In Depth: Thailand Turns to Pop Mart, Miniso to Win Back Chinese Tourists

On a late October morning in Bangkok, large crowds gathered at Siam Square for the opening of Miniso Land, the first overseas flagship store for Miniso, a Chinese trendy toy retailer. The store showcased Disney’s “Zootopia 2” merchandise, with cosplaying influencers and media in attendance. Just 500 meters away, rival Pop Mart’s two-story store was also brimming with local shoppers and Chinese tourists seeking collectibles, many of which are sold out in China. Pop Mart, known for its designer toys and collectibles, is expanding its Bangkok location to accommodate more intellectual property (IP), and in August 2024, it opened its largest global store in the city’s Iconsiam mall, spanning 760 square meters. Both Miniso and Pop Mart are responding to shrinking margins in China by aggressively expanding into Southeast Asia, particularly Thailand, and partnering with the local government to transform pop-culture enthusiasm into a tourist draw. The key question is whether this strategy can deliver sustainable growth for both the companies and the Thai economy. [para. 1][para. 2][para. 3][para. 4][para. 5]

Miniso regards Southeast Asia as its overseas base camp for global expansion, with Thailand as its core market due to immense commercial opportunities. According to the Guangdong Toys Association, the Southeast Asian trendy toy market was worth about $2.5 billion in 2024 and is growing at an estimated 20% annually, well above the global average. The trendy toy sector is defined by unique, collectible designs rooted in popular IPs, including figurines and plush toys. Young consumers in Thailand share similar cultural tastes and purchasing power to Chinese youth, making them a key demographic for Miniso. The company already operates 16 stores in Thailand and aims to open 100 more in three to five years, focusing on large-scale, immersive Miniso Land outlets. These superstores are intended as social hubs, encouraging visitors to linger and create social media content, which in turn builds organic brand marketing. This strategy emerged from lessons in China, where larger stores were found to outperform small ones in a competitive offline retail environment. Buoyed by this approach, Miniso has seen sales at upgraded Thai stores increase eight to 10 times monthly. [para. 6][para. 7][para. 8][para. 9][para. 10][para. 11][para. 12][para. 13][para. 14][para. 15][para. 16]

For Pop Mart, 2024 was a breakout year. A major event in Bangkok featuring the creator of the popular Crybaby figurine yielded over $700,000 in a single day. Labubu, an elf doll, gained viral popularity thanks to exposure from K-pop and Thai celebrities. The Labubu IP drove Pop Mart’s revenue in 2024, with “The Monsters” franchise surging over 700% to 3 billion yuan, accounting for 23.3% of revenue. Thailand’s government has actively collaborated by using toy IPs in its tourism campaigns, including naming characters as travel ambassadors. Both companies’ partnerships with the government aim to leverage Chinese consumer interest and revive Thailand’s crucial tourism sector. [para. 17][para. 18][para. 19][para. 20][para. 21][para. 22][para. 23]

This alliance is in response to declining Chinese tourism, which has dropped sharply due to geopolitical events and safety concerns. In the first nine months of 2025, total foreign arrivals in Thailand fell by over 7% year-on-year to 24.1 million, with Chinese visitors plummeting 35% to just 3.4 million. Local tour operators have had to shift focus toward European and Middle Eastern markets. There is skepticism among some operators about the long-term draw of trendy toys, noting that initial demand was driven by scalpers and tourists seeking exclusive products, and that today’s tourists are increasingly price-conscious. Pop Mart’s recent financial results indicate slowing growth in the Asia-Pacific region, with Q3 2025 revenue growth at 175% year-on-year, compared to 258% in H1 and 350% in Q1, while American and European markets showed even stronger growth rates. The Guangdong Toys Association cautions that over-reliance on single hit IPs is risky, as trends can quickly cool, and copycat products erode differentiation. They recommend diversifying products and incorporating local cultural elements for sustainable growth in Southeast Asia. [para. 24][para. 25][para. 26][para. 27][para. 28][para. 29][para. 30][para. 31]