Whether you find them adorable or absurd, Labubus have cemented themselves as the collectable craze of the century in pop-culture. 

But behind the pastel colours and pointy ears lies a more complicated story, one that touches on an increasingly familiar marketing tactic: blind boxes.

What are Labubus and why are collectors obsessed?

Created by Kasing Lung and sold under global Chinese toy company PopMart, Labubus are part of a broader genre of vinyl collectibles that have become a worldwide phenomenon. 

Their signature looks — jagged teeth, large eyes, rabbit ears and furry exteriors — make Labubus stand out with their playful appearance. 

The dolls' popularity exploded late last year after a Vanity Fair interview went viral, "Lisa's secret obsession with Labubus", which starred BLACKPINK’s Lisa. The video, with 3.2 million views so far, has brought initial attention to these toys, triggering a surge in demand.

Eager in-store shoppers queue up early before opening time, just to have a chance at purchasing a Labubu. 

Labubus have become a popular accessory, with celebrities like Rihanna and Dua Lipa seen attaching the toy to high-end luxury handbags, elevating the dolls from niche novelty to cultural statement.

“I think they’re cute-ugly. It really grew on me the past year,” wrote Instagram lifestyle and travel creator @yellowitsnancy, who has collected several Labubus in the past year alone.

But these dolls aren’t just cute. They’re big business.

Emily Brough, PopMart’s head of intellectual property licensing for America, told CNBC that "roughly $423 million of the company’s global revenue came from Labubu dolls alone”. 

The blind box: A mystery marketing tactic 

At the heart of the Labubu phenomenon is a deceptively simple strategy, the blind box. 

Each figure is sold inside identical packaging and buyers don't know what they're getting until they open it. Some versions are common, others rare, with a few so elusive that they’re labelled as "secret" or "limited edition". 

Dr Racheal Louis Vincent, a lecturer in marketing at Monash University Malaysia, said “blind boxes are such an effective marketing tool because of the dopamine it gives people".

“They create excitement, and a sense of anticipation, making people eager to open them,” Vincent told MOJO News. 

Phuc Le, a teenage Labubu collector, said “not knowing what you’re going to get adds to the whole experience” and in doing so, “you feel excited”.

This dopamine spike – the anticipation, the unboxing, the surprise – is what keeps consumers coming back for more.

But it is also what makes the blind box marketing feel eerily similar to electronic game machines and scratch tickets. 

Is this still collecting, or something riskier?

Blind boxes aren’t new, we've seen them in gachapon capsule toys in Japan, but their reach and psychological impact are growing.

A 2024 Macau University of Science and Technology study found that 40 per cent of participants aged 18 to 30 reported purchasing blind boxes weekly. Many of them were students. Most admitted to overlooking the psychological and financial toll of repeat purchases.

Le said that “after I open one, I feel encouraged to open more, and if I didn’t get the one I wanted, I would have the urge to buy again".

Le also admitted to losing track of his spending when it came to blind boxes, oftentimes overlooking how much he had spent.

These purchasing patterns develop risk-reward behaviour, fuelled by scarcity marketing, social pressure and the thrill of the unknown. 

This kind of behaviour mirrors what researchers define as gambling.

A 2019 international study described gambling as: "An activity that involved placing something of value in the hopes of gaining something of greater value."

In terms of Labubu collecting, it’s easy to see the parallel: consumers are risking their money in the hopes of scoring a high-demand figurine.

The role of celebrities and status

Labubu’s appeal isn’t just driven by chance; it’s also driven by aspiration. 

Vincent said that if you were to follow a particular celebrity, you would eventually aspire to be like them.

“Celebrity influence encourages consumers to associate Labubu’s with high-end lifestyles,” she said.

“It’s the major driving behaviour in terms of why people are so glued to getting this.” 

When fans see idols like Lisa or Rihanna with these dolls, they stop being just collectibles; they become status symbols and tokens of cultural alignment. 

For young adults in particular, ownership can feel like entry into a social circle. And in a world of fast-moving trends and algorithm-driven feeds, collecting becomes less about the toy itself and more about fitting in.

“It has a lot to do with the peer-pressure and also seeking social validation,” Vincent said.

What next for Labubus?

Labubus are, for now, still on the rise. Their quirky design, viral appeal and clever packaging have carved out a unique place in global youth culture.

But as blind-box toys continue to dominate the collectibles market, the question becomes less about what’s inside the box, and more about what kind of behaviour the box is encouraging.