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OpinionLetters

Letters | As toys go viral, Hong Kong must grab a 300 billion yuan opportunity

Readers discuss the economic potential of cuddly characters, the excitements of Nicholas Tse’s concerts, and the dollar peg

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A costumed character performs in Pop Land, a theme park featuring IP like Labubu, in Beijing on May 1. Photo: AP
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The Chinese fan base for anime, comics and games (ACG) is expected to grow to 520 million by 2026. This points to the potential of China’s intellectual property-driven “goods economy”, which was worth 169 billion yuan (US$23.2 million) last year and is forecast to reach 300 billion yuan by 2029.

For Hong Kong, this presents a golden opportunity to be a key player in the booming market.

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The name of this game is emotional consumption, and successful intellectual property (IP) includes cuddly characters like Labubu and Chiikawa, which grow their fan bases through the integrated comic-anime-game ecosystem. Strategies like selling collectible toys in “blind boxes” also drive revenue, with Pop Mart, the exclusive retailer of Labubu dolls, achieving a year-on-year increase in net profit of 186 per cent last year.

Retail spaces on the mainland have transformed to capitalise on the trend. For example, Beijing’s Wangfujing Xiyue shopping centre is dedicating entire floors to immersive experiences, while Wuhan’s Trend Box X118 mall has seen a 32 per cent revenue boost after becoming an ACG space.

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Hong Kong is starting to tap this market. At the retail level, some bracelets and coins from jeweller Chow Tai Fook’s recent Chiikawa collection sold out within hours. At the IP development level, Incubase Studio and K11 Concepts Management are bringing in anime exhibitions, with the aim of developing the city into a hub for anime culture and creative innovation.

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