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?
[As a writer at ESSA, and a law and commerce student, Jade has a strong interest in economics, global trends and business ethics. Combining analytical thinking with a passion for understanding market dynamics, she aims to provide insightful and engaging content that explores the intersection of economics and consumer behaviour.]
Hooked by chance, the gambling allure of blind boxes
Pop Mart’s strategic sale of Labubus through a blind box model, where the colour and design of the toys are hidden in sealed packaging until the box is opened, creates a psychological addictive effect similar to that of gambling. The thrill of opening blind boxes lies in perceived uncertainty, creating anticipation that mirrors gambling by relying on “luck” and hope of unboxing a rare and desired item, or collecting new Labubus to complete a set. Psychologists refer to this as a variable reward system, which is similarly found to create addiction in Pokies machines. The accompanying surprise and micro-moment of happiness entices people to continue purchases no matter if their initial blindbox was disappointing or rewarding. Your brain releases dopamine, the neurotransmitter that is associated with pleasure and reward, in anticipation of what you might get, not just when purchasing a blindbox. Pop Mart does not just sell toys, they sell collectibility, anticipation, status and emotional investment.
$35 to thousands, the secondary market capitalising on scarcity.
Labubu catapulted Pop Mart to $1.8B in revenue not just through media buzz, but by driving demand through intentional product scarcity. In a similar vein to other products like Pokémon cards and FunkoPops in the collectible market, artificial scarcity created through the limited supply of goods has created a secondary market for the trading of Labubus, impacting market price. Although Labubus cost between $13 and $16 in Asia, and around $35(22 USD) in Australia, re-sellers have taken advantage of the craze on by marking up prices on platforms like eBay. Despite its dated release in 2023, the limited availability of the Labubu x Vans Old Skool Vinyl Plush Doll for instance, drove it to be one of the most demanded Labubu editions, selling for $10,585 after 96 bids through an eBay listing. Even now, it goes for thousands on resell sites like StockX. Other rare Labubu products were just as popular, with the Three Wise Labubu selling for $28,300 in a May auction and the Sacai x Seventeen x Labubu auctioned for $31,250(approx $48,133 AUD), after surges of competitive bidding. On June 10, 2025, the craze hit new heights in its home market of China, when a human sized Labubu doll was auctioned for for approximately 1.24 million yuan, equating to around $172,800 USD.
A clear pattern is interpreted based on these high markups: the rarer and scarcer the Labubu, the higher its market value and resell price. This is a perfect example of how artificial scarcity can significantly amplify market demand by creating a sense of exclusivity and urgency among buyers, contributing to the popular phenomenon of FOMO (fear of missing out). When supply is intentionally limited, perceived value rises, leading to inflated resale prices and a thriving secondary market. This highlights one’s desire to acquire goods perceived as “high value” because of the status and luxury conferred by their exclusivity. Such dynamics reflect classic economic principles where rarity drives willingness to pay far beyond the product’s original retail price.
Status, not just purely aesthetics
Moreover, having a Labubu charm on your bag has impact exceeding simple aesthetic appeal, it can also serve as a status symbol, even more so if your Labubu is one from the “secret” selection, a rarer version of the toy that consumers have a 1-in-72 chance of unboxing. With the rise of celebrity endorsements from influential figures such as Rihanna, Dua Lipa, and Lisa of BLACKPINK, owning a Labubu has come to symbolize cultural relevance and social currency, signaling that one is attuned to contemporary pop culture and aligned with the tastes of the trendsetting elite. This feeling of being part of the “in” crowd provides comfort, acceptance and a sense of community to individuals, further driven by social media platforms popular amongst youth such as TikTok and Instagram. Users frequently share content showing off their Labubu impulse purchases, unboxings, and the thrill of discovering rare or “secret” Labubus, collectively influencing others, validating the trend, and amplifying the perceived value and cultural relevance of the collectibles.
Would you cop?
