The Labubu Phenomenon: An Analysis of Pop Mart’s Collectible Success
The Labubu Phenomenon: An Analysis of Pop Mart’s Collectible Success
Labubu, the whimsical plush toy created by artist Kasing Lung, has rapidly ascended to become a global collectible craze. While its origins trace back a decade to a series of picture books inspired by Nordic mythology, the character’s true breakout moment arrived in 2023 with the launch of Labubu plush keychains by Pop Mart, a prominent player in the collectible toy market. This seemingly sudden surge in popularity, however, is the culmination of a strategic approach and several contributing factors.
Pop Mart’s collaboration with Lung, leveraging its established network of toy connoisseurs and influencers, proved crucial. The subsequent marketing campaign, amplified by social media endorsements from celebrities such as Rihanna, Kim Kardashian, and Blackpink’s Lisa, ignited a viral sensation. TikTok alone boasts over 1.4 million posts using the #Labubu hashtag, showcasing unboxing videos, fan-created content, and even Labubu cosplay, underscoring the character’s broad appeal.
Labubu’s success transcends the typical collectible toy market. Its unique design, blending playful aesthetics with fashion-forward elements, has seen fans incorporate the plush toys into their personal style, using them as accessories for handbags, backpacks, and even car mirrors. Emily Brough, Pop Mart’s head of IP licensing in the Americas, aptly describes the character as “a collectible and style symbol,” resonating with consumers who appreciate its quirky charm and rich backstory.
The financial impact of Labubu’s popularity on Pop Mart is undeniable. The company’s revenue more than doubled in 2024, reaching 13.04 billion yuan ($1.81 billion), with plush toy revenue soaring over 1,200%. This success is further fueled by the “blind box” sales model, where the buyer is unaware of the specific variant received, fostering excitement and encouraging repeat purchases. Pop Mart’s strategic pricing, ranging from approximately $20 to $300, with higher-priced limited editions and collaborations, caters to a broad consumer base.
A notable aspect of Labubu’s market is its significant adult consumer base. Data from market research firm Circana reveals that adults aged 18 and over drove a substantial increase in U.S. toy market spending in 2024, with women comprising a significant portion of this demographic. This trend continued into 2025’s first quarter, highlighting the enduring appeal of Labubu beyond children’s toys.
The overwhelming demand, however, has presented challenges. High demand, coupled with limited supply, has resulted in long lines at retail locations and even incidents of physical altercations, prompting Pop Mart to temporarily suspend sales in the U.K. The rise of resellers further exacerbates the situation, with inflated prices adding to the frustration of many fans.
In response to the persistent high demand, Pop Mart is expanding its retail presence, aiming for 50 additional U.S. locations by the year’s end. Furthermore, the company plans multiple new Labubu releases tied to seasonal events and holidays, indicating a continued commitment to meeting consumer demand and maintaining the Labubu phenomenon.
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