From afar, Ottilie Vaughan’s bag features fluffy figures that initially appear to be children’s toys. However, a closer look reveals their sharp-toothed grins and intense expressions, identifying them as Labubu, a creation by Hong Kong artist Kasing Lung and marketed by Pop Mart. This quirky “monster” has quickly become a viral sensation among Gen Z and Millennials.
Labubu collectibles, particularly the keychain size, retail for around $32 at Pop Mart, yet demand drives prices above $100 on resale platforms. So substantial is the interest that queues frequently form at Pop Mart stores ahead of new stock arrivals, and their online inventory often sells out rapidly. Customers face strict purchase limits to curb excessive resales, and in Australia, buyers experience the added thrill of uncertainty, as Labubus are sold in blind boxes—shoppers don’t discover which variant they’ve purchased until they open the box.
According to Cognitive Market Research, the blind box toy market is booming, valued at over $21 billion globally in 2024, with Australia contributing around $260 million. This indicates a robust demand for collectibles in the Australian market.
Viral unboxing videos on social media platforms, especially TikTok, showcase the excitement around Labubus. Vaughan, a 23-year-old who first learned about these toys while watching influencers and celebrities display them, scoured Sydney for Labubus but had no luck. Reluctant to buy second-hand due to inflated prices and potential for counterfeits, her quest for authenticity remains paramount.
Despite her challenges, Vaughan’s luck changed during a trip to Malaysia, where she purchased two Labubus for approximately $40 each. She expressed her thrill at finally obtaining the elusive toys, reflecting a sentiment shared by many collectors: the thrill of the hunt is integral to the collecting experience.
Pop Mart has gained traction in Australia since its debut nearly four years ago, launching an extensive retail network including 11 physical stores and various vending machine locations. Catering to the collectible trend, the company offers everything from Labubu phone charms priced at $20 to coveted collectible statues worth up to $1500.
Amid the current cost-of-living challenges, Vaughan notes that young Australians are still splurging on these whimsical toys, indicating an enduring fascination. “In times like these, many of us opt for small luxuries,” she remarked, suggesting that the appeal of Labubus is far from waning. For Vaughan, with three Labubus adorning her bag, the appeal endures, and she remains open to acquiring more should the opportunity arise.