CNBC's Squawk Box takes a closer look at China's blind box craze that's helping to boost sales of Labubu dolls and the rising popularity of Netflix's current hit Kpop Demon Hunters.

Shanghai

China's blind box phenomenon continues to grow, with companies such as Pop Mart capitalizing on the trend. These mystery boxes, which contain collectible toys and items, have become especially popular among young consumers, offering affordable excitement and surprise. The trend has expanded beyond toys, with retailers like Miniso offering a variety of blind box products, and the appeal is attributed to both curiosity and the desire for budget-friendly entertainment during economic uncertainty.

In entertainment news, Netflix's animated film K-pop Demon Hunters, produced by Sony, achieved box office success in the United States and Canada during its limited theatrical debut. The film's strong performance reflects a growing strategy among streaming platforms to use theatrical releases to boost revenue and visibility for original content. K-pop Demon Hunters is now positioned to become one of Netflix's most-watched English-language films.

Trending in Asia: China's Blind Box Craze and KPop Demon Hunters

Obviously, property in China is still not doing well, but very different story, though. With Pop Mart's Le Boo Boo dolls, they have become a global phenomenon. But what is really behind that trend? CNBC's China correspondent Eunice Yun unpacks China's blind box phenomenon in this report. Take a look. Even China's greatest sage is getting in on the blind box craze. We're here at the main Confucian temple in Beijing, and the shop here is selling a range of blind boxes. So I just bought this blind box with strawberry ice cream and a blessing from Confucius. Let's see what he says. Here we go. And Confucius says, I'm a top student. The mania over these mystery boxes is catching on across the economy, with everyone from travel agents to supermarkets offering their own versions. Beijing-based Pop Mart is at the forefront of this phenomenon. It's the company behind Le Boo Boo. The elf-like monster, created by a Hong Kong-Dutch artist and sold only through Pop Mart, is driving the collectibles company's mega profits. Almost all of these characters are sold in blind boxes. You have no idea what you're going to get. Ruan Yue enjoys the gamble. The 23-year-old student spends $55 a month on blind boxes. The moment you open the box, if it's a version you want or a limited edition, you get so excited, she says. And it's something I can afford. Prices average from $9 to $30. So how many do you have? 150. 150. The boxes got more popular during COVID times. Pop Mart marketed them online and then sold them at vending machines, like this one. Young Chinese, feeling down because of the pandemic controls and slow economy, turned to budget-friendly splurges for a pick-me-up. The idea caught on. Nearby, an outlet of retailer Miniso offers blind boxes too. Blind box wash, blind box tape, blind box stationery, blind box pen. The staff tell us curiosity about what's inside convinces customers to try their luck and keep buying. Ugh, not Harry Potter. Can I try that again? Eunice Yoon, CNBC Business News, Beijing. And in other news, this is a big one, folks. Netflix hit animated film, K-pop Demon Hunters topped the US and Canadian box office during a two-day debut in Cinemas. The film, produced by Sony, was launched as a one-weekend-only sing-along event thanks to strong demand. In a rare move, Netflix has adopted what streaming rivals Apple and Amazon have been doing, basically using box office releases to boost revenue and awareness for their original movies. K-pop Demon Hunters is now on track to become the platform's most-watched English-language film.

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