The global collectibles market is experiencing a seismic shift, and at the epicenter of this change is the Labubu doll craze. What began as a niche interest among art toy enthusiasts has exploded into a worldwide phenomenon, captivating millions and reshaping consumer habits. This isn’t just about playthings; it’s a complex interplay of art, psychology, community, and economics.
The Origin Story: From Artist’s Sketch to Global Sensation
To understand the Labubu doll craze, one must start with its creator. Labubu is the central character of “The Monsters” series, designed by the Hong Kong-based illustrator and sculptor Kasing Lung. First introduced in 2015, Labubu is a mischievous, fanged creature with a curious smile, often described as a “little monster” with a heart of gold. Kasing Lung’s distinctive style blends cute and slightly eerie elements, creating a unique aesthetic that resonated deeply within the designer toy community.
The brand responsible for catapulting Labubu to international fame is Pop Mart. Founded in China, Pop Mart perfected the blind box sales model, packaging individually styled figures in sealed boxes so purchasers do not know which specific design they are buying until after the purchase. This strategy transformed the act of buying a toy into an experiential event. By partnering with Kasing Lung and other artists, Pop Mart provided a massive platform, turning Labubu from an artist’s creation into the face of a multi-billion dollar industry.
The Psychology of the Pull: Why Blind Boxes Are So Addictive
The Labubu doll craze is inextricably linked to the blind box model. The psychology behind this is powerful and draws from well-established behavioral principles. The act of unboxing generates a potent dopamine rush, the neurotransmitter associated with pleasure and reward. The uncertainty of not knowing which figure you will get creates a thrilling sense of anticipation. This is a classic example of a variable ratio reinforcement schedule, the same psychological mechanism that makes slot machines so addictive.
This model taps into the human desire to complete sets. Many Labubu series contain 12 regular figures, plus one or more secret rare figures. The drive to “pull” a rare variant or complete an entire set keeps consumers engaged and making repeated purchases. A 2024 study on consumer behavior from the University of Hong Kong noted that the blind box model effectively leverages “the curiosity gap and the endowment effect,” making consumers value the item more highly once they have acquired it, regardless of its rarity.
Cultural Impact and Community Building
The Labubu doll craze has fostered a vibrant and dedicated global community. Social media platforms like Instagram, TikTok, and Xiaohongshu are filled with millions of posts tagged #Labubu. Collectors share their latest “pulls,” showcase their complete sets, and create elaborate dioramas and photography featuring the dolls. This digital sharing creates a powerful feedback loop, reinforcing the social value of participation in the trend.
Furthermore, the craze intersects with broader pop culture. Pop Mart frequently releases collaboration series, partnering with iconic franchises like Harry Potter, Disney, and The Mummy. These limited-run collections generate immense hype and attract fans from different demographics, further expanding Labubu’s reach beyond core collectors. The community aspect transforms the hobby from a solitary pursuit into a shared social experience, with meet-ups, trades, and online forums strengthening collector bonds.
The Hard Numbers: Economic Scale of the Craze
The economic impact of the Labubu doll craze is staggering. Pop Mart International reported a 45% year-over-year increase in revenue for the first quarter of 2025, largely driven by the continued success of its IP-based blind boxes, with the Labubu series being a primary contributor. The secondary market is equally robust. Platforms like eBay and StockX see constant activity, with rare figures commanding astronomical prices.
For instance, the Labubu “Tako” (Octopus) figure from the “Labubu the Illustrator” series, with an initial retail price of around $15, now regularly sells for over $2,000 in mint condition on the secondary market. This potential for high returns has attracted a new type of consumer: the investor-collector who views these vinyl figures as alternative asset classes. Market analysis firms now track the value of rare toys much like traditional commodities, a clear indicator of the market’s maturation and financial significance.
Addressing Criticisms and Ethical Considerations
No phenomenon is without its critiques, and the Labubu doll craze is no exception. The most prominent criticism revolves around the blind box model’s potential to encourage compulsive spending and gambling-like behavior, particularly among younger audiences. Consumer advocacy groups in several countries have called for greater transparency and regulations, such as disclosing pull rates for rare figures, similar to laws governing mobile game loot boxes.
Environmental concerns regarding plastic use and packaging waste have also been raised. In response, Pop Mart announced in its 2024 Sustainability Report a commitment to increasing its use of recycled materials in both figures and packaging by 30% before the end of 2025. While these are positive steps, the environmental impact of mass-producing vinyl collectibles remains a point of ongoing discussion among ethically-minded collectors.
The Future of the Labubu Phenomenon
What does the future hold for the Labubu doll craze? Current trends suggest a move towards digital integration and heightened exclusivity. Pop Mart has already experimented with NFTs tied to physical dolls, offering digital certificates of ownership and authenticity. The emergence of the “phygital” collectible—a hybrid physical and digital asset—is likely to be a key growth area, appealing to a tech-savvy generation.
Furthermore, the market is expected to see more high-profile artist collaborations and ultra-limited editions to maintain excitement among seasoned collectors. However, the market’s long-term health may depend on its ability to balance exclusivity with accessibility, ensuring new fans can enter the hobby without being priced out. The core appeal—Kasing Lung’s charming designs and the communal joy of collecting—will likely remain the enduring foundation of the craze, even as its commercial manifestations continue to evolve.
The Labubu doll craze is a multifaceted cultural and economic event. It is far more than a passing trend in toy collecting. It represents the successful merger of artistic creativity with a shrewd business model that understands modern consumer psychology. Driven by the thrill of the unknown, a desire for community, and the potential for financial gain, this phenomenon has cemented Labubu’s place not just on shelves, but in the annals of contemporary pop culture. As it moves forward, navigating challenges of sustainability and ethical consumerism, one thing is clear: the little monster with a big bite has left an indelible mark on the global stage.
Sources and Further Reading
- Pop Mart International Group. (2025). Q1 2025 Trading Update and Revenue Report.
- Lee, Dr. A., & Chen, Prof. M. (2024).
- Global Collectibles Market Analysis Report. (2025).
- Pop Mart. (2024). Annual Sustainability and Corporate Social Responsibility Report.
- Kasing Lung. (2020).
- Federal Trade Commission (FTC). (2024). “Staff Perspective on Loot Boxes and In-Game Purchases.”