Labubu: The New-Generation Craze Sweeping the Globe

Recently, a social media storm erupted, questioning whether Labubu, a seemingly simple plastic toy, could be the new Moutai – a symbol of high value and status. How did this happen? The answer, surprisingly, lies in its skyrocketing value and cultural significance.

At the Yongle 2025 Spring Auction, Labubu took center stage, stealing the spotlight from renowned artists. A brown Labubu doll fetched an astounding 820,000 RMB, while its mint green counterpart soared to 1.08 million RMB. These once affordable toys are now trading for fortunes, with headlines proclaiming “Labubu Hidden Edition Annual Yield Exceeds 300%” and “Buying Labubu is Better Than Buying Gold”.

Even standard Labubu dolls are selling for inflated prices in Thailand, further fueling the frenzy. In the UK, the demand is so high that physical altercations have broken out to secure these coveted collectibles.

So, what is the magic behind Labubu, this impish-looking character with its mischievous grin? Why are people so willing to spend their money on it? It's not just Labubu; other designer toys like Molly, Dimoo, Hacipupu, Pucky, Hirono, and Cowawa are experiencing similar levels of devotion.

This article delves into the factors driving this phenomenon, exploring the world of Pop Mart, the company behind Labubu, and dissecting the psychological and cultural forces at play.

The Allure of 'No Story'

At Pop Mart headquarters, founder Wang Ning offered a crucial insight: one of Pop Mart's most iconic IPs, Molly, is designed to be expressionless. This allows consumers to project their own emotions onto the character, a psychological phenomenon known as the projection effect.

Labubu's appeal lies in its deliberate lack of a defined narrative. Unlike traditional IPs built on elaborate stories through books or other media, Labubu's fame stems from its image. Pop Mart reverses the traditional process, first establishing the IP's popularity and then allowing consumers to create their own stories around it.

This unconventional approach has become a cornerstone of Pop Mart's success.

But what kind of story resonates with today's youth?

'Rebellious Cuteness'

Labubu's charm is rooted in its rebellious cuteness. The juxtaposition of its mischievous grin and fluffy appearance is central to its appeal. Today's youth seem to have a growing aversion to perfection, dismantling the ideals embodied by characters like Snow White or Barbie.

This sentiment reflects a desire to challenge established norms and authority. Take Nezha, for example. The modern version, with its mischievous grin and dark circles, defied expectations and broke box office records. This embodies the spirit of rebellion, encapsulated in the phrase, My fate is in my hands, not heaven's.

Similarly, Labubu embodies rebellion with its fangs and mischievous appearance. It resembles the class troublemaker, but with a pure heart. This blend of rebellion and cuteness resonates deeply with millennials and Gen Z, who see themselves reflected in Labubu's image.

They may appear intimidating, but all they crave is a hug. This rebellious cuteness serves as a form of soft resistance for young people facing immense pressure. Labubu becomes an outlet for unspoken emotions, expressing defiance in a harmless, endearing way.

Trendsetting: A Badge of Honor

Labubu is a trendy toy, and trendsetting is a source of pride for young people. It's a way of saying, I'm different from you. I understand something you don't. I have something you don't. Young people compete through trends, demonstrating their ability to stay ahead of the curve.

The popularity of Labubu reflects a sense of youthful superiority. Understanding Labubu's mischievous charm is a badge of honor. However, the key ingredient is cuteness, which triggers the release of oxytocin, the love hormone. This explains the instant connection people feel with Labubu.

The Power of 'Uselessness'

One might wonder if Labubu could be made more practical. But the beauty of Labubu lies in its uselessness. Adding a practical function would force people to evaluate it rationally, focusing on cost-effectiveness and durability.

Pop Mart's genius lies in stripping away functional value and maximizing emotional value. By existing purely for emotional reasons, Labubu transcends the limitations of cost.

This emotional value is derived from a combination of three key hormones: oxytocin, dopamine, and endorphins.

• Oxytocin: Cuteness triggers the release of oxytocin, fostering feelings of love and protection.
• Dopamine: The blind box element of Labubu taps into the dopamine pathway, creating excitement and anticipation. The seeking process is more rewarding than the actual acquisition.
• Endorphins: The long-term companionship fostered by Labubu leads to the release of endorphins, creating a sense of calm and lasting joy. Over time, a deep connection forms between the owner and the toy, transforming it into a source of comfort and companionship.

The Art of Selection

While many companies produce designer toys, Pop Mart's core strength lies in its ability to select the right artists and designs. Creating a successful toy is a game of probability. It requires a keen understanding of the emotional needs of consumers and the ability to tap into the hormones that drive emotional connection.

The Fusion of Emotion and Asset Value

The ability of a toy to command prices ranging from thousands to millions of RMB is due to the fusion of emotional and asset value. In addition to personal enjoyment, Labubu possesses the attribute of being highly desirable but difficult to obtain.

This scarcity creates a financial dynamic, transforming Labubu into a tradable asset.

The popularity of Labubu is the result of a carefully orchestrated combination of factors: deliberately avoiding functional value, amplifying emotional value, and adding the financial dimension of asset value. These factors contribute to its soaring price.

The Karaoke of Commerce

Pop Mart represents a harmonious blend of commerce and art. The company's success lies in its ability to understand and cater to the emotional needs of consumers, creating a cultural phenomenon that transcends borders. The pursuit of beautiful things and the yearning for a better life know no borders.

The world of commerce is like a karaoke session, where each generation takes the microphone and sings its own song. When the microphone is handed to Gen Z, they sing songs that older generations may not understand. But instead of resisting, we should embrace the moment and join the celebration.

For the microphone will not be coming back.

While the phenomenon of a plastic toy selling for millions may be perplexing to some, it is important to recognize that each generation has its own unique forms of expression. We may not fully understand why young people are willing to spend so much on Labubu, but we must acknowledge that the microphone has been passed on, and it is time to listen to their song.