Yarima Ramirez, a 30-year-old Los Angeles resident, noticed a fuzzy critter with a mischievous smile chained to her friend’s backpack last year.
She didn’t plan on buying a keychain for herself at first, but the toy’s toothy grin kept staring back at her.
“As the year went on, I started to get a little bit more jealous. I was like, ‘That’s a really cute toy. I kind of want that on my backpack,’” Ramirez said, laughing.
That realization kickstarted Ramirez’s obsession with Labubu plush toys, cute monsters with pointy rabbit-like ears that have become a social media sensation.
New collectible, familiar phenomenon
Labubu toys are typically sold in sealed packages known as blind boxes, which means customers don’t know which ones they’re getting until they open them. The hunt is part of the thrill.
These furry critters have amassed an army of devotees who are willing to buy multiple Labubu blind boxes in search of the exact plush they want (think of it as modern-day Pokemon card hunting) and stay up all night watching TikTok livestreams where sellers showcase Labubus that viewers can buy for themselves (think of it as modern-day QVC shopping).
The small Labubus with keychains can retail for $27.99 each, while larger dolls that stand about 23 inches tall can cost $200. Rare Labubus command exorbitant prices on the resale market, with one human-sized version recently selling for $150,000 at a Beijing auction.
Hong Kong artist Kasing Lung designed the Labubu character as part of a 2015 picture book series called “The Monsters.” Pop Mart, a popular toy company headquartered in Beijing, China, struck a licensing agreement with Lung and began selling a line of toys based on the fictional character.
“It’s just this very fun and whimsical character,” said Drew Haines, merchandising director at StockX, an online resale marketplace.
As with other popular collectibles that utilize the strategy, Labubu’s blind box packaging generates an element of mystery, which adds to the toy’s appeal. When you buy a pack of cards, you don’t know if you’re going to get that rare rookie card, Haines said.
Labubus, with their mischievous grins, also have a unique look, which helps set them apart from other collectibles, said independent toy analyst Christopher Byrne, who’s also known as “The Toy Guy.”
“It’s creepy-cool and I think that’s the appeal of it,” Byrne said.
A view of Yarima Ramirez’s Labubu collection.
Courtesy Yarima Rairez
The social media effect
K-Pop superstar Lalisa Manobal (also known as Lisa) helped popularize Labubu after showing off dolls from her own collection, including her Labubu bag charms.
Ramirez saw people on social media attach Labubu keychains to their purses, and loved the idea of having “a little friend” for each of her bags. She’s been able to discuss her finds with other Labubu devotees, providing her with a sense of community, and has even been able to reconnect with old friends who are also collectors.
“As I got further down the rabbit hole of collecting, the more I started to talk to people that I hadn’t talked to in years,” Ramirez said.
Customers can buy Labubu plushies at Pop Mart stores, through Pop Mart’s official website, or through livestreams on TikTok, but stock is limited.
One TikTok creator said snatching a doll up through TikTok Live can be so difficult that “it’s easier to get a Birkin bag at this point.”
If you decide to go in person to Pop Mart store, you may have to fend off other collectors. Brawls and chaotic crowds led the company to ban in-store sales of Labubus in the United Kingdom last month.
“It’s not as easy as going into a store and buying a plush doll, which is how I assumed I would get it when I first started,” Ramirez said.
Tariffs, what tariffs?
Labubu collectors in the U.S. have another concern weighing on their mind: President Donald Trump’s sweeping tariffs, which include a 30% duty on Chinese imports that was implemented this year. Luckily, they’ve been spared from these taxes for now. Pop Mart states on its website that it will cover any tariffs that do get imposed, and “customers will not be required to pay any additional customs fees.”
Most toymakers have very thin margins, but Pop Mart likely has room to absorb some costs since it sells pricey products that can retail for hundreds of dollars, said Yan Liang, an economics professor at Willamette University.
Those who can’t snag a Labubu can try buying them on the secondary market. In 2024, the resale website StockX started noticing the Labubu bag charm trend take off, so the company decided to expand the list of Pop Mart and Labubu products that users could sell and buy through its platform, Haines said.
“By October of 2024, it was the number one most traded brand in our collectibles category, and it’s held that spot since then,” Haines said.
Because Labubus come in all different price points, the brand may be able to weather any economic downturns, Haines said. If consumers are tightening up their budget and don’t want to shell out $2,000 on a new purse, they can instead buy a Labubu charm for under $30 to spruce up their current bag, Haines said.
Pop Mart’s latest Labubu collection, “Big into Energy,” generated a selling frenzy when it was released in April. That line set the record for the most trades on StockX for a collectible on its release day, Haines said.
The average StockX price for all products in the collection were about $200 as of the first week of May, while the average price of all Labubu products stood at almost $140.
We’ll have to wait and see whether Labubus have longevity, but even if their value declines, collectors like Yarima Ramirez say they’re satisfied with their purchases.
“I’m very much the type of person who likes to collect just because I enjoy it,” she said
Her advice to others thinking about purchasing any collectible? “You’re always taking a risk on whether or not it’s going to be valuable in the future. So be happy with what you buy,” Ramirez said.