Naomi Lin, a medical student in Nebraska, carries an unusual high-end accessory on her Chanel bag—not a luxury designer piece, but a small, sharp-toothed plush elf named Labubu. With its puckish grin and glowering eyes, this quirky toy from Chinese company Pop Mart has become a global phenomenon, proving surprisingly resilient against trade tensions and tepid consumer spending.
The Rise of an “Ugly-Cute” Sensation
Labubu, part of Pop Mart’s “The Monsters” collection, blends charm and mischief—soft, miniature, and often dressed in tiny costumes ranging from Halloween pumpkins to denim overalls. Its unsettling yet endearing appearance has captivated Gen Z and millennials, who flaunt the toys on handbags, backpacks, and even luggage.
The craze revolves around “blind boxes,” where buyers don’t know which figurine they’ll get, fueling a collectible frenzy. Pop Mart’s revenue outside China surged 375% in 2024, with U.S. sales jumping nearly 900%, per Citigroup. Despite U.S.-China trade tensions, Labubu’s demand remains unshaken, with resale prices hitting hundreds of dollars on platforms like StockX.
Why the Obsession?
Fans liken the thrill of unboxing Labubu to gambling—a dopamine rush China sought to curb by banning mystery boxes for children under 8. Princeton professor Anne Cheng notes the irony: While anti-Asian sentiment spiked during the pandemic, “consumable” cultural exports like Labubu thrive. “They’re accessible, playful luxuries,” she said.
Celebrities like Rihanna and K-pop star Lisa have boosted its status, while affordability (most cost $20–$40) makes it a recession-friendly indulgence. “It’s a small joy in uncertain times,” said Ali Domrongchai, a New York food editor gifted her first Labubu.
Tariffs and Knockoffs: Can the Boom Last?
Pop Mart absorbs tariff costs to shield customers, but prices inched up recently. Analysts warn supply-chain diversification or price hikes may follow. Meanwhile, counterfeit “fauxbubus” flood markets, and rivals like Miniso sell cheaper blind boxes.
For Lin, Labubu’s charm is irreplaceable—even if her plush’s Chanel outfit is from AliExpress. As Domrongchai quipped to a skeptic: “They’re silly guys. Give them a chance.”
With Pop Mart’s stock outperforming Alibaba, one thing is clear: This gremlin isn’t going anywhere.
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