Chinese Blind Box Market Needs Regulating

Abstract

China's rapidly developing economy and the sound Internet era have had an integral influence on the prosperity and rise of the blind box industry. This paper focuses on the lack of market regulation and the corresponding adjustments that need to be made in the context of the era of blind box emergence. The blind box market has expanded exponentially since 2015 and is expected to reach 30 billion by 2024. Not only are blind boxes widely accepted in China, but the consumer base is also diverse. Pop Mart, the hottest blind box toy company, has also made huge profits in the past few years. However, the lack of regulation in the blind box market has become a widespread phenomenon, with most blind box companies facing thousands of unresolved complaints on consumer websites, as well as the existence of some blind boxes that go against ethics. In this regard, the market should be clear regulatory requirements, the government should improve supervision, set a red line for the blind box market.