The Journal: Why Is Everyone Obsessed With Labubus?
Episode Release Date: August 7, 2025
Host/Author: The Wall Street Journal & Spotify Studios
Co-Hosts: Ryan Knutson and Jessica Mendoza
Introduction: Unpacking the Labubu Phenomenon
In the August 7, 2025 episode of The Journal, guest host Michelle Hackman delves into the captivating world of Labubus—a burgeoning trend that's taking the collectibles market by storm. Labubus, produced by the Chinese toy company Pop Mart, have rapidly transitioned from niche collectibles to a global sensation, sparking intense fandom and significant business growth. This episode explores the allure of Labubus, the strategies behind their skyrocketing popularity, and the broader implications for the collectibles industry.
What Are Labubus?
Labubus Defined:
Labubus are small, furry monsters characterized by their distinctive features: pointy ears, large eyes, wide toothy grins, and an overall mischievous demeanor. These creatures are sold in "blind boxes," meaning the specific Labubu inside is unknown until the box is opened. This element of surprise adds to their charm and collectible appeal.
“Labubus are like a box of chocolates. You never know what you're going to get.”
— Jess [00:24]
The Unboxing Experience:
The excitement surrounding Labubus is akin to unwrapping a surprise gift. Each unboxing is treated as an event, with influencers like Ebony Hall sharing their experiences on platforms like TikTok, thereby fueling the craze.
“Labubus are like a box of chocolates. You never know what you're going to get.”
— Jess [01:22]
The Rise of Labubus: Celebrity Endorsements and Viral Popularity
Celebrity Influence:
Labubus gained significant traction when high-profile celebrities began showcasing their collections. Figures such as Rihanna, Madonna, Lisa from Blackpink, and NBA player Dylan Brooks were seen sporting Labubus, thereby amplifying their visibility and desirability.
“We've seen Labubus dangle off, you know, Madonna, Rihanna, Lisa from Blackpink has said she loves Pop mart. Dylan Brooks, the NBA player, was seen walking into a game with a Labubu dangling from his hip.”
— Michelle Hackman [05:02]
Viral Content and Social Media:
Influencers like Ebony Hall have played a pivotal role in popularizing Labubus. Ebony's viral TikTok posts, where she documents her quest to acquire Labubus, have resonated with a broad audience, leading to increased sales and a doubling of her follower count.
“I have spent thousands on Labubus, many of them she ends up reselling.”
— Ebony Hall [06:17]
The Collectible Craze: Scarcity and Hype
Scarcity Model:
Labubus are intentionally produced in limited quantities, creating a high demand that often outstrips supply. This scarcity drives intense competition during new releases, with enthusiasts sometimes battling against tens of thousands of others to secure a single Labubu.
“A lot of people have made the comparison that a blind box pulling a blind box opening is kind of a form of gambling because you're investing in this anticipation.”
— Michelle Hackman [15:19]
The Drop Culture:
Pop Mart's strategy involves regular "drops" where new Labubu collections are released weekly. These drops generate significant hype, often selling out within minutes and leading to online scalping where rare Labubus can fetch exorbitant prices on secondary markets.
“They sell out within minutes. And so this kind of all just drives this sort of crazy, crazy hype.”
— Michelle Hackman [09:41]
Pop Mart’s Business Impact and Strategy
Exponential Growth:
Pop Mart has seen its revenues skyrocket from $21 million in 2017 to $642 million in 2022, and recently doubling to $1.8 billion. Labubus have been a key driver of this growth, particularly as the company expands its presence beyond Asia into the United States.
“Labubus have really turbocharged Popmart's sort of status, especially here in the States.”
— Jess [11:23]
Targeting the "Kidult" Demographic:
Pop Mart intentionally markets Labubus to "kidults"—adults who retain a nostalgic fondness for collectibles. This demographic values the combination of childhood nostalgia and the thrill of collecting, positioning Labubus as more than mere toys but as cherished collectibles.
“They're aiming for this sort of what they call a kidult customer.”
— Michelle Hackman [11:01]
Expanding Beyond Blind Boxes:
To ensure long-term sustainability, Pop Mart is diversifying its product offerings. This includes tech accessories, additional plush toys, and immersive experiences like their theme park, Pop Land, in China.
“They're offering tech accessories, they're offering other kind of stuffed toys, products, plush toys, all in the hopes that people are connecting with their IP.”
— Michelle Hackman [15:37]
Counterfeits and the Secondary Market
Rise of Counterfeits:
As Labubus' popularity soared, so did the production of counterfeit versions, known as Lefoufus. These fakes are often sold at lower prices and have surprisingly garnered their own fan base, sometimes being proudly displayed alongside genuine Labubus.
“People are showing off their Lefufus and their Loboos and it's sort of just become this like, inside joke.”
— Michelle Hackman [13:43]
Secondary Market Explosion:
The limited availability of authentic Labubus has led to a booming secondary market. Rare Labubus can command prices upwards of $230,000, highlighting the intense demand and speculative nature of the collectibles market.
“One rare edition selling for $230,000.”
— Ebony Hall [14:24]
Global Expansion and Regulatory Challenges
International Growth:
Pop Mart's strategic expansion has seen Labubus gain traction outside Asia, with overseas revenue now making up nearly 40% of the company's total sales. The establishment of physical stores and themed attractions like Pop Land supports this global push.
“Outside of China, Popmart sales have more than tripled in the last year.”
— Jess [16:27]
Regulatory Hurdles:
The explosive popularity of Labubus has attracted regulatory scrutiny. Countries like China have banned the sale of blind box toys to children under eight to mitigate concerns over gambling-like behaviors, while Singapore has considered capping retail prices to prevent exploitative pricing.
“They say the product is for 15 plus.”
— Michelle Hackman [15:54]
Pop Mart’s Response:
In response to these challenges, Pop Mart emphasizes that their products are not intended for young children and are marketed towards adult collectors. Additionally, they are expanding their product lines to reduce reliance on the blind box model.
“They're saying the product is for 15 plus.”
— Michelle Hackman [15:54]
The Future of Labubus: Fad or Lasting Trend?
Sustainable Branding Efforts:
Pop Mart is actively working to transform Labubus from a fleeting trend to a lasting brand by investing in intellectual property development, such as storytelling and immersive experiences. This strategy mirrors the foundational principles of enduring brands like Disney.
“I spoke to an analyst... we should probably start looking at Popmart as something more similar to Disney.”
— Michelle Hackman [17:47]
Long-Term Viability:
While Labubus currently enjoy immense popularity, their long-term sustainability hinges on Pop Mart's ability to continuously innovate and engage their audience. The company’s ventures into theme parks and diversified product offerings are strategic moves aimed at building a loyal and lasting customer base.
“Never say never.”
— Michelle Hackman [17:52]
Conclusion: Decoding the Labubu Craze
The Labubu phenomenon exemplifies the powerful intersection of scarcity, social media influence, and strategic business expansion. Pop Mart’s adept handling of these elements has not only propelled Labubus to the forefront of the collectibles market but has also set the stage for potential long-term success. As The Journal highlights, the future of Labubus will be a litmus test for Pop Mart's ability to sustain and grow beyond the initial wave of popularity.
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