Are Trading Cards “Miniature Gambling” for China’s Gen Alpha?
- Double V
- Sep 18
- 3 min read
Last weekend, while walking through a shopping mall in Shenzhen, I noticed several unusually crowded stores - all dedicated entirely to trading cards. Not just selling packs, but even official Pokémon “card gyms” where young players can battle, trade, and prepare for official tournaments. It seems that trading cards are emerging as the latest craze in China’s toy and collectibles market.
Pokemon's official trading cards gym in Shenzhen (Photo by Double V Consulting)
Trading Cards - Affordable, Collectible, and Addictive
Compared with other collectible toys such as blind-box figurines (often priced at 50–70 RMB each), trading cards are significantly cheaper (usually only 5–15 RMB per pack, with 5–10 cards inside). Much like blind boxes, each pack mixes regular editions with rare or limited-edition “chase cards.”
This blind-box mechanism fuels excitement. Popular IPs dominate the market: Pokémon, Ultraman, My Little Pony, and even Chinese titles like Ne Zha. In fact, limited-edition Ne Zha cards recently resold on secondary markets for tens of thousands of yuan, highlighting just how speculative the space has become.
A Younger Core Audience
The strongest clue to the card craze lies in its IP portfolio: children’s franchises. Unlike designer toys that primarily target Gen Z and young adults, trading cards attract a much younger demographic: elementary and middle school students.
Pokémon’s official card tournaments in China, for instance, only require a minimum age of 8 to register. For kids with limited pocket money, cards are far more accessible than figurines or dolls. Beyond affordability, they carry an important social function: students battle and trade cards during breaks, making the experience highly interactive and peer-driven.
The Business Giant Behind the Craze
China’s largest trading card company, Kayou (卡游), holds the licenses for hits like Ultraman and My Little Pony. According to its IPO prospectus, the company generated 10 billion RMB (≈1.4B USD) in revenue in 2024, with a staggering net margin exceeding 40%. Kayou is reportedly planning a Hong Kong listing, positioning itself as not just a toy company, but a highly profitable player in China’s entertainment and youth culture economy.
Concerns on the Horizon
Yet, concerns are emerging. Parents have begun voicing complaints about excessive spending on cards. The mix of blind-box mechanics, rarity-driven reselling, and a predominantly underage user base makes trading cards a potential regulatory flashpoint. Much like how online gaming and loot boxes attracted scrutiny, trading cards could face future intervention if seen as promoting gambling-like behavior among minors.
What This Means for Brands
Trading cards in China highlight how affordable price points, strong IP licensing, and built-in social gameplay can create explosive growth. But they also serve as a cautionary tale: with great engagement comes the risk of parental backlash and regulatory oversight.
💡 The open question is: Will trading cards continue their rise as the “new blind box,” or will concerns around youth spending and gambling-like mechanics slow down the boom?
Double V Consulting is a marketing consultancy specialized in female consumer goods brands. We have been helping overseas brands navigate the complexities of the Chinese market since 2017. We specialize in creating strategies that resonate with Chinese female consumers, leveraging deep market insights and cultural understanding.
If you're interested in learning more about how we can assist your brand in understanding and connecting with Chinese consumers, don't hesitate to reach out by clicking HERE.
Comments