Thailand's character merchandise market has surged to 7–8 billion baht with 200% growth from 2023–2024, expected to reach 8–10 billion by 2027. Key drivers include returning tourism, international collector interest, celebrity endorsements (e.g., GMMTV talent partnerships), and retail collaborations (Central, Siam Paragon). Local IP holders like Tech Toys and POP MART are scaling through pop-ups and lifestyle marketing to Gen Z and fitness influencers. Success depends on building passionate fan communities, not just customers.