When Cute Gets Costly: The Financial Craze Around Labubus

From toy shelves to stock markets, a tiny collectible is shaking wallets, celebrities and raised alarms in global finance

If you’ve been on TikTok, Instagram, or honestly just walked outside in the last six months, you’ve probably seen that mischievous little elf with spiky ears and pointy teeth. Yep, we’re talking about Labubu, the slightly chaotic, slightly adorable collectible that’s got the internet (and our bank accounts) in a chokehold.

Labubu started as part of ‘The Monsters’ series by artist Kasing Lung, and in 2019, Pop Mart put them in blind boxes. That means you never know which one you’re gonna get, kind of like Pokémon cards, but with way cuter (and to some,  creepier) vibes. They’re small, they’re chaotic, and they’ve somehow become the main character of the global collectible scene.

Here’s where things get wild: each blind box costs around $30, but rare ones are reselling for hundreds or even thousands of dollars. Limited edition Labubus drop, sell out instantly, and pop up on resale markets faster than you can say “add to cart.”

Pop Mart knows exactly what they’re doing: it’s the economics of Fear Of Missing Out. Academic research reveals that blind box consumption follows a “stimulation-pleasure-pleasure enhancement-addiction” pattern. Studies found significant correlations between knowledge of blind boxes, average spending, purchase frequency, and addictive behaviors.

Pop Mart achieved a staggering 66.8% gross profit margin in 2024, among the highest in global retailing. To put this in perspective, competitors like Miniso achieved around 45%, while consumer electronics maker Xiaomi and EV powerhouse BYD came in around 20%.

Gen Z has turned Labubu into more than a collectible; it’s a status symbol. People film unboxings, flex their rare pulls, and trade like it’s the stock market (but with cuter returns).

In Southeast Asia, especially Thailand, demand went feral after BLACKPINK’s Lisa was spotted with one. Lisa’s influence was so significant that she admitted in interviews to struggling to find new Labubus because of the demand she helped create. 

Beyond Lisa, the celebrity roster includes Rihanna (whose organic moment with a Labubu clipped to her Louis Vuitton bag caused Pop Mart’s app to hit #1 on the U.S. App Store), Kim Kardashian, Dua Lipa, and even David Beckham. Now, Labubu is basically a celebrity in its own right, and Pop Mart even made it an ambassador for tourism.

But every legend has its drama. Counterfeit Labubus, nicknamed “Lafufus”, are flooding markets. Police have raided fake toy warehouses worth millions, and Chinese banks banned using Labubus as gifts because the hype was messing with the actual economy. 

Shanghai police alone seized over 5,000 fake Labubu toys worth $1.7 million in a single operation. The impact became so significant that Chinese financial regulators banned Ping An Bank from offering Labubu dolls as gifts to attract new depositors who could park 50,000 yuan ($6,960) for three months.

• culture
• entertainment
• finance
• labubu