It’s 2025, and Labubu dolls have seemingly taken over the world. These furry dolls with their creepy, mischievous grins now dangle off Birkins, dominate Instagram feeds, and fuel a frenzy that has collectors hooked. Photos of eager crowds lining up at dawn and wild eBay listings topping hundreds — sometimes thousands — of dollars are circulating across the internet. From actor Ananya Panday and designer Masaba Gupta to filmmaker Karan Johar, everyone’s got one … or 10.
But what is Labubu — and why is it absolutely everywhere?
In an age of relentless production and ambient anxiety, Labubu dolls offer a rare mix: scarcity, whimsy, and the adrenaline rush of snagging a limited edition (some go for up to ₹1,37,000 on Pop Mart’s site).
It’s not the first collectible to go viral. Bearbricks (bear-shaped figurines designed and produced by the Japanese company Medicom Toy) and Companions (a character by artist Brian Donnelly, known as KAWS, inspired by Mickey Mouse, and available in varying materials and sizes) paved the way, turning toys into status symbols. The formula? Big price tags, limited drops, and a booming resale culture.
Actor-designer Masaba Gupta shared a photo of her bejewelled Labubu doll on instagram.Instagram/masabagupta
“It points to a broader spending trend,” says Neha Singh, Chairperson and Managing director of Tracxn, a leading data platform in India. “It suggests a growing inclination towards novelty items, collectibles and self-expression-driven purchases, possibly influenced by the rise of fandom culture, social media trends, and the desire for products with emotional or display value, rather than purely functional ones like cosmetics.”
Anchit Kapil, Creative Director and Founder of Crepdog Crew (CDC) — a streetwear and collectibles brand — goes a step further. To him, Labubu dolls aren’t toys at all. He says, “Sitting at the intersection of art, design, and identity and in a world where everyone’s curating their spaces and digital lives, collectibles like Labubu dolls and Bearbricks are emotional extensions of who we are.”
A rebellion against all that is boring, the appeal that these toys have is part nostalgia, part clout.
Pop Culture as Social Currency
Kapil understands that pop culture collection in India is still in its nascent stage, with CDC sourcing most of such items through drops, DMs, or forums — Discord, Instagram, or even X (Twitter). “It’s less about formal galleries and more about staying alert, plugged in and moving fast when something rare shows up,” he says, adding, “You’ve got to be obsessive, basically. And you’ve got to know who’s holding what, quietly, in some corner of the country.”
Shantanu Dhope, a content creator with over 63,000 followers, recently showed off his Labubu collection on Instagram — and his followers instantly got the hype. “There was something instantly charming and whimsical about it,” he says. “With a soft spot for all things cute and quirky, it was hard to resist. It wasn’t just about following a trend — the character design and the overall aesthetic felt like a blend of art and emotion. It stood out as a piece that wasn’t just fun but also
had personality.”
Collectibles and blind boxes have long been a travel ritual for the young creator — especially in places like Japan and Thailand, where toy culture is woven into daily life. It’s hard not to get hooked, and over time, a collection naturally takes shape: Tutulongs, Lucky Sprites, Kuromi, Pokémon, classic Disney princesses. “Labubu wasn’t the first, and won’t be the last,” he says — another perfect fit in a lineup of character-driven joy. In fact, right now, the rage is all about Funko’s Pop! Figurines, Bearbricks, Companions and Labubu dolls.
Actor Ananya Panday shared a photo of her Labubu doll on Instagram.Instagram/ananyapanday
Kapil, for one, compares curating these collections to DJing culture back in the day — “If you’re just playing the hits, you’re late. I follow subcultures, watch what the Gen-Z crowd is trading, and spend a stupid amount of time on Telegram, Reddit, and Japanese reseller platforms,” he says, adding that one must feel the heat before the market does. He continues, “For me, it’s two parts gut, one part data. Yes, you watch the trends and artists, but ultimately, it’s about something that makes you pause, smile, or ask, ‘Where did you get that?’”
