Pop Mart, the Chinese toy company behind Labubu (left), have also licensed with popular intellectual properties such as Marvel, among others. - ST
SINGAPORE: Only one kind of shopper at a toy store is better than a child with parents willing to pay: a “kidult”.
The term was coined in the 1950s by American television industry executives to define a person between 18 and 44 years old who is nostalgic for childhood toys and cartoons.
And kidults are certainly willing to spend on their favourites.
The toys and games market in Asia is expected to hit $53.8 billion in revenues in 2024, according to market data portal Statista.
Jason Tjiptadi, a consultant at Euromonitor International, said that Pop Mart – the Chinese toy company behind Labubu – Pokemon and Lego are the three most popular brands among kidults in Singapore, with all experiencing strong growth in 2024 even as top manufacturers such as Hasbro and Mattel continue to struggle.
“Dolls and accessories blind box sales in Singapore grew 12 per cent in 2023, while non-blind boxed dolls and accessories declined by 3 per cent in 2023. This shows a shift of interest in consumers, especially kidults, who now prefer to spend their money collecting blind boxes,” said Tjiptadi.
The section featuring blind box toys and Bearbricks near the entrance of the revamped Toys"R"Us store at Paragon on Dec 11, 2024.
There are a few reasons behind the surging popularity of blind boxes; licensing with popular intellectual properties such as Disney, Marvel and Harry Potter, and the thrill of opening the blind boxes are among them.
But celebrity endorsements also play a big part in a toy’s success, as evidenced by the massive popularity of Labubu – which is so covetable it has driven people to steal it.
Inspired by Nordic folklore, Hong Kong illustrator Kasing Lung created the fluffy doll character in 2015 as part of a series called The Monsters.
It went viral after K-pop star Lisa from Blackpink posted photos of a Labubu charm on her bag in April.
Market share has grown for Pop Mart, Pokemon and Lego over the past year, with Pop Mart gaining about 0.5 per cent market share in the dolls and accessories market.
“(This) is significant considering it is competing in the same space as Barbie,” said Mr Clifton Chiu, a senior analyst at Euromonitor International.
The Toys ‘R’ Us store at Paragon Shopping Centre in Orchard Road was revamped in November, greeting customers with dozens upon dozens of blind boxes and Pokemon figurines, all waiting to be displayed on a kidult’s office work desk.
Walk further into the store and you will find a treasure-trove of collectible items and limited-edition figures of popular comic book characters such as Iron Man and Batman, and Gundam model kits.
Gundam is a Japanese military science fiction anime which has spawned highly detailed model kits fashioned after the show’s robots.
The Lego range has also been expanded to include sets geared towards the older builder, such as those modelled after luxury cars, famous architectural landmarks and flowers.
Toys for children and the newborn are in the back, where there is a cavernous space for them to move around.
The growing kidult market in Singapore is one of the reasons behind the Toys ‘R’ Us store revamps, which have so far been rolled out to three of its 11 stores across the island: Paragon, VivoCity and Jewel Changi Airport.
Toys ‘R’ Us chief executive Leo Tsoi told The Straits Times: “With declining birth rates and an evolving consumer base, we realised that we must engage more than just traditional young families.
“Emerging segments like Gen Z and kidults are redefining play – they seek uniqueness, experiences and a sense of discovery when they shop.”
There are plans to expand and refresh the store footprint, added Tsoi.
Besides just toys aimed at young children and babies, there are fashion lifestyle products that include tote bags and cutlery sets.
The product mix in the stores is also tailored to serve the specific needs of customers depending on the area.
The Paragon store, for example, has a premium toy concept with curated, exclusive and premium items that cater to expats, tourists and families looking for something unique.
Tsoi believes that the combination of a unifying brand vision with local customisation is what sets the company’s concept apart. It was a result of consumer insights and shifting market dynamics.
“This change is not only customer-driven but also fuelled by our observations of broader trends. Today’s shoppers value retail environments that go beyond transactions to deliver engaging and immersive experiences,” he explained.
“By focusing on interactive displays, themed zones and curated assortments, we have designed stores that foster connection, entertainment and excitement. This approach ensures we remain relevant, competitive and deeply connected to our evolving customer base.”
Customers have certainly loved the revamped stores.
Tsoi said that the new concept has led to an increase in store traffic and repeat visits. Sales productivity per sq ft in those stores has increased by close to 50 per cent, while operational costs have gone down by a third.
It remains to be seen if the uptick in sales will continue on Christmas and through the week.
Tsoi shared that with Christmas falling on a weekday this year, they have observed a shift in purchasing behaviour, with many customers planning their shopping closer to the holiday itself.
“Despite these factors, we remain optimistic. Our strong product line-up and the incredible efforts of our in-store teams give us full confidence that we will see a significant leap in sales during the final week of the season,” he said. - The Straits Times/ANN