The phenomenon of Labubu illustrates how scarcity, psychological triggers, and cultural status can elevate everyday products into high-value collectibles, reshaping consumer behavior and market dynamics. The economic impacts are undeniable, with Pop Mart estimating that full-year sales could grow over 50% year-on-year, and shares soaring 11% after the CEO announced a new mini Labubu. Yet, this raises broader questions about sustainability and social influence; are buyers motivated by authentic appreciation or driven by the mechanics of scarcity-induced demand? Would you purchase one, and if you did, would it be harmless fun or a sign of overconsumption?
References
Xia, F., Xu, Y., Zhang, H., & Yuan, X. (2025, April 3). The effect of doll blind box uncertainty on consumers’ irrational consumption behavior: The role of instant gratification, gambler’s fallacy, and perceived scarcity. BMC Psychology, 13, Article 332. https://doi.org/10.1186/s40359-025-02644-w
Tait, A. (2025, August 18). ‘My buyer’s guilt is insane. It’s $1,300 on trash’: The adults addicted to blind box toys like Labubus. The Guardian. https://www.theguardian.com/lifeandstyle/2025/aug/18/Labubu-blind-box-addiction-gambling
Yang, Z. (2025, August 19). Labubus are on track to be a billion‑dollar business this year. Wired. https://www.wired.com/story/Labubu-pop-mart-earnings-2025/
Wang, Y. (2025, June 12). Pop Mart’s Wang Ning is China’s 10th richest, thanks to Labubu mania. Forbes. https://www.forbes.com/sites/ywang/2025/06/12/pop-marts-wang-ning-is-chinas-10th-richest-thanks-to-Labubu-mania/
Murray, C. (2025, June 3). Viral Labubu dolls resell for thousands online as TikTok’s new big hit. Forbes. https://www.forbes.com/sites/conormurray/2025/06/03/viral-Labubu-dolls-resell-for-thousands-online-as-tiktoks-new-big-hit/
Roeloffs, M. (2025, July 24). This Labubu just sold for $10,585 —Here’s why they might be good investments. Forbes. https://www.forbes.com/sites/maryroeloffs/2025/07/24/this-Labubu-just‑sold‑for‑10585‑heres‑why‑they‑might‑be‑good‑investments/
[Author Unknown]. (2025). Labubu plush toys: Buy online. Variety. https://variety.com/2025/shopping/news/Labubu-plush-toys-buy-online-1236380218/[Author Unknown]. (2025, June 5). What is a ‘Labubu’ and why has the $7,000 bug‑eyed Chinese toy fuelled so much hype. The Economic Times. https://economictimes.indiatimes.com/news/international/global-trends/what-is-a-labubu-and-why-has-the-7000-bug-eyed-chinese-toy-fuelled-so-much-hype/articleshow/121617923.cms[Author Unknown]. (2025, May 22). Labubu doll craze: Why are UAE residents going wild over these ‘ugly …’. MENAFN. https://menafn.com/1109580965/Labubu-Doll-Craze-Why-Are-UAE-Residents-Going-Wild-Over-These-Ugly-Monsters[Author Unknown]. (2025). Look — BLACKPINK’s Lisa becomes a real‑life Labubu at London concert. MENAFN. https://menafn.com/1109960184/Look-BLACKPINKs-Lisa-Becomes-A-Real-Life-Labubu-At-London-Concert[Author Unknown]. (2025). Celebrities show off Labubu dolls. The Sun. https://www.thesun.co.uk/tvandshowbiz/35109700/celebrities-show-off-labubu-dolls/[Author Unknown]. (2025, August 21). Sacai and Seventeen’s Labubu collab auction has ended — and the toys sold for an eye-watering amount. PerthNow. https://www.perthnow.com.au/lifestyle/beauty-style/sacai-and-seventeens-labubu-collab-auction-has-ended–and-the-toys-sold-for-an-eye-watering-amount-c-19099159
