Scarcity-Driven Differentiation in a Saturated Market: Blind-Box Marketing Mix and Financial Performance at Pop Mart, 2017-2024

Designer-toy retail operates in a saturated market dominated by established incumbents such as LEGO, which makes sustainable differentiation a central strategic question. This study examines to what extent Pop Mart’s use of a differentiation-oriented marketing mix, centred on creativity through blind-box scarcity, artist collaborations, anchored pricing and a hybrid retail format, influenced its financial performance and market position between 2017 and 2024. Using secondary data from company financial reports and academic and industry literature, the study applies Porter’s generic strategies and the Ansoff matrix and analyses revenue, gross profit and net profit margin. A small consumer survey in Jakarta compares the number of products purchased per customer at Pop Mart, LEGO and Miniso blind boxes. Revenue grew from RMB 158 million in 2017 to RMB 13.04 billion in 2024, and gross profit from RMB 75 million to RMB 8.71 billion, while net profit margin rose from approximately 1% to 25.4%, despite a dip to 10.3% in 2022. Survey respondents reported buying more products per customer at Pop Mart than at LEGO or Miniso. The findings are consistent with the view that creativity-led differentiation supported Pop Mart’s growth. However, reliance on secondary data, a small non-random survey, and unaccounted factors such as overseas expansion and viral demand for individual characters limit causal inference.