The Labubu dolls are whimsical elf-like figures that have garnered a cult following, resulting in extensive sales and long lines at stores internationally. The brand thrives on a unique marketing model of selling toys in "blind boxes," which has drawn criticism for its potential to promote compulsive buying habits. Since their 2019 launch, Labubu dolls have propelled Pop Mart's growth, enabling it to operate over 2,000 retail locations globally.

Following their public listing on the Hong Kong Stock Exchange in 2020, Pop Mart's valuation skyrocketed by nearly 600% over the past year, with external sales accounting for nearly 40% of its 2024 revenue. The overwhelming demand for Labubu dolls led to temporary sales halts in various regions.

The US market, in particular, has embraced Labubu, fueled by celebrity endorsements from figures such as Kim Kardashian and Lisa from BTS, with sales reportedly increasing by 5,000% year-on-year. Industry experts note the vast untapped potential in the US, where the company operates only 40 locations compared to 400 in China.

This buying frenzy has kick-started a thriving resale market, with dolls initially priced around $10 selling for hundreds, including an auctioned human-sized Labubu doll fetching $150,000. Increased popularity has also contributed to a rise in counterfeit products, prompting Chinese authorities to seize over 46,000 fake items recently.

Amid the frenzy surrounding these dolls, collectors and enthusiasts navigate a rapidly evolving marketplace, demonstrating Labubu's significant impact on contemporary toy culture.