MINISO's 3.88 yuan blind bag backstabbed the working people

MINISO recently launched a 3.88 yuan blind bag, which caused heated discussions. Let's take a look at the details~

MINISO is in trouble again. This time it is not because of the high-end operation of going public and going global, but because of a super low-priced blind bag event at the end of 2023.

1. Is a blind bag at 3.88 yuan a bargain or a loss?

The rules are simple: as long as customers spend 58 yuan in the store, they are eligible to buy a surprise blind bag for only 3.88 yuan. The items in this blind bag are randomly priced between 10 yuan and 399 yuan.

Once the event was launched, it quickly caused a sensation in the store. In the most conspicuous position of the checkout area, rows of sealed bright red shopping bags were placed, like small red lighthouses, guiding the curiosity and enthusiasm of customers in the winter shopping boom. Whenever someone chooses to buy a blind bag, a small group of people will always gather around, whispering or pointing, sharing the surprise and laughter of the moment of opening the bag.

"Look, what did he get?" someone shouted excitedly, attracting the attention of people around. Lucky customers may get valuable small table lamps, camera printers and other practical goods, while others may get some smaller but equally interesting items, such as the air-conditioned blanket co-branded with the Little Prince, the cute Disney Winnie the Pooh bear doll, etc.

On social media platforms, this activity has also attracted widespread attention and discussion. Many netizens have posted their own blind bag results. They started with 3.88 yuan, but the contents were varied and different. Some posted some simple small items, such as a pair of socks or a refrigerator magnet; while others posted larger and more valuable dolls or Disney IP series products.

But there are also workers who spent 58 yuan to buy these 3.88 yuan blind bags. Looking at the "withered" items in their hands, you can imagine the disappointment and anger in their hearts. They feel that they have been fooled and played by MINISO. So, some people began to vent their dissatisfaction online: "MINISO, don't play if you can't afford it!"

One netizen said that she didn't buy enough at first, but she couldn't help but buy more after seeing the temptation of the blind bag. However, when she checked out, the clerk did not remind her of the contents of the blind bag. When she excitedly opened the blind box, she found that there was only a plastic bag inside. She was stunned and couldn't believe her eyes. She asked the clerk: "Where are the things in the blind box?" The clerk calmly replied: "It's this bag." She was stunned: "No more?" The clerk nodded: "Yes."

She looked at the plastic bag in her hand, then at the calm expression of the clerk, and felt mixed emotions. She felt like she was stabbed in the back by a blind box, a feeling that was both funny and helpless. She couldn't help but share her experience online: "This is the first time I've been stabbed in the back by a blind box. It's really too funny. It's like buying a plastic bag for 3.88 yuan."

Another netizen encountered a similar situation. He spent 3.88 yuan to buy a blind box, but there was only an old hairpin in it. He looked at the hairpin in his hand and laughed angrily: "MINISO, how dare you play tricks on me! Don't even mention 3.88, I don't even want this if it's given to me for free!" He began to wonder if he was too unlucky to get such a thing, but then he thought again, it's unlikely, "Isn't it possible that I'm the only one who got such a thing? Is it my bad luck? Or did they not want to put anything good in it?"

It can be said that although this ultra-low-price blind bag event brought a certain amount of attention to MINISO, it also caused dissatisfaction and doubts among many consumers.

2. Is it all caused by inventory pressure?

In the tide of the consumer market, the "blind bag" and "stuffy bag" activities launched by MINISO and other merchants have become a unique business phenomenon. These seemingly mysterious and tempting marketing methods often hide the deep purpose of merchants to clear stocks and reduce pressure.

Some people have reservations about this blind bag activity. They believe that merchants use this method to clear inventory, which may result in many of the gifts being impractical or unpopular in real life. In addition, due to the high randomness of blind bag products, some customers may be disappointed or dissatisfied with the results.

Of course, this is not the first time that MINISO has tried to launch a blind bag campaign. In fact, in the department store industry, it is not uncommon to use blind boxes, blind bags and other forms to attract consumers. This marketing method can not only bring additional sales and profits to merchants, but also stimulate customers' curiosity and gambler mentality.

In fact, in recent years, MINISO has been facing considerable inventory pressure. Due to rapid product updates and a large sales network, inventory costs account for the vast majority of sales costs. In order to alleviate this pressure, MINISO has to adopt various promotional measures, including discounts and gifts, in order to speed up inventory turnover. The "blind bag" activity is a new promotional method launched in this context.

But no matter what, in essence, the "blind bag" activity is still a means for merchants to clear stock.

When consumers buy blind bags, they don’t know what products are included in them, and can only make decisions based on the merchant’s description and their own guesses. Under such information asymmetry, consumers are often easily tempted and make impulse purchases.

Similar to MINISO’s “blind bag” activity, other grocery stores and sports brands have also launched various lucky bags, stuffy bags and other activities. Although the gameplay and rules of these activities are different, they all have the same goal.

