopamine consumption accelerated the market expansion.

3. SNS spread

The current IP market is amplified by TikTok, Instagram, Xiaohongshu, and Weibo.

Especially art toys and stuffed animals.

Key point
Key point
Key point
Key point
Key point

satisfies the condition.

This is a SNS optimized product.

4. Expansion of the Southeast Asian middle class

In countries such as Thailand, Vietnam, China, and Malaysia, art toys function as status consumption.

While they are not as expensive as branded bags or sneakers, they can show the owner's sensitivity and disposable income on social media.

This sense of ``small luxury'' is highly compatible with young consumption in Asia.

3. Market evolution

From things to decorate to things to wear

The biggest change in 2026 is

From figures to bag charms

It is.

In the past, figurines were meant to be displayed in rooms.

Currently, stuffed animals and mini toys are attached to bags and carried outside.

LABUBU, WAKUKU, Monchhichi, NOMMI, and Jellycat bag charms follow this trend.

This is

• sneakers
• Perfume *bag
• Nail *Keychain

This means that you have moved into the same self-expression category as.

IP that is used as everyday equipment tends to have a longer lifespan than a mere ornament.

Because the ownership experience becomes embedded in everyday outings, photos, conversations, and social media posts.

4. Expanding the customization economy

The customization economy is currently booming.

As an example,

*NOMMI costume

• Monchhichi clothes
• Jellycat accessories
• Sewing culture *Mini bags, hats, shoes, charms

There is.

The essence is not the sales of the main unit,

Peripheral charging economy

It is.

This is

• Game charge
• Doll culture
• K-POP promotion
• Trading card sleeve/case market

It has a structure similar to.

What makes NOMMI so strong is that there is room for dress-up, facial expressions, and emotional projection.

In other words, it's not just a stuffed animal,

Self-expression device

It has become.

5. Market cycle analysis

The art toy market moves in the following cycles.

1. Key point
↓
2. Key point
↓
3. Key point
↓
4. Key point
↓
5. Key point
↓
6. Key point
↓
7. Key point
↓
8. Key point

As of 2026, many IPs are in the "selection market."

In other words, the phase where everything goes up is coming to an end.

From here, the meaning, rarity, verifiability, and cultural sustainability of each individual piece are questioned.

6. POP MART Market Analysis

POP MART is the most successful company in this market.

In the fiscal year 2025, company-wide sales were 37.12 billion yuan, an increase of 184.7% from the previous year.

By IP,

THE MONSTERS including LABUBU are an overwhelming growth engine.

But at the same time

LABUBU dependent

The risk of this is also increasing.

What investors are looking at is

Will it be possible to grow after LABUBU?

It is.

In the IP market, dependence on a single IP is dangerous.

NFTs, Yo-Kai Watch, Angry Birds, and some short-lived social game IPs have also experienced rapid declines in popularity.

What POP MART needs is not LABUBU alone, but a portfolio of multiple IPs.

7. Counterfeiting problem

The increase in counterfeits is also evidence of market maturity.

Counterfeits cannot be created in an unpopular market.

However, as the number of fake products increases,

• Authenticity cost increases
• Decline in market confidence
• Transaction speed reduced
• Decrease in liquidity
• Away from beginners

happens.

This is the same for Rolex, Nike, Supreme, and Pokémon cards.

What will become important in the future is

proof economy

It is.

The conditions for remaining value are

*Receipt *Hologram *Purchase history

• Certificate of authenticity
• Serial *Unopened condition
• Reliable sales channel

It is.

In the medium to long term, a market that integrates authenticity, price data, and liquidity, such as the toy version of StockX, may develop.

8. Market evaluation by IP

LABUBU

We are currently in the post-peak screening period.

The strength is

• Overwhelming popularity
• Celebrity
• bag charm culture *Sales scale as THE MONSTERS

It is.

The risk is

• Resale
• fake
• Adjustment after overheating
• POP MART dependent
• Increase in the number of high-priced buyers

It is.

Crybaby

Crybaby's strengths are the female emotional market and empathy.

Emotional consumption of ``it's okay to cry'' is established.

If LABUBU is rebellion, fun, and hype, Crybaby is a receptacle for emotion.

Because the quality of enthusiasm is different, the depth of the fan community is more important than short-term resale.

SKULLPANDA

SKULLPANDA's strengths are its artistic quality, fixed fans, and gothic worldview.

