The toy world has a new obsession, and its name is Labubu. The quirky, bug-eyed plush monsters, created by artist Kasing Lung and sold by China’s Pop Mart, have exploded into a global phenomenon. From celebrity sightings to viral TikTok trends, Labubus are everywhere perched on luxury handbags, reimagined in desserts, and selling out in blind-box drops.
But as history has shown with every collectible craze, what soars today may eventually crash tomorrow. With Pop Mart expected to generate $1 billion in Labubu sales in 2025, some analysts are asking whether Labubus are the next Beanie Babies a fad built on scarcity, hype, and speculative resale markets that could eventually implode.
The Rise of Labubu Mania
Labubus are part of Pop Mart’s “Monsters” line, which has skyrocketed in popularity in just the past year. According to EMARKETER, the company reported $671 million in sales from this line in the first half of 2025 a stunning 670% increase compared to the same period in 2024.
At their core, Labubus are simple: plush monsters or small figurines packaged in “blind boxes”, where buyers don’t know which version they’re getting until they open it. This strategy fuels repeat purchases and encourages collectors to hunt for the rarest, most desirable designs.
Celebrities like Dua Lipa and Lisa from Blackpink have given the toys a pop-culture boost by using them as purse charms, while TikTok influencers flaunt rare, gold-colored Labubus that fetch thousands on the resale market. Even food creators have joined the craze, incorporating the dolls into over-the-top desserts, like Dubai Chocolate Matcha “Crumbl” cookies.
From $28 Retail to Thousands at Auction
At retail, Labubus are relatively affordable, with prices starting around $27.99. But scarcity and hype have fueled a booming secondary market, where rare variants resell for hundreds or even thousands of dollars.
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A pink Labubu is currently listed on Walmart’s marketplace, via a partnership with StockX, for $501.99.
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A four-foot-tall Labubu statue described as “life-sized,” though technically fictional sold at auction in China for $170,000.
The speculative fervor has also given rise to a thriving counterfeit market. Knock-offs, nicknamed “Lafufus”, make it increasingly difficult for average shoppers to know if they’re buying a genuine Pop Mart creation or a convincing fake.
The Beanie Babies Comparison
If this sounds familiar, it’s because we’ve seen this story before. In the 1990s, Beanie Babies sparked a global collecting frenzy that dominated playgrounds, malls, and early e-commerce platforms. Fueled by artificial scarcity and an active resale market, Beanie Babies were once treated as investments, with some fetching thousands of dollars on eBay.
But when the hype inevitably cooled, millions of collectors were left holding plush toys with little long-term value.
Some analysts argue that Beanie Babies were more than just a toy bubble they helped accelerate the mass adoption of online shopping and digital payments. Without Beanie Babies, eBay may never have reached critical mass, and without eBay there may never have been PayPal. In that sense, Beanie Babies were a stepping stone to the modern internet economy.
Labubus, by contrast, don’t appear to be pushing forward a technological shift. They’re primarily a product of social media virality and globalized retail strategy. The hype is real, but its foundation may be less durable.
Pop Mart’s Big Bet
Still, it would be premature to dismiss Labubus as a short-lived gimmick. Unlike the relatively one-dimensional Beanie Baby craze, Pop Mart has ambitions to build a global collectibles empire.
The company is expanding aggressively in the United States and other international markets, opening brick-and-mortar stores in shopping malls and positioning itself as a leader in designer toys and art-inspired merchandise. If Pop Mart can leverage the Labubu craze to introduce new collectible lines and maintain cultural relevance, it may create a long-lasting brand identity.
The company has already demonstrated its ability to connect with both children and adult collectors a crucial demographic balance that can sustain momentum longer than a child-only fad.
The Risks of a Bubble
For now, Labubus are selling at record levels, but the warning signs of a collectible bubble are hard to ignore:
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Artificial Scarcity: Blind-box packaging ensures some designs are perceived as rare, fueling speculative purchases.
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Exorbitant Resale Prices: Secondary market inflation often signals unsustainable hype.
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Counterfeit Goods: A surge in knock-offs undermines consumer confidence and devalues the brand.
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Cultural Whiplash: What’s trendy today may feel outdated tomorrow, especially when trends are driven by social media.
The crucial question is whether Labubus will settle into a sustainable place in pop culture, or whether they will fade as quickly as they rose.
Fad or Foundation?
Labubus are undeniably the toy phenomenon of 2025, riding a wave of celebrity endorsements, viral content, and scarcity-driven demand. Pop Mart has built a billion-dollar hit, and for now, Labubus remain a prized collectible across the globe.
But history suggests caution. Like Beanie Babies, Pogs, or Furbies, toy fads often reach a tipping point before collapsing under their own hype. Collectors paying hundreds or thousands of dollars today may find themselves with little more than a dusty plush tomorrow.
The real test for Pop Mart is whether it can leverage Labubu mania into a broader, enduring brand. If it succeeds, Labubus may be remembered not as a bubble, but as the launchpad for a global collectibles powerhouse.
