Why Is Everyone Obsessed With Labubus?

Summary

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

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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.

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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]

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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]

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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]

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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]

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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]

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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]

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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]

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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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Transcript

[Jess]

Hey, everyone, it's Jess.

[Michelle Hackman]

I'm here to say that my colleague Michelle Hackman is here to guest host today's episode. Enjoy.

[Jess]

Can we start with just having you introduce yourself?

[Ebony Hall]

So, hi, my name is Ebony. Ebony hall. I am 26 years old, from Georgia. Yes. I'm a mommy mamacita.

[Jess]

And Ebony hall has one of those jobs that you probably didn't even know existed. She's a Labubu influencer.

[Ebony Hall]

I'm your Laboski loving bestie. That's how I kind of sum it up as far as my content creation.

[Jess]

Labubus are the latest toys that have taken the world by storm. They're little furry monsters. Kind of creepy, but also kind of cute. They have pointy ears, big eyes, and wide, toothy grins. They look a little mischievous. It can be pretty hard to get your hands on one, but I actually managed to pick one up ahead of my call with Ebony. So I'm going to describe actually what's in my hand. So I'm holding this, like, pastel box. It's maybe 6 inches tall. And on the side here, there are like six different options of what could be in this box. I don't actually know what's in here. It doesn't say. And I'm going to. I'm going to open it. So see what's inside.

[Ebony Hall]

Yes. I'm so excited for you.

[Jess]

Labubus are like a box of chocolates. You never know what you're going to get. That's because they come in what's called a blind box. And when you open one to reveal the Labubu inside, it can feel like a whole event.

[Ebony Hall]

So you kind of lift the tab up. You see that little tab right there? And you grab it and just.

[Jess]

And just go like that.

[Ebony Hall]

All right, that'll work. It's open.

[Jess]

All right, let's see.

[Ebony Hall]

See, let's see. Oh, wow, you guys. Oh, was that sesame? Hello. No, that's toffee.

[Jess]

Oh, my God.

[Ebony Hall]

Congratulations on your first Lau baby. Lausy baby.

[Jess]

It is so cute. For the record, I got a little sandy colored monster. It's part of the exciting Macaron Loboo collection. It's a little neutral that I think is going to look great on my backpack. If you're a frequent TikTok user, you've probably seen these toys everywhere.

[Michelle Hackman]

This is a Labubu.

[Ebony Hall]

The girls who hate Labubu, they're not for you, babe.

[Michelle Hackman]

This is so cute.

[Jess]

Like, and for popmart, the Chinese toy company that makes Le Boo Boos, business has been Labu booming. Welcome to the Journal, our show about money, business and power. I'm Michelle hackman. It's Thursday, August 7th. Coming up on the show, scarcity, scary cute monsters, and the Le Booboo takeover. When my colleague Caitlin Wang started reporting on Labubus, she was a bit of a skeptic.

[Michelle Hackman]

Yeah, you know, when I first started looking into this, I was like, I don't know about these guys. You know, I wasn't really sure either. But as I really reported this out, spoke to people who like them, I myself started to gain a little bit of affection for them. They're. They're really honestly kind of like cute. I think people have described them as ugly cute, which I think is maybe a little bit mean to them.

[Jess]

People all over the Internet have fallen in love with these ugly, cute little monsters. There are tons of videos of people unboxing them. Am I a grown ass woman on.

[Ebony Hall]

The Internet about to unbox a Labubu? Yes. Was I originally a hater about the Labubus? But then I remembered I was raised with furbies, Teletubbies and beanie babies and real realize that it was really never that deep and live a little also.

[Jess]

Yes, they also dress up their labubus.

[Michelle Hackman]

Welcome to my series where I match my outfits to my labubus. I bought four different outfits for different occasions. First one is for my pickleball bag. And her little hat has a really pretty flower on it. You can see the details.

[Jess]

And people also wear their labubus. They often come on a keychain.

[Michelle Hackman]

Here's my Labubu with its Prada outfit. And here's my Prada bag.

[Jess]

Cute.

[Michelle Hackman]

So I got my little boo boo matching my Prada bag.

[Jess]

Labubus were introduced by the Chinese toy company pop mart in 2019, but it wasn't until last year that they started to take off globally after some celebrities were seen wearing them.

[Michelle Hackman]

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. So there's just so much hype around these characters, and that kind of makes you want one.

[Jess]

That's when Ebony, the influencer you heard from earlier, started to get into Labubus.

[Ebony Hall]

I saw Rihanna and she had the leachy berry Labubu in her photo. And I said, you know what? That's kind of cute. So once I saw that lychee berry exciting macaron on Rihanna's back, I Said, you know what? Let's just see.

[Jess]

So Ebony decided to document on TikTok her attempt at snagging her first lebooboo.

