Blog

1. A Collector’s Quest in Toronto

At a newly-opened Pop Mart flagship store in downtown Toronto, lines snake around the block for a midnight release of Labubu 3.0 keychain blind-boxes. Among the shoppers is a 29-year-old Gen Z fashion designer. She hopes to land a rare mint-green Labubu variant. As she joins the livestream via the Pop Mart TikTok Shop, other collectors show their unboxings in real time. Some succeeds, grabbing the elusive design; others queue longer or try resale platforms like Whatnot and eBay—where bids slide from retail ($9–$28) into the hundreds. This ritual, part fashion, part hunt, epitomizes how Labubu has turned blind-box collecting into a lifestyle.

2. What Is Labubu—and Why Is It So Popular in North America?

Labubu is a quirky “ugly-cute” creature created by Hong Kong artist Kasing Lung in 2015 as part of his The Monsters books. In 2019, Pop Mart adopted it as a collectible toy line—initially vinyl figures, later plush and keychains. The character’s charm lies in its mischievous grin, pointed ears, and nine teeth—design elements that sparked a devoted following.

The turning point came in 2023–24 when Blackpink’s Lisa posted Labubu merchandise on her Instagram, accelerating international exposure. Soon Rihanna, Kim Kardashian, Dua Lipa, and even NBA stars were seen sporting Labubu charms attached to luxury bags. In North America, consumers (especially Millennials and Gen Z—so-called “kidults”) embraced the blind-box thrill combined with fashion flair, driving viral unboxing content and live-stream sales on TikTok Shop.

3. Key Statistics—from Pop Mart and Others

• In 2024, Pop Mart more than doubled revenue to around RMB 12.6 billion (~US $1.8 billion), while profit tripled; Labubu alone accounted for roughly 40% of revenue.

• By June 2025, Pop Mart’s market valuation soared to roughly US $44 billion, exceeding the combined valuation of Hasbro, Mattel, and Sanrio (~US $26 billion).

• In North America, 21 U.S. Pop Mart stores existed as of mid-2025, with plans to expand to at least 40 by year-end.

• On TikTok Shop, Pop Mart generated around US $4.8 million in April 2025, up 89% month-over-month, and 1,000% year-over-year growth by May.

• Pop Mart’s Q1 2025 global revenue jumped 170% YoY, with North American sales surpassing the company’s entire global revenue from 2024.

4. Implications & Observations Behind the Trend

Behavioral economics at work: Pop Mart’s blind-box model harnesses variable reward and FOMO psychology. Consumers—and especially adults—are drawn to the thrill of surprise and scarcity-driven rebuilds of dopamine loops, fueling repeat purchases and social bragging rights.

“Kidult” culture explosion: The trend reflects a broader shift: adults embracing nostalgic, collectible toys as identity symbols. Labubu’s “ugly-cute” aesthetic offers emotional expression and social capital in Gen Z and Millennial communities.

Secondary markets and speculative pricing: Standard retail (US $9–28) contrasts with resales in the hundreds or tens of thousands: e.g. a rare Labubu auctioned for over US $150,000. This drives both excitement and criticism over scarcity and scalping.

Fashion crossover: Labubu has moved beyond toys into fashion accessory territory—attached to bags, belts, and even tattoos—reinforcing its cultural cachet.

5. Conclusion

Labubu exemplifies how Pop Mart has transformed collectible toys into cultural commodities in North America. By pairing imaginative design, blind-box psychology, social media virality, and celebrity appeal, Labubu has ignited decades-old adult-collecting culture with fresh energy. Its success has made Pop Mart one of the world’s most valued toy companies—and affirmed that in today’s market, emotional commerce increasingly drives performance. As Pop Mart expands its U.S. footprint and releases new Labubu collections, the curve still appears upward—but managing supply, avoiding fandom burnout, and addressing resale backlash will be key to sustaining momentum.