Labubu doll craze could be the hot toy of 2025
Meet Labubu, the spiky-eared collectible from China and star of the "cute horror" boom.
Why it matters: There were already concerns that President Trump 's trade war would lead to toy shortages and higher prices for the holidays before Labubu became the runaway "hot toy."
"Trends can go global so much easier now," Coresight Research CEO Deborah Weinswig tells Axios. "It's like the Cabbage Patch Kids of yesteryear."
"It's never great to have one hot toy because then everybody wants it and they can't get it," she said. "And then they'll actually sacrifice spending money on something else."
What is a Labubu?
Labubu is an elf-like character created by Hong Kong artist Kasing Lung. It gained a following through a 2019 collaboration with Chinese toy giant Pop Mart.
It's sold in "blind boxes," meaning buyers don't know which figure they'll get, fueling a thrill-of-the-hunt resale culture.
Each series includes rare "secret" editions, some of which now resell for thousands of dollars.
Rihanna, Kim Kardashian and David Beckham are among the celebrities helping drive the trend by display the dolls on their bags.
How much is a Labubu?
By the numbers: The retail price for standard Labubu figures that come in blind boxes ranges from $8.99 to $27.99.
Larger Labubu plush dolls retail for $40 to $85, while limited editions and special collaborations typically start at $167.
Resale and secondary prices are astronomically higher.
Where to buy real Labubu dolls
State of play: Pop Mart is the official retailer of Labubu dolls. It operates 31 full stores, five pop-up locations and 53 Robo Shop vending machines throughout the U.S., according to its store locator.
The Pop Mart website sells Labubu dolls and merchandise, but nearly all 131 items listed this week were out of stock when Axios checked.
Authorized resellers sell real Labubu — including Amazon, which has a Pop Mart store, though inventory was nonexistent when Axios searched.
The intrigue: Live sales grew 300% month-over-month since March on live marketplace Whatnot, Armand Wilson, the company's vice president of categories and expansion, told Axios.
Wilson said watch time on Labubu shows increased more than four-fold in April alone compared to March.
What are Skullpanda, Sonny Angel and Smiskis?
Zoom in: The blind boxing trend is driving more collectibles with names that sound like they were intentionally made up.
Skullpanda also comes from China and is produced by Pop Mart.
Sonny Angel and Smiski toys are Japanese imports, created by Dreams Inc., a company rooted in kawaii culture.
Gen Z's toy craze
The big picture: Millennials and Gen Z adults — aka " kidults" — are fueling the mystery or blind-box craze and reshaping the U.S. toy and collectibles market.
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