By Dheeya Singh
They’re pastel, pocket-sized, borderline creepy, and Gen Z can’t stop buying them. Labubus is our latest proof that “aesthetic value” now competes with utility in how young consumers decide what’s worth their money.
Labubus and their making
Labubus are doll-like vinyl and fur figures produced by the Chinese giant Pop Mart. Sold in blind boxes, often traded at steep markups and dropping limited stocks at a time, Labubu toys have created an entire subculture rooted in design and scarcity.
Labubus were originally conceptualized by a Hong Kong-based artist, Kasing Lung, as a part of a larger wave of collectible designer toys marketed not just as toys but as objects that are art adjacent and positioned as a symbol of status.
Economic value
Labubus, originally created by Kasing Lung, was a part of his illustrated book series “The Monsters.” The character gained widespread popularity after being developed into a collectible blind box toy by Pop Mart in 2019.
Pop Mart has made a 7x jump in overall revenue since then, with Labubu dolls contributing more than 70% to the growth. Up until now, it has generated a revenue of about $423 million.
A 729% increase from 2023 . It gained enormous popularity in 2024 when BLACKPINK’s Lisa endorsed it on stage.
In India, Labubu is no longer just a niche collectible. Over the past year, it has seen immense growth as a popular and recognizable figure visible on social media, in the hands of influencers, on the shelves of young adults across metros, and on the streets in the form of “Lafufus” (a term used to define a counterfeit Labubu).
But what does this say about consumerism and fast fashion culture developing in the current moment?
Shanti Devi, a street vendor in Connaught Place, sells Labubus, or rather “Lafufus”, without even knowing what they are. She recognizes the name and the toy, and that’s it; she sells each piece for 400 Rs.
Knowing that she can get a huge profit out of them.
“They get sold as soon as I bring them, people don’t bargain, and the profit is more than these frames and toys I sell, I don’t know what grownups do with them- you’d imagine it is kids that buy these dolls, but it is rather the grown-ups who do”.
So, what is the factor that makes Labubus and Lafufus so popular with kids, toddlers, as well as grown-up adults?
Marketing strategy
Physically, Labubu is unorthodox: it has sharp teeth, scruffy fur, and an expression that lands somewhere in between deranged and bewitching.
Its unique design taps into the “ugly-cute” aesthetic, a concept that is popular with Gen Z preferences that prioritize originality over polished concepts.
Labubu’s major attraction lies in the blind boxes. Each box contains one mystery figure from a limited collection. Some of them are generally easy to find, while the others, called the “chase” figures, are rare and very difficult to find.
The excitement generated by the thought of finding these rare dolls and the randomness of the figure present in the box makes the experience game-like, driving repeated purchases.
With prices ranging from Rs 1500 to 20-30,000 for rare figuresn (the most expensive one costs ₹1.2 crore), the Labubu craze has taken on an economic life of its own.
It’s not about owning a toy anymore, it’s about entering a community of collectors using statements like “if you know you know”, flexing aesthetic taste, social strata, and participating in the emotional rush of the unknown.
Aditi, an economics student at Delhi University, stands near Shanti Devi’s stall. ”Everyone has one of these days, I have an original one lying back at home as well, but I didn’t get the colour I wanted. You could say it’s a bit of a peer pressure thing to be honest. I don’t think I would’ve bought one if my friends didn’t have them,” she explains.
Consumption, identity and emotional gratification
The Labubu phenomenon is a pure example of emotional consumerism. Buyers aren’t just acquiring objects; they are buying an identity and the feelings associated with that identity.
Labubus, squishmallows, and sonny angels are all a part of the consumption wave, where purchases are not necessarily practical or rational, but instead emotionally satisfying.
Labubu technically serves no function beyond display, self-comfort, or being a part of a niche collective identity, but that is precisely the point. This is especially important and relevant in current times, where the generation is experiencing uncertain futures.
Small, emotionally gratifying purchases like Labubus offer instant satisfaction with a manageable price tag that is expensive enough to be considered “elite” and cheap enough for something that brings a momentary feeling of reward.
This grey zone, where it is not expensive enough to deter the average young adult but not cheap enough to be careless, creates a justification of sorts, where the rarity of the figure is directly proportional to how valid the cost feels.
It can feel like an investment in a collectible doll, but what about the large Lafufu economy that builds on fakes? Do these items have any value in the coming times? The answer is probably “no”.
Fashion and cultural loss
“The Labubu has an aesthetic, but it’s not one that allows for much reinterpretation. Unlike a broader trend like bag charms that allow mixing, repurposing, DIY, and upcycling, the Labubu is fixed. You’ve either got it or you don’t. It’s more about ownership than individuality, which turns fashion from a form of self-expression into a display of status,” says Yashna Jain, a social media content strategist who has worked in fashion media and is a fashion influencer as well.
Labubu has also become a source of personal branding, awarding the doll with social capital, just like rare sneakers or limited edition merch. It reflects how the newer generations blend lifestyle and identity into their purchases.
However, Yashna explains how the Labubu market instead of giving an identity, flattens it, “it gives an illusion of individuality while actually promoting sameness. I feel that when creative self-identity begins to get sold as a product, it is a great cultural loss, with the focus shifting to trend-based conformity. This is what Labubu is emblematic of!”
From fun to financial strain
Labubu’s appeal taps into vulnerable spending habits in the newer generations, not to mention when the financial regulators in China itself have banned institutions from using Labubu dolls in blind boxes, citing concerns for potential addiction.
At a time when inflation is at an all time high and the financial pressures are insurmountable, products like Labubu can become “traps” offering temporary joy at a long term loss and this loss is not just financial but also mental and ecological, with non biodegradable plastic involved in the making and the Lafufu taking over the market, unique individuality disappears.
It’s not long before the demand diminishes and a new wasteful trend takes its place.
Anushka, a third-time buyer, criticises the blind box model for giving way to compulsive buying with absolutely zero guarantee of getting the desired figure, leading to increased spending without increased satisfaction.
Labubu is not just a collectible or a figurine; it is a reflection of how consumer behavior is evolving in real time. For some, it’s an indulgence, and for others, a search for identity in a trend that does nothing but make a profit out of creating a “community”.
It is worth asking where the boundary lies between compulsive spending and emotional gratification that gives way to such a strong sense of consumerism.
In the very end, Labubu is both a product and a symbol of the way we express ourselves and the way modern marketing strategies hinge on community rather than money.
(Dheeya Singh is an intern at Invezz, based in New Delhi and currently pursuing a B.A. (Hons.) in Political Science from Kirorimal College, University of Delhi. She specialises in politics and international relations.)
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