What's Going on With Labubu?

While the character (and the toys) popped off this year, Labubu has been around since 2015. They were created by the artist Kasing Lung as part of his series “The Monsters“, and developed into a toy in 2019.

The toys themselves are small plushes depicting a fairly creepy elf-goblin-creature with sharp teeth and an impish grin. They are available in a variety of sizes, from small keychains to massive seat-filling plushes.

Labubu is primarily sold through Pop Mart in themed blind boxes. Rather than buying the individual doll they want, collectors are forced to roll the dice on a collection and hope they get the right variant. Theoretically, this encourages trading. In practice, it makes for hoarding and lots of scalping.

Additionally, most series contain a rare “chase” variant. These might have a different color, facial expression, pose, accessory, or other alternate characteristic. The odds of getting a chase Labubu are estimated at 1:72 for a particular collection.

Most people will cite 2024 as the turning point for Labubu in the mainstream. Blackpink member Lisa was filmed with a Labubu keychain her bag, leading the toy to go viral in Thailand and quickly spreading.

Since then, Labubu has become a global phenomenon. Pop Mart continues to churn out new variations that sell out online alongside numerous high-profile crossovers and art installations.

Earlier this month, Yongle Auctions held the first Labubu Art Auction. This was a 48-item lot centered around first-generation and collectible Labubu dolls. The centerpiece was a five foot tall, life-sized Labubu that gaveled for a dizzying $150,000.

Every item from the lot sold, totaling up to around $515,000 in sales. It’s clear that Labubu is having it’s time in the spotlight, but it’s not just these high end examples that are reselling.

Like we said, Labubu is primarily sold through blind boxes. Just like you don’t know which cards you’ll get when you open a pack, Labubu collectors are addicted to ripping blind boxes. As you can imagine, this can be very lucrative for resellers.

On average, Labubu blind boxes resell for around double MSRP. The recent “Exciting Macarons” collection is a great example; these dropped earlier this month for $28 and are currently flipping for around $60 at a time.

Hopefully you can see why resellers are all over this trend. The good news is that it’s actually pretty easy to flip Labubu for a profit.

For starters, the majority of Labubu drops are through Pop Mart. Amazon also sells the toys, but Pop Mart restocks them in larger numbers and more frequently. Pop Mart Labubu restocks are theoretically random, but usually happen around 6 or 7 P.M. Pacific. New product releases will usually have a set release time announced beforehand.

Pop Mart has pretty generous quantity limits, so you can more or less buy as many Labubus as you want. Restocks don’t last very long, so we recommend jumping on them when you get the chance.

Focus on blind boxes and new releases. These are by far the most popular products, and they’re produced in multiple sizes. Labubu keychains resell just as well as Labubu plushes, so you don’t need to hunt for anything in particular.

As always, we recommend doing your own research before making a purchase. For a Labubu that’s already released, make sure you check eBay for the average sales prices. For unreleased Labubu, take collectors’ temperatures on Reddit before pulling the trigger.

Overall, Labubu is a product pretty much built from the ground up for resellers. It’s viral, it’s (sort of) limited, there’s an element of unpredictability, and it’s overpriced. Don’t skip out on this fad, because it won’t last forever.

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