Rather than a short-term explosive type,

Long-term collector type

This is an IP close to.

Because the worldview is clear, it is likely that core fans will remain even after the trend has run its course.

DIMOO

DIMOO is the foundational IP of POP MART.

Its strength is that it can express dreams, introspection, and a soft sense of loneliness.

On the other hand, it is not as explosive as LABUBU.

However, it is an important presence in creating a stable IP portfolio.

NOMMI

NOMMI is attracting attention as a next breakout candidate.

The strength is

• Gimmick
• Dress up
• Customizability
• Emotional projection

It is.

Although quantitative public data is limited, it is an IP that can easily be turned into a bag charm and customized culture.

WAKUKU

WAKUKU's strengths are its Y2K feel and bag charm compatibility.

Light, easy to carry around, and easy to post on SNS.

However, it is highly dependent on trends, and long-term IP requires a worldview and continuous development.

Jellycat

The biggest features of Jellycat are:

Relatively weak dependence on speculation

That's it.

At the center of demand is

*Gift

• Healing
• Childcare *Actual demand
• Tactile relief

There is.

If the LABUBU type is a liquid market, the Jellycat type is a brand culture market.

On the Jellycat official website, bag charms are also promoted as ``a joy to carry around,'' which shows that stuffed animals are becoming a go-to item.

Monchhichi

Monchhichi is a long-lived IP that was born in 1974 and will celebrate its 50th anniversary in 2024.

In Japan, they tend to be seen as "old toys," while overseas they tend to be reevaluated as Heisei retro, Showa retro, or JAPAN nostalgia.

Even if it doesn't have the explosive power of LABUBU, it is a strong IP because of its generational inheritance and nostalgia.

9. Investment/resale analysis

Currently,

A time when everything goes up

has ended.

The remaining individuals will be

• Initial *Limited quantity
• Serial
• Famous collaboration
• Large
• Unopened
• Comes with certificate
• Official purchase history available

It is.

Dangerous individuals are

• Normal mass production
• Assuming resale
• Depends on SNS buzz
• Authenticity unknown
• Limited edition products *No box, no tags

It is.

For short-term resale, you must consider purchasing prices, sales speed, sales channels, commission fees, and even the risk of authenticity.

10. Relationship with macroeconomics

This market is economically sensitive.

Because the purchase source is

Surplus disposable income

That's why.

During the period of monetary easing,

Key point
↓
Key point
↓
Key point
↓
Key point

is likely to occur.

During the period of monetary tightening,

Key point
↓
Key point
↓
liquidityKey point
↓
decline

is likely to occur.

In other words, this market

Mini liquidity market

It is.

Although it is not as direct as stocks and crypto assets, it is influenced by disposable income, SNS enthusiasm, consumption by young people, exchange rates, overseas travel demand, and cross-border EC.

11. The biggest turning point in the future

The biggest turning point is

Can it become a culture?

It is.

The IP that disappears is

*Depends on trends

• SNS dependence
• Depends on speculation
• Depends on mass production

It ends with

The IP that survives is

• World view
• story
• Generation inheritance
• Emotional connection *Actual demand
• Community

has.

Can LABUBU be turned into a story from here?

Can Crybaby deepen emotional empathy?

Can SKULLPANDA maintain its artistic quality?

Can Jellycat expand the healing and gifting culture?

Will Monchhichi be able to connect retro reappraisal to the next generation?

This difference will be the future price difference.

12. Final conclusion

The current art toy and stuffed animal market is

Toy market

Not.

The essence is

Emotional economy × meme assets × IP financial market

It is.

As of 2026, the market is

Total hype market price

From,

Phase to select only IP that will remain as part of culture

is moving to.

In other words, from now on,

What to have

rather than

Why does the individual have cultural value?

The time has come for the people to decide the price.

Will it be popular in the short term?

Will it be possible to ensure authenticity and liquidity in the medium term?

Is there a reason for it to remain as a culture in the long term?

It is most important to consider these three separately in the art toy market.

Source

• POP MART “Annual Results Announcement for the Year Ended 31 December 2025”
• Vogue “Labubus, Jellycats and Crybaby: Why Are Toys Going Viral in 2025?”
• Official Jellycat “Soft Toy Bag Charms”
• Monchhichi Official “Monchhichi 50th Anniversary”