Whether you realised it or not, you’ve likely walked past a Labubu dangling from someone’s bag. On the train, at university, at work, they're everywhere. Long lines in front of Pop Mart’s stores upon news of Labubu restocks or releases, and even fights breaking out, are common - all in hope of securing a limited collectible before they sell out. In fact, Pop Mart, the Chinese company behind the Labubu franchise, has sold $670 million worth of related products this year, surpassing iconic US toy lines Barbie and Hot Wheels. Pop Mart’s total revenue more than doubled in 2024, with sales boosted by over 1,200%. Why is everyone suddenly obsessed with this plush monster bag charm, and how does the supply and demand of Labubus impact consumer behaviour?
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