[Ebony Hall]

I am determined to get a labubu tonight. Like, I don't care what I have to do. I am getting a labooski.

[Jess]

Ebony's quest to get a labubu, or as she lovingly calls them, labooskis, went viral. Her post got more than 300,000 views, and her follower count doubled. Since then, she's leaned into Labubu content. Ebony says she's bought hundreds of lebooboo blind boxes, which at the moment retail for $27.99 AP in the US as.

[Ebony Hall]

Far as how much I've spent, I have spent thousands on labubus, many of.

[Jess]

Them she ends up reselling. Her personal collection of just over a dozen Labubus sits on a shelf, a Labubu altar framed with neon lights, along with other figurines. Are you, like, guarding these things with your life? Are you actually wearing them?

[Ebony Hall]

Yes, I am guarding them with my. Well, I won't say that I do. My labuboos go out into the world. They are well traveled. Okay. They go to McDonald's with me. We go to Walmart together. Um, yes. My favorite labubu that I wear down. I wear it outside the world, everywhere I go. It's gonna be my fall and wild Labubu. It's the plush pendant.

[Jess]

Why do you like them so much?

[Ebony Hall]

What's.

[Jess]

What's the appeal?

[Ebony Hall]

It's the fight more so than the product. I feel like I will always say that I think the appeal is not so much in the product, but in the. The ways or methods that we have to go through, the trials and tribulations that we have to go through. And the part. My battlefields, to get the product put.

[Jess]

Me in that moment. What happens when there's about to be a drop? What do you do?

[Ebony Hall]

So initially, we would get a countdown, and you would just have to prepare yourself, like, kind of mentally prepare yourself and your TikTok to go through this process of fighting over 20,000 people for potentially 200 items. Maybe, maybe 100. Sometimes they'll even drop five. So you really don't know until after the drop.

[Jess]

How can you put yourself in position to beat 20,000 people?

[Ebony Hall]

Click fast and pray hard. Click fast and pray hard.

[Jess]

This is like me trying to get concert tickets on Ticketmaster.

[Ebony Hall]

I just fail. Yes. That is a perfect example. Okay. If you want to be. If you want to see Yonce front row, you're gonna make sure that LTE is up to date. You're gonna make sure that your WI fi is paid up for Ebony.

[Jess]

She waits with bated breath to buy Le Boo Boos online. Other people may have a Pop Mart store nearby. Most are in Asia, but the company is expanding quickly in the US and those stores can get pretty crowded. Our colleague Caitlin was in LA and saw the frenzy firsthand when Pop Mart announced its latest drop of Lebooboos.

[Michelle Hackman]

Michelle, when I tell you it was the craziest experience I've ever had. I've really never seen anything like it.

[Jess]

What was it like?

[Michelle Hackman]

Yeah, There were over 2,000 people there before 10am, which is when the store opens.

[Jess]

Yeah, why?

[Michelle Hackman]

They were all lining up trying to get their hands on this new Lapupu. There were people who I'd met who were there since 8pm the night before. There were people in line. There were people still streaming in. And keep in mind, I was there at 6am the store wasn't going to open for another four hours.

[Jess]

And what happened when the store opened?

[Michelle Hackman]

Yeah, well, they had planned for this in person shopping drop, right. That they had a certain amount of Labubu sets and they were going to sell them to people who shopped in store. There were so many people there and the crowd got rowdy enough that they actually canceled. In store shopping for the Labubus, things.

[Jess]

Got so out of hand that the store decided to sell the Labubus online. What do you make of all the commotion, like, what is driving this devotion that's getting people to line up 12 hours before the store opens?

[Michelle Hackman]

I think it's a really interesting exercise in collectibles and in scarcity. And they're just so hard to get. They're sold out all the time except for when Pop Mart does a drop. And they do do a drop every week, but they sell out within minutes. And so this kind of all just drives this sort of crazy, crazy hype. And that's why you have people lining up for hours and hours trying to be the first in line to make sure they can buy one.

[Jess]

The hype behind Labubus has been a major break for the toys maker Popmart. The company has been around since 2010 and makes all kinds of blind box collectibles. They've enjoyed relative success, especially in Asia.

[Michelle Hackman]

They were doing really well before the Boo Boos. They were growing really, really steadily. In 2017, they had about 21 million USD in revenue, and by 2022 they were looking at 642 million Popmart likes.

[Jess]

To collaborate with popular artists. That's where Labubu came from. The character was created by a Hong Kong artist named Kai Sing Leung. And they consider these toys high end. So even though popmart's toys are popular with kids, the company says they actually aim for a different demographic.

[Michelle Hackman]

They're aiming for this sort of what they call a kidult customer. Someone who is an adult, someone who has their own spending money, but really loves nostalgia, wants to collect these items. They're collectibles more than they are toys.

[Jess]

What is the Leboo done to popmart's business overall?

