Core Insights - The rise of BJD (Ball-Jointed Dolls) and MJD (Miniature Jointed Dolls) represents a significant shift in the toy industry, moving from high-end collectibles to more accessible consumer products [2][6][20] - The trend is driven by a "price revolution," making these dolls affordable for a broader audience, thus expanding the market [13][20] - The emotional value and personal connection associated with these dolls are key factors in their popularity, as consumers engage in customization and nurturing [5][35] Group 1 - The BJD and MJD toys are characterized by their jointed, customizable nature, allowing for high levels of personalization and engagement [3][4] - The market has seen a transformation with the introduction of affordable blind box versions of these dolls, which cater to a wider audience [14][17] - The emotional investment in these dolls leads to significant consumer spending, with some individuals reporting expenditures of over 30,000 yuan within a few months [4][5] Group 2 - The BJD market has evolved from a niche, high-value segment to a more mainstream category, with various brands and products emerging to meet consumer demand [8][20] - The introduction of popular IP collaborations, such as those from "Zhen Huan Zhuan," has further fueled interest and sales in the market [22][25] - The community around BJD and MJD is expanding, with younger consumers and cross-interest players increasingly participating in the culture [29][30] Group 3 - The emotional connection and the desire for companionship are driving factors for consumers, as they seek to create and nurture their unique dolls [35][31] - The market is not just about the dolls themselves but also includes a wide range of customizable accessories and components, enhancing the overall consumer experience [32][36] - The differentiation in product offerings and emotional engagement will determine the future success of the BJD/MJD market, rather than just competing on price [36]

Core Viewpoint - The luxury goods market is experiencing a shift as younger generations are increasingly favoring collectible toys (潮玩) over traditional luxury items, viewing them as a new form of self-expression and identity [1][4][20]. Group 1: Comparison of Luxury Goods and Collectible Toys - Collectible toys are seen as a new luxury system that resonates with the principles of traditional luxury goods, focusing on emotional connection and identity rather than mere price [2][20]. - Both luxury goods and collectible toys share similar underlying logic, such as non-utilitarian premium pricing, emotional attachment, identity differentiation, symbolic consumption, and scarcity mechanisms [3][20]. - The emotional and social functions of collectible toys are becoming increasingly important, as they provide a sense of belonging and personal expression for the younger generation [5][20]. Group 2: Cultural and Generational Shifts - The younger generation in China is moving away from traditional luxury brands, seeking unique cultural symbols that resonate with their personal experiences and social circles [4][5]. - Collectible toys are not merely imitations of luxury goods but represent a new cultural phenomenon that reflects local aesthetics and emotional expressions [10][20]. - The shift in consumer behavior indicates a broader cultural transformation where identity and emotional resonance take precedence over traditional markers of wealth and status [20][21]. Group 3: Brand and Narrative Construction - The branding of collectible toys is evolving to focus on character personality and emotional connections, moving away from traditional product-centric narratives [12][13]. - Collectible toys are creating expansive narrative universes that engage consumers beyond mere transactions, fostering community and shared experiences [13][20]. - The construction of a "spiritual luxury" through collectible toys emphasizes personal meaning and emotional investment rather than external validation from traditional luxury markers [20][21].