He notes that since India’s still in its early collectible phase, most of his clients are just beginning to build out their collections, trying to score the rare stuff. Customisation will evolve, but now, it’s about access, than alteration.
But it takes a lot more than that. “You hear of young people taking loans to buy things and stay on this treadmill, but we don’t know much about it,” adds sociologist Manjima Bhattacharjya. “Pop culture is its own planet now, linked to status; one that psychologists and economists have both analysed.”
The Price Tag
Speaking of money, these toys don’t come cheap. The sky is truly the limit. Kapil explains, “The ceiling doesn’t really exist. We’ve sold collectibles from ₹10,000 all the way up to ₹5 lakhs. With the right artist and story, the value jumps fast.” After all, for the real collectors, it’s not about the price — it’s about the thrill of owning something no one else can.
But they’re not just for flex — they’re investment art. The best collectors follow their heart first, and only later realise they’ve made a smart bet, notes Kapil, adding that as the pop culture economy matures in India, “resale value is only going to grow stronger.”
The question arises, who’s buying them? A sneaker-clad teenager or a CEO in a business suit?
“Our crew ranges from 14 to 44 — from school kids who save up for their first collectible to seasoned professionals, stylists, DJs, founders and collectors,” Kapil reveals. “While the metros like Delhi, Mumbai, Bangalore and Hyderabad are our strongest bases, we’re seeing serious demand from tier-2 and tier-3 cities too.”
However, despite the hype, high-priced pop culture merchandise, a category that witnessed its peak in 2021, has consistently declined since.
Is it a Recession Indicator?
On that note, ‘recession indicators’ are the buzzword on Instagram this season — and oddly enough, Labubu shares some of the same traits. Think shrinking GDP, tighter wallets, slower demand, and rising unemployment — the classic symptoms. In the world of private equity, this spells caution. Investors get choosy, backing only startups with strong fundamentals and a path to profit.
Valuations drop. Markets consolidate. And only the most resilient brands stay standing. And the Indian fashion sector is feeling the pinch already.
Singh explains that while parallels are being drawn with the rising trend of pop culture merchandise like Labubu dolls with the ‘Lipstick Effect’ [the Lipstick Index, coined by Leonard Lauder] as an indicator of recession, she deems them to be mostly speculative.
“Pop culture merchandise sales are largely dependent on social media trends, celebrity endorsements, and changing consumer preferences. However, these are temporary,” she says.
Bhattacharjya also notes that recession is a Western concept and observes that whether fashion predicts or reflects — and there have been theories on this in the past, like Hemline [The Hemline Index, coined by George Taylor] — hemlines don’t carry the same cultural significance in India.” Singh agrees, saying, “At the same time, current shifts in spending could also reflect uncertain economic conditions such as high interest rates, inflation and global geopolitical tensions, which tend to push consumers towards affordable indulgences, whether in the form of small beauty treats or collectible items like Labubu dolls.”
Content creator Shantanu Dhope with his Labubu dolls.courtesy of the subject
Dhope shares his opinion, offering a word of caution — hype often leads to overconsumption and inflated resale markets (and many, many counterfeit products). “The goal is to collect with intention and joy, not pressure,” he says.
While globally, there’s often a deep art school or design background, Kapil reflects, in India, this interest is driven by music, fashion and status. As India’s pop culture economy finds its feet, these collectibles tap into something deeper: the joy of self-expression in uncertain times. “The Indian buyer today is younger, bolder, and ready to experiment,” he tells THR India. In 2025, status isn’t just worn. It’s shelved, snapped and unboxed on the ’Gram.
Celebrities and their Labubu Dolls
Masaba Gupta: “Gave my Labubu a Jewubu jewel.”
Karan Johar: “Bitten by the bug!!! #labubu”
Rohit Sharma: “My girls tried explaining these to me, I still don’t get it”
(on his daughters’ collection)
Ananya Panday: “Some of meeee and some of the world around meeee” (part of a carousel post)