How China’s IPs turn cultural roots, feelings into global appeal
HANGZHOU (Sept 24): Right at the most bustling intersection beside West Lake, one of China’s most iconic cultural landmarks, Pop Mart has opened its largest flagship store in the country. Long before the doors opened on Saturday, eager crowds had already snaked through the Hubin Yintai in77 mall in Hangzhou, capital of east China’s Zhejiang [...] The post How China’s IPs turn cultural roots,…
Hangzhou, a city known for its iconic cultural landmarks, is witnessing a surge in its homegrown intellectual property (IP) economy. This growing trend merges traditional culture with emotional appeal, making Chinese IPs increasingly popular worldwide.
A flagship store of Pop Mart, a major player in this IP economy, opened in the bustling Hubin Yintai mall in Hangzhou. The store, spanning over 1,000 square meters, showcases the whimsical world of Twinkle Twinkle, one of Pop Mart’s most beloved IPs, intertwined with the poetic charm of West Lake. Local residents lined up early to secure exclusive merchandise, highlighting the intense desire for these culturally-rooted products.
The success of these IPs lies in their ability to blend local culture with modern trends, creating a unique, emotionally-driven consumer experience. Tang Weiru, an official with Hangzhou’s Shangcheng District commerce bureau, emphasized that this “brand plus local culture” model is essential to the current boom in the emotional economy.
The driving force behind this IP boom is emotional logic. For many young Chinese consumers, these IPs offer companionship and healing in a fast-paced life. YuY, a gentle, long-haired character created by a young artist, exemplifies this emotional connection. Despite its organic creation, YuY has drawn massive crowds to exhibitions, reflecting the growing demand for emotionally satisfying products.
China’s IP economy is not only thriving domestically but also gaining global recognition. Pop Mart’s "The Monsters" series, featuring Labubu, has become a worldwide sensation, with revenue reaching 14.16 billion yuan and a massive year-on-year growth of 365.7 percent. A Boston Consulting Group (BCG) report revealed that 74 percent of global respondents had heard of Chinese IPs, with trendy toys leading in global recognition at 91 percent.
China's unique culture, BCG noted, could be a significant strength, offering a unique appeal in the global market.
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