The Labubu craze proves that play can be serious business. The quirky vinyl or plush toys from Pop Mart are a worldwide phenomenon, riding a rising wave in popularity among both collectors and investors.

Labubu dolls and other toys that were once considered playthings can now command hundreds and thousands of dollars on secondary markets. Labubu’s surge has turned an art toy into a speculative asset, bridging the gap between traditional collectibles and modern alternative assets.

Relying on surprise, emotional connection, celebrity endorsement and social engagement, Labubu dolls set the path forward for future collectible investing.

The Origins of Labubu and Its Cult Following

The Labubu doll is a small monster with a mischievous, serrated-toothed grin and high, rabbit-like ears. It’s based on the magical character from “The Monster Trilogy” by Kasing Lung, a Hong Kong-born designer raised in the Netherlands.

Beijing, China-based Pop Mart struck a licensing deal with Lung in 2018, and the company began selling Labubus in 2019. However, the Labubu craze didn’t explode until April 2024, when fans noticed one hanging from the purse of K-pop star Lalisa “Lisa” Manoban, a member of girl group Blackpink.

So what is the Labubu craze? Much of the hype is driven by Pop Mart’s “blind box” releases, sending fans into a frenzy without knowing which new doll is in the package. This tactic encourages repeat purchases, and scarcity also comes into play with the introduction of limited editions.

Unboxing livestreams and videos on TikTok and Instagram are also fuelling the craze.

From Cute to Coveted — Why Labubu Became an Investment Asset

Pop Mart has developed a seemingly perpetual cycle to boost the Labubu as an investment asset: limited runs of a series, rare Labubu figures and artistic brand storytelling that together add the flair of exclusivity to owning the dolls. Premiums paid on the resale market validate investments and deepen emotional connections in the eyes of collectors.

In the U.S., bag charm Labubus retail for $27.99, and mini versions sell for $22.99. Those Labubus are $14 and $11, respectively, in China. On the resale market, prices can soar for as much as three times the retail price. In China, a rare Labubu from Pop Mart’s Big Into Energy series sold for 45 times its original retail price.

One of the 3,275 dolls from the Labubu x Vans Oldskool Monsters Forever series that retailed for $84 when it was released in December 2023 then sold for $10,585 on eBay in July 2025. A human-sized, mint green Labubu doll sold for $150,000 at the Yongle International Auction in Beijing in June, where a rare brown Labubu (just 15 had been produced) sold for $115,000.

Such transactions take blind-box sales from simple fun to potentially lucrative investments, creating a loop where high prices drive collector interest, further driving up demand and Labubu collectible value.

Comparing Labubu to Other Collectible Booms

The rise of Labubu dolls as collectibles may remind you of the markets for Funko and Pokémon. Labubu and Pokémon benefit from the blind-box, or sealed package, approach, and all three have active secondary markets. 

However, Funko is tied to pop culture licensing and broad accessibility, while Pokémon attracts collectors with nostalgia for the trading card game and video games.

Labubu’s market is based on engineering scarcity by limiting production, creating a strong tie to the identity of the designer and building aesthetic appeal through art as a fashion accessory.

With their deep backstories and whimsical designs, which Lung describes as “ugly-cute,” Labubu dolls are part of the art toy, or designer toy, investment wave, appealing to casual collectors and fine art investors.

Risks and Realities of Investing in Toys

Despite headlines about high returns in the Labubu resale market, collectible toy investing may not deliver the same reality for most investors. Collectible investing is a high-risk, long-term alternative investment that is very different from traditional investments, such as stocks and bonds.

Driven by trends, nostalgia and popular culture, the value of collectibles can swing wildly. Values drop in saturated markets, and you run the risk of buying counterfeit toys, which have already appeared as “Lafufus.”

In an Aug. 25, 2025, post on Substack (“Labubunomics: The Economics of Pop Mart’s Labubu Craze”), Gad Allon, the Jeffrey A. Keswin Professor and director of the Management and Technology Program at the University of Pennsylvania, says the Labubu doll craze has legs but certainly faces risks, including potential regulatory roadblocks if governments believe blind-box selling to be like gambling.

“If scarcity tips from exciting to exasperating, if regulators decide blind boxes look too much like slot machines, or if consumers tire of paying speculative prices for plush goblins, the Labubu train could hit the brakes fast,” Allon wrote in his deep analysis of the Labubu craze.

To protect yourself as a collector or investor, verify authenticity, research the seller and track market demand before purchasing your Labubu doll.

How to Start Investing in Collectible Toys Like Labubu

Consider these tips for starting your Labubu collection as an investor:

• Start small and only collect the dolls you love.
• Focus on limited releases and collaborations.
• Check the condition.
• Learn how to identify authentic dolls.
• Keep your portfolio diverse.
• Be patient and hold for the long game.
• Stay on top of market news.
• Use marketplaces that have buyer protection.

The Labubu craze is part of a broader cultural trend in investing, where the lines between passion, art and profit are blurred for millennial and Gen Z investors. The global toy collectibles market was $24.9 billion in 2024, with a projection to reach $40.2 billion by 2030. 

What the Labubu Craze Says About Modern Investing

Labubu’s rise heralds a shift in the marketplace, where designer toys are creating a new type of investing rooted in emotional connection and social engagement. The market of millennial and Gen Z collectors is where art, fandom and finance come together, showing that these collectors value cultural resonance as much as financial return.

Consider using collectibles to diversify your investment portfolio, but collect what you love over what may give you the highest return. Driven by culture and nostalgia, the collectibles market is expected to expand to provide greater accessibility and continue to grow.

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