Labubu: How a Plush Toy Became a Global Economic Phenomenon

If you’ve walked through a university campus, a train station, or even your workplace, chances are you’ve spotted a Labubu dangling from someone’s bag. These wide-eyed plush monsters, created by Chinese toy company Pop Mart, have become a global craze, sparking long queues outside stores and even fights when restocks are announced (Yang, 2025). Pop Mart has already sold more than $670 million worth of Labubu products this year, surpassing iconic brands like Barbie and Hot Wheels in revenue (Wang, 2025).

The company’s overall sales more than doubled in 2024, surging by over 1,200%, a figure that reflects how much demand for the toy has transformed consumer markets worldwide (Yang, 2025). One of the reasons Labubu has captured such attention lies in the way it is sold. Pop Mart uses a “blind box” strategy, where buyers cannot see which version of the toy they are purchasing until after opening the box. Psychologists describe this as a “variable reward system,” a model that mimics gambling mechanics by combining chance, surprise, and intermittent rewards (Xia et al., 2025). Each purchase creates an addictive sense of anticipation, releasing dopamine not just when the box is opened but even in the moments of expectation. As The Guardian reported, some adult consumers describe spending thousands on blind boxes despite buyer’s remorse, highlighting the strong pull of this psychological effect (Tait, 2025). Pop Mart therefore sells more than toys—it sells collectibility, status, and the emotional rush of unboxing.

Scarcity has also fueled Labubu’s rise. Despite retailing for just $13 to $16 in Asia, or around $35 in Australia, some rare editions sell for thousands in the resale market (Variety, 2025). A Labubu x Vans Old Skool Vinyl Plush Doll sold for $10,585 on eBay after nearly 100 bids (Roeloffs, 2025), while the “Three Wise Labubu” reached $28,300 at auction in May and a Sacai x Seventeen x Labubu toy went for over $31,000 (PerthNow, 2025). In China, a human-sized Labubu recently sold at auction for 1.24 million yuan, or $172,800 (Economic Times, 2025). As Forbes noted, these markups demonstrate how artificially limited supply amplifies demand by triggering urgency and FOMO—fear of missing out—among buyers (Murray, 2025). Collectors do not just buy Labubus for their appearance but for the exclusivity and luxury status that scarcity confers.

The toy has also evolved into a cultural marker. Carrying a Labubu charm signals not only aesthetic preference but also social belonging. The “secret” editions, available only at odds of one in seventy-two boxes, are particularly sought after because they represent insider status (Xia et al., 2025). Celebrity endorsements by Rihanna, Dua Lipa, and Lisa of BLACKPINK have reinforced Labubu’s cultural cachet, making it a symbol of relevance in global pop culture (The Sun, 2025; MENAFN, 2025). On social media platforms like TikTok and Instagram, users share videos of unboxings, rare finds, and resale hauls, collectively amplifying the toy’s perceived value and further fueling the cycle of demand (MENAFN, 2025).

The Labubu phenomenon demonstrates how a mix of scarcity, psychological triggers, and cultural

influence can elevate a small plush toy into a billion-dollar business. Pop Mart’s revenue reached $1.8 billion in 2024 and continues to rise, with company shares increasing 11% after the announcement of a new mini Labubu line (Yang, 2025). Yet, this raises broader questions. Are consumers drawn by genuine affection for the product, or are they caught in a cycle of artificial scarcity and social pressure? As one commentator put it, the craze forces us to ask whether owning a Labubu is harmless fun—or a reflection of overconsumption shaped by modern market dynamics (Tait, 2025).