[Michelle Hackman]

It has made it go crazy, is the short answer of that. I mean, popmart was a big company, especially in Asia beforehand, but Loboo and the growth of Lobous have really turbocharged Popmart's sort of status, especially here in the States.

[Jess]

Popmart's revenue has doubled in just the last year, reaching $1.8 billion and turning the Chinese toy maker into a global phenomenon. But their rise has faced some bumps. That's next. After my very first Leboo unboxing with Ebony, I called another Labubu expert. My eight year old niece, Olivia. Hi, Liv. Hi. Look what I got. It's a little boo boo. It's so cute. Olivia is a proud Lobooboo owner. I have the yellow one with like a blue pink heart and it's tied to its belly and the string is blue and there's a bow in the front. But I'm also calling Olivia because I need her help with something. She happens to be an avid Loboo authenticator. If it has 10 teeth, then it's definitely fake. Okay, but how many teeth does it have to have? It has to have nine. Okay. And even some fake one has to have nine. Oh, let's count, let's count. Hold on. I think 1, 2, 3. Luckily for me, it looks like this Labubu is the real deal. But I had to double check. And that's because since they're now so hard to get, there's been an explosion of counterfeits. There's a name for these fake Labubus. I think we got Lefoufoos. We got played lefoufou's. My colleague Caitlin says that even, even these fake Lefoufou's have garnered a dedicated fan base.

[Michelle Hackman]

Something really interesting that I don't think I've seen with something so popular is that people are proud to own Dupes. So people are showing off their Lefufus and their Loboos and it's Sort of just become this like, inside joke.

[Ebony Hall]

It's a Lefoufou, but I don't care.

[Michelle Hackman]

I wanted one so bad.

[Ebony Hall]

So I went to my local dollar.

[Jess]

Store and found lefoufoos, honey. And they were only $15. So I bought Lebows at a pawn shop in Vegas.

[Michelle Hackman]

Or are they Lefun?

[Jess]

Lefufus? One thing is clear. The Lebubu industrial complex is in full swing. Not only are counterfeit sellers making a killing off Lefufus, there's also an entire secondary market for the real thing.

[Michelle Hackman]

I mean, it's the scarcity model, right? There are more people who want Labubus than they are able to sell them for. And if you really want one, they're on ebay, they're on Facebook, marketplace, they're on stockx, often selling for double the price.

[Jess]

For some really rare Labubus. Resales have had them going for hundreds of thousands of dollars.

[Ebony Hall]

A global collectible craze, These Labubu figurines have gone viral. One rare edition selling for $230,000.

[Jess]

So what happens when Labubu shopping gets out of hand? In Asia, some countries have looked to rein in Labubus and similar toys. For example, the Chinese government has banned sales of blind box toys to children under the age of eight. And in Singapore, they've proposed capping the retail price of blind boxes.

[Michelle Hackman]

I mean, a lot of people have made the comparison that a blind box pulling a blind box opening it is kind of a form of gambling because you're investing in this anticipation. You really want this big payoff and you just don't know what you're going to get.

[Jess]

So what has popmart said about that?

[Michelle Hackman]

Yeah, popmart's response to the regulations has really been that they have never intended themselves to be marketed towards children on their boxes and their website and everything. They say the product is for 15 plus.

[Jess]

The company says they're also looking to expand beyond blind boxes.

[Michelle Hackman]

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. And that sort of connection will drive sales beyond the blind box model.

[Jess]

In China, popmart has even opened a theme park called Pop Land where you can go and mingle with life size Labubu characters. If you love popmart as much as.

[Ebony Hall]

I do, you've come to the right place.

[Jess]

Outside of China, popmart sales have more than tripled in the last year. And overseas revenue now makes up nearly 40% of the company company's sales. Do you think Labubus are almost like another passing fad. Like, you and I probably grew up with Beanie Babies. You know, more recent generations have had Squishmallows and Tamagotchis. You know, is this, like, going to be a passing fad, or do you think Labubus are here to stay?

[Michelle Hackman]

I think that's the big question for Popmart. I mean, obviously they've taken advantage of this moment and taken advantage of it well. But how do they create this lasting empire off of this viral moment? I think that that kind of remains to be seen, but what they are trying to do, like I mentioned, is connect their customers with that ip, and so it sort of breeds some sort of loyalty. I spoke to an analyst while I was working on this piece, and he told me that we should probably start looking at Patmar as something more similar to Disney. I mean, look at the theme park, right? They're really banking on their own intellectual property, their own characters, the stories and the narratives they create to build this empire.

[Jess]

Wow. So do you think we're going to end up with, like, a Le Booboo movie? Almost like the Barbie movie?

[Michelle Hackman]

Never say never.

[Jess]

That's all for today. Thursday, August 7th. The journal is a co production of Spotify and the Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.