Source: NYT > Business (paywall)
Squishies have evolved from novelty impulse buys into a peer-to-peer trading economy, complete with rarity hierarchies, chase variants, and the social mechanics of collectibles like Pokémon cards—except with near-zero barrier to entry and production. Kids created the secondary market; Squishmallow didn't invent it. This forces toy manufacturers to engineer scarcity into inherently abundant soft goods. The durability and low cost also make squishies a tradeable currency for Gen Alpha: they require less parental permission friction than Lego or video games while delivering the same dopamine hit of acquisition and social status. Brands now follow where children lead on value creation, not the reverse.