In these large and small activities, consumers have different mindsets. Some people participate in them with the mentality of "taking a gamble", hoping to get a great return with a small investment, while others pay more attention to practicality and cost-effectiveness, and only choose to buy products that they really need.

It is worth noting that although lucky bags and stuffy bags can help merchants relieve inventory pressure to a certain extent, this promotion method also has certain risks and negative effects. If merchants rely too much on this promotion method to clear inventory, it may lead to problems such as damage to brand image and loss of consumer trust.

From the perspective of consumers, their feedback and attitudes also directly affect the effectiveness of these activities and the decision-making of merchants. Some consumers feel satisfied and surprised after buying blind bags and stuffy bags, and think that they are worth the money; while some feel disappointed and frustrated, thinking that they have been "cheated" by the merchants.

In other words, these different feedbacks and attitudes will affect consumers’ purchasing decisions and brand loyalty. Therefore, if the blind box is not “value for money” enough, merchants should be cautious in “activities”, otherwise it will backfire.

3. “Blind Boxes” are also good, but they are not cheap

Perhaps knowing this "key point", MINISO not only has the gimmick of "clearing inventory blind boxes", but also has very exciting and genuine blind boxes. In other words, "whether making a little money or making a lot of money", MINISO is "bullish" on the blind box business anyway.

In fact, according to data from Mob Research Institute, the size of the blind box market has been growing at an alarming rate. In this era of interest-based consumption, opening blind boxes has become an important way for many young people to pursue emotional value. MINISO has seized this market opportunity and created some unique "real blind box" feasts through various methods such as IP co-branding and theme innovation.

In general, the holding of MINISO's Global Blind Box Festival has extended the "philosophy of happiness" from China to the world. By creating IP co-branded blind box feasts and giant interactive installations, MINISO has released the potential of "interest-based consumption".

MINISO's IP strategy, supply chain advantages and massive store channels provide a natural advantage for the brand to occupy the blind box market. The characteristics of the younger customer base, the preference for new things and high social stickiness are also highly matched with the audience of the blind box category.

This has made MINISO thrive in the blind box market, constantly breaking the sales record of "good blind boxes". Data shows that MINISO's blind box products have performed strongly in the global market. In 2023 alone, the cumulative sales of its global blind box products exceeded 20 million pieces.

Among them, "blind boxes" are also helping MINISO to layout high-potential business districts. In China, Shangcheng District of Hangzhou is a new landmark for international consumption and is known as the "new paradise on earth". On December 16, MINISO's pink flagship store opened grandly here, creating a unique charm around the IP little beaver "Zanmang Loopy". This coincided with MINISO's "Global Blind Box Festival". The store will launch a series of blind box theme activities, which will continue until January 15, 2024.

Overseas, MINISO brought its global "Blind Box Festival" to its global flagship store in Times Square, New York, USA. According to reports, in the United States, MINISO's hot-selling products include co-branded dolls featuring popular local IPs such as Disney, Marvel, and Minions, and new blind box products from these IP series often set off a buying frenzy.

Liu Xiaobin, vice president and chief marketing officer of MINISO Group, explained that blind boxes are still a new category for North American consumers. "After communicating with some local KOLs in the United States, I found that even American hipsters and internet celebrities have hardly played with blind boxes, but they all have great curiosity about them. This is very interesting and means that we have great opportunities."

Blind box products fit the consumer gene of American customers who love surprises, and can also be a carrier of super IP. It is understood that the contribution rate of MINISO's blind box single category to the US market revenue has reached 10%.

For example, in October 2023, MINISO opened its first blind box store on the bustling Shaftesbury Avenue in London, England, marking another milestone in its global expansion strategy. The store's wide range of blind box options incorporates elements of many well-known IPs, such as Sanrio and Disney Pixar, bringing unprecedented shopping fun to trendy toy enthusiasts and Londoners. This store in Chinatown not only demonstrates MINISO's innovative power, but also highlights the differentiation and high cost-effectiveness of its products.

Wei Xiaoya, head of the user operations department of MINISO, said: "For overseas consumers, blind boxes are an emerging category and there is a large blank market." Therefore, MINISO seized this market opportunity and successfully established the category mindset of overseas consumers by promoting the blind box category in the United States, Indonesia and other markets in the early stages.

IV. Conclusion

In the "Z generation" where personalized and diversified consumption is prevalent, MINISO's blind boxes are leading the trend of "interest-based consumption" and continuously enhancing the brand value.

With the affordable and inclusive Chinese supply chain and the appeal of global IP, MINISO's blind boxes have also captured the hearts of global consumers and firmly occupied the global market. Its cost-effective, well-designed products and numerous IP collaborations allow consumers to enjoy shopping even when their budgets are tight, which is a vivid interpretation of the "lipstick effect".

Author: Li Jiaman WeChat public account: Yilan Business