Pop Mart’s Labubu Sparks Global Toy Craze, Driving Sales Surge

The toy industry is buzzing with excitement as the popularity of Pop Mart’s Labubu figurines skyrockets, sparking a global collectible craze. The demand for these quirky, “ugly-cute” dolls has resulted in substantial financial growth for the Beijing-based company. In August 2023, Pop Mart reported a remarkable **204.4%** increase in revenue year-on-year, reaching **13.88 billion yuan** (approximately **US$1.95 billion**) in the first half of the financial year.

This surge in sales comes as dedicated fans like **Terry Khoo**, a 29-year-old project manager, camp out for exclusive releases. Last August, Khoo arrived at the **Marina Bay Sands Expo and Convention Centre** at **5 AM** for the Pop Toy Show, hoping to secure the limited-edition **Merlion Labubu**. The convention had already drawn hundreds of collectors, with many arriving as early as **3 AM**. Unfortunately, the launch was abruptly canceled after altercations among attendees, leaving Khoo and others disappointed despite already owning multiple Pop Mart figures.

Ripple Sim, a 41-year-old event stylist, exemplifies the fervor surrounding these collectibles. She has spent thousands on her collection, which boasts over **100 items**, including Labubu, Twinkle Twinkle, and Skullpanda. Sim actively shares her unboxing experiences on social media, engaging with a community of fans who share her passion. “It’s a core memory to have pulled a Secret on TikTok livestream,” she noted, emphasizing the thrill of the hunt that has captivated so many collectors.

The appeal of Pop Mart’s blind-box toys lies in their surprise element. These toys are sold in sealed packaging, adding a layer of excitement as buyers eagerly anticipate the contents. A civil servant in her mid-30s, who has amassed over **300** figures worth around **S$5,000**, expressed that “the thrill of blind boxes is in the unboxing process and not knowing what to expect.”

As the Labubu phenomenon expands, it has also sparked discussions about its sustainability. Critics question the long-term viability of Pop Mart’s success, especially given recent fluctuations in its stock value. Shares of Pop Mart International Group fell nearly **9%** earlier this month, raising eyebrows about the future of this collectible craze.

Understanding the Labubu Craze

The origins of Pop Mart can be traced back to its founding by **Wang Ning** in **2010**, but it wasn’t until the launch of the Labubu series in **2019** that the company gained significant traction. The collaboration with illustrator **Lung Kasing** brought Labubu to life, and the character quickly became a sensation after K-pop star **Lisa** from **Blackpink** showcased the figurines on social media in April **2024**. This endorsement propelled demand, leading to a rush for the toys worldwide and a burgeoning celebrity following that includes figures like **Rihanna** and **Naomi Osaka**.

According to **Dr. Joicey Wei**, an associate professor at the **Singapore University of Social Sciences**, the emotional value collectors find in Pop Mart products outweighs the skepticism from outsiders regarding their cost. “To many people who don’t understand the appeal, spending hundreds on a plastic toy is seen as an irrational waste of money,” she stated, highlighting the divide in perceptions of the brand.

Pop Mart’s marketing strategy plays a crucial role in its success. The company regularly releases new series and limited editions to maintain consumer interest, creating a “lottery-like thrill” that attracts collectors. **Dr. Shilpa Madan**, an assistant professor at the **Singapore Management University**, described the blind-box format as a “masterstroke,” combining aesthetics with unpredictable excitement.

Community and Cultural Trends

The community aspect of collecting Pop Mart toys has evolved significantly. Many fans find camaraderie among fellow collectors, sharing tips on how to secure rare figurines. One collector noted that the hobby has become a social topic among friends and colleagues, reinforcing the notion that collecting transcends mere acquisition of items.

The trend of “kidulting,” where adults seek toys for nostalgia and emotional comfort, has also contributed to the Labubu craze. **Dr. Jeremy Sng** from the **Nanyang Technological University** explained that adults are turning to collectibles for stress relief and community connection in uncertain times. This phenomenon reflects a broader cultural shift, where younger generations embrace self-expression through unique and unconventional items.

Despite its success, Pop Mart faces challenges. Analysts warn that consumer interest may wane if the novelty of blind boxes fades, particularly as trends shift. Regulatory scrutiny over gambling-like mechanics in blind-box sales could also threaten the company’s business model. In June, a commentary in the **People’s Daily** called for stricter regulations on blind-box toys, cautioning about potential addiction among minors.

As of now, Pop Mart continues to innovate, with plans for new characters and product lines. Collectors remain divided on the longevity of the brand, with some expressing concern that the bubble may burst. Yet for many, the thrill of collecting and the joy of community engagement outweighs these uncertainties.

In a world where consumer habits are constantly evolving, the Labubu craze serves as a fascinating case study in how emotional connections to products can create a lasting impact. While some collectors may eventually move on, many are enjoying the moment, finding joy in the quirky designs and the shared experiences that come with being part of the Pop Mart community.