RISING TIDES
Observations from the IMC Research Process

Kidults: The Grown-Up Joy of Unboxing

Adults are the fastest growing demographic for the $100B+ global toy market – fueling the blind-box craze and reshaping the global toy and collectibles market.

• Kidults are adults – often Gen-X and millennials – who find value and enjoyment in engaging with products traditionally marketed to children. The rise of high-design collectibles, exclusive releases, and digital-first fandoms has created a thriving global market. Nostalgia and stress relief are primary drivers. The kidult segment is expanding rapidly – commanding ~30% of global toy sales and 10% YoY growth for the past 2 years.
• Toy Story: Global Edition. The kidult toy craze in Asia has been steadily growing for over a decade, and in China accounts for ~50% of all toy spending. The US and Europe are in earlier innings. According to Circana, adults in the US spent $1.8B on toys in 1Q – surpassing all other age groups for the first time and posting the fastest YoY growth at 12%. Walmart and Target now dedicate full aisles to collectibles aimed at adults, including Funko Pop!, LEGO Architecture, and anime figurines.
• Labubu = the next Hello Kitty? PopMart, the Chinese toy maker behind the viral Labubu dolls is the recent posterchild for this trend. The blind box mechanic introduces scarcity, surprise, and shareability – key psychological drivers of modern collectibles – and has thrived in the TikTok + unboxing + FOMO They have seen rapid global expansion with the US a key area of future growth. Legacy toy company Hasbro also has momentum as it expanded its adult-focused offerings with Star Wars, Marvel, D&D and most recently Magic: The Gathering. Build-a-Bear as well – adults and collectors now represent ~40% of its customer base, up from under 20% a few years ago.

Investors often overlook niche consumer subcultures until they scale. The kidult economy is no longer fringe – it’s franchisable, brandable, and increasingly investable.