How a Spiky-Toothed Elf Conquered the Global Toy Market

Labubu Mania: How a Spiky-Toothed Elf Conquered the Global Toy Market

Labubu, an impish character with sharp fangs and a mischievous gaze, is currently taking the global fashion toy market by storm. At a Pop Mart store in Sanlitun, Beijing, reporters recently observed that Labubu pendants, originally priced at 99 yuan, were sold out.

They sell out instantly even on the online mini-program. We suggest paying close attention to restock notifications, a store clerk repeated to a constant stream of inquiring customers. Similar scenarios are unfolding worldwide, fueled by the popularity of this key IP figure from the Chinese fashion toy brand Pop Mart.

Prices have increased tenfold in Bangkok's secondhand markets, and stores in Seoul have posted notices of temporary suspension of sales.

But what is the secret to Labubu’s global success? Why has it captured the hearts of fans and become a top international fashion toy? We interviewed consumers and collectors to find some answers.

One “BU” is Hard to Get, Even with a 20x Premium

I set three alarms and refreshed like crazy to grab a limited-edition Labubu, but I still missed out, says Yuan Renyi, who lives in Zhengzhou. People are lining up at physical stores at 3 a.m., and then there are scalpers online.

We 'hand-crankers' can't buy them at all.

Yuan Renyi's experience is not unique. Currently, the primary market for Labubu is experiencing an overall shortage, resulting in significant premiums on the secondary market. On the Qiandao APP, a fashion toy trading platform, the Labubu x Vans collaboration, originally priced at 599 yuan, had an average transaction price of 18,761.

33 yuan over a 30-day period, with some limited editions fetching premiums exceeding 20 times their original price.

Zhang Yuhang, a programmer, had a similar experience. In early May, he purchased a Mokoko, part of the Labubu family, for 320 yuan simply to follow the trend. He successfully resold it on Xianyu, a secondhand platform, for 525 yuan just half a month later.

Five days later, the same item was listed on Poizon, another trading platform, for 839 yuan. I made 200 yuan just by reselling it as a casual passerby. This market is too magical, Zhang Yuhang exclaimed.

Labubu's sky-high auction prices have further fueled the frenzy. On June 10, at the Yongle 2025 Spring Auction, an early-generation, mint-colored Labubu was auctioned off for 1.08 million yuan, while a globally limited brown Labubu fetched 820,000 yuan.

From “Ugly Cute” to “Social Symbol”

Compared to the original Labubu design, the current versions are more in line with popular aesthetics, with rounder faces and more adorable eyes. Designer Kasing Lung revealed that his creative inspiration came from Scandinavian forest legends, aiming to create a little elf that appears rebellious on the surface but is pure at heart.

This contrast between wickedness and softness precisely resonates with Gen Z's desire for individual expression.

Data shows that Labubu-related topics have garnered over 1.3 billion views on Xiaohongshu and over 5 billion views on Douyin. Young users are not only showcasing their entire walls filled with Labubu collections but also attaching Labubu pendants to their bags and suitcases, generating significant traffic on social media.

The user-generated toy modification culture has further fueled the craze. The Yiwu Commodity Market has launched fashion toy jewelry modification kits that include mini gold ornaments and rhinestone appliques, with wholesale prices as low as 50 yuan per set. Meanwhile, independent studios are offering customized gilded enamel Labubu and other custom designs, with prices ranging from thousands to tens of thousands of yuan, resulting in resale premiums exceeding 100%.

Currently, the topic of Labubu modification has nearly 20 million views on social media, with enthusiasts modifying their dolls using padding, tooth implantation, and airbrushing. Some players are even designing crystal braces and gemstone shoulder armor for their Labubus.

Pop Mart designer Zhang Yu stated that the brand has noticed this type of user-generated content and may launch official modification kits in the future or collaborate with leading modifiers on limited-edition models to incorporate user creativity into the industry chain.

Zhu Min, an associate professor at the Communication University of China's School of Cultural Industry Management, believes that Labubu's popularity is not simply a marketing success but also reflects current global cultural trends. Labubu's image aligns with the psychology of contemporary young people pursuing individual expression, making it a comforting companion with emotional healing functions.

The uncertainty of the blind box model, especially the hidden and limited editions, triggers purchasing and collecting frenzies. At the same time, social media promotion has made it an important 'social currency' globally, Zhu Min said.

Turning Short-Term Hype into Brand Value

Faced with Labubu's soaring popularity, veteran player Yang Chen told reporters, For us old players, we like Labubu because it carries a sense of 'cuteness' and 'naughtiness.' Although its market acceptance wasn't as high in 2018, the prices weren't inflated.

And back then, owning a Labubu felt like a unique expression of personality, unlike now, when it feels a bit 'common' because so many people own it.

Yuan Renyi also stated, We 'toy friends' generally don't acquire them at high prices but firmly believe that only the 'biological dolls' we grab at the official original price can provide the optimal emotional value.

What worries veteran players is that while the market is hot, some phenomena that affect the brand image are also emerging. Professional scalpers are using plug-in software to monitor inventory and hiring people to line up and sweep the goods.

Knockoff versions such as Lafufu and Lagogo have appeared, and their prices are also rising.

How to avoid being a flash in the pan and turn Labubu's short-term popularity into lasting brand value requires further exploration. In this regard, Zhu Min believes that, first, the cultural connotation of the product should be continuously and deeply explored, maintaining innovative vitality, strengthening interaction and participation, and introducing a user co-creation mechanism.

Second, industry innovation should be promoted through deep cross-border integration, paying attention to the application of new technologies, new materials, and new scenarios to extend its vitality in dynamic innovation. In addition, strict quality control should be implemented to avoid affecting the brand reputation due to quality problems, and intellectual property protection should be strengthened to combat counterfeit products and protect the brand itself and consumer rights.