(Yicai) Oct. 16 -- Competition in the Chinese market for figurines and garage kit models is intensifying, with more designers and companies entering the field and trends quickly shifting.

China Literature, the e-book platform of Tencent Holdings, which has much literary intellectual property in China, is also muscling in on the sector, an insider told Yicai during the recent Wonder Festival in Shanghai, where it showed off figures based on characters from the popular novels and dramas 'Fox Spirit Matchmaker,' 'Under One Person,' and 'Battle Through the Heavens.’

The Wonder Festival, also known as Wonfes, was first organized in Japan by toy company Kaiyodo in 1984 and was first held in Shanghai in 2018. This year's two-day event on Oct. 2 and 3 featured nearly 280 domestic and international art toy brands and over 520 prototype designers.

“We develop art toy products based on market trends and popular online literary and film IP,” a manager from the bi-product development team of China Literature, who was attending the Wonfes for the first time, said to Yicai.

Many individuals have also begun to enter the market as sellers. “The field is booming,” said a person surnamed Lin, who has joined in the event for many years. Lin shared a plan to design and produce men-oriented handmade products based on original IP next year and attend shows as a business, noting that there were more companies and visitors this year following the pandemic.

However, trends in the figurine and garage kit industry can change rapidly, and the popularity of some products may last for only two or three years, according to industry insiders, who noted that consistent innovation is much needed. 

Figurine studio Monas Works, a highlight of the previous two exhibitions, shrank the size of its booth by 75 percent this year, and only a few people visited it compared with huge crowds before. The firm began downsizing its exhibition presence last year, staff members told Yicai.

Japanese studio Kojima Productions, which had people lining up to buy its products two years ago, sparked less excitement this year, and several staffers were seen sitting bored beside its booth.

But some companies are constantly expanding their product categories. Meng, which previously turned out warship and fighter jet models, this year launched the Dragonfly aircraft model based on the movie adaptation of Frank Herbert’s sci-fi novel ‘Dune.’ A manager at the company said he hopes the market will take to the new models.

Fujian Our Idol is adapting Chinese mythology-based IP into films and television shows. Based on the 'Investiture of the Gods' series, it has set up a project for an animated TV series. Titled 'Tianmu Saga,' the show is in the planning stage, and the firm is showcasing its characters, including Nezha and Jiang Jian, with plans to shoot it in a puppetry format next year and air it on Tencent Video.

“Overall, the art toy figurine market has much potential,” an industry insider said. Players are ready to spend money on their hobbies and are willing to buy large figurines, the person noted.

A young player in their twenties told Yicai that on the first day of the Wonder Festival, he spent more than CNY10,000 (USD1,367), without counting the CNY2,000 (USD274) VIP ticket that he forked out for.

Editor: Martin Kadiev