M SCIENCE BLOG

LABUBU and the Rise of Pop Mart: How a Mischievous Toy Redefined Global Consumer Culture

FEATURING

Vinci Zhang

Research Analyst
labubu-doll

When Lisa from BLACKPINK casually posed with a quirky little doll in April of last year, few could have predicted the cultural wave that would follow. The doll—LABUBU, with its pointed ears, sharp teeth, and mischievous grin—was far from the typical wide-eyed, cuddly collectible. But that was exactly the point. What started as a celebrity moment quickly snowballed into a viral sensation across Southeast Asia, eventually capturing attention in the West. U.S. influencers and celebrities embraced LABUBU, transforming it into a mainstream cultural phenomenon. Behind this meteoric rise, as M Science Research Analyst Vinci Zhang explains, was a confluence of factors, including savvy celebrity influence, a unique artistic aesthetic, and one particularly disruptive retail innovation—the Blind Box.

  • The Power of Blind Box Strategy

Pop Mart’s Blind Box strategy lies at the heart of LABUBU’s appeal. The concept is simple but powerful- customers don’t know which color palette, rarity, etc., they’ve purchased until they open the box. This element of surprise —like “loot box” mechanics in video games like Fortnite—transforms shopping into a gamified treasure hunt.

Hidden “secret” variants create a sense of scarcity and exclusivity, with some reselling for over $1,000 on the secondary market. The uncertainty fuels repeat purchases, while Pop Mart’s playful, immersive retail stores offer an experience that sets them apart from traditional toy aisles.

It’s not just about owning a toy, it’s about the thrill of discovery, the emotional rush of surprise, and the community that has emerged around unboxing and trading. “What could have been a solitary hobby has become a vibrant social experience,” Zhang observes.

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  • What the Trend Reveals about Consumers

The LABUBU craze is more than a fad, it reflects a broader shift in consumer behavior. In the post-Covid landscape, buyers increasingly seek experiences over mere transactions, gravitating toward products that offer joy, connection, and a sense of authenticity.

LABUBU’s unconventional design; quirky, mischievous, and even “ugly” to some, challenges traditional ideas of cuteness. This distinctiveness resonates with consumers eager for products that feel different and genuine. Online communities have embraced the trend, developing strategies for predicting Blind Box contents, sharing unboxing videos, and trading collectibles, all of which foster a sense of belonging.

Exclusivity adds another layer to the phenomenon. The rarity of certain dolls drives urgency and repeat purchases, showing how scarcity and gamification can sustain long-term consumer engagement.

  • Explosive Growth in the U.S.

While LABUBU first exploded in Asia, the U.S. has quickly emerged as Pop Mart’s standout growth story. According to Zhang, growth accelerated dramatically in 2025, surging over 5,000% year-over-year by June. In that single month, Pop Mart earned more revenue in the U.S. than it had across the entire 2021–2024 period combined.

The company’s pricing power is equally striking. Blind Boxes retail for about $27.99 in the U.S., a 50% premium over global markets. That higher price point, paired with insatiable demand, has prompted Pop Mart management to reassess its supply chain and prioritize U.S. restocking efforts.

The momentum extends beyond LABUBU. Once consumers enter Pop Mart’s ecosystem, they discover other IP like DIMOO and SKULLPANDA, ensuring the brand’s popularity      isn’t reliant on a single character. “LABUBU has given Pop Mart a powerful halo effect,” Zhang notes. “But the multi-IP strategy means the next viral moment could be right around the corner.”

  • Redefining "Made in China"

Perhaps most significantly, LABUBU is helping rewrite global perceptions of Chinese consumer brands. For years, “Made in China” was often shorthand for inexpensive, mass-produced goods. Pop Mart is actively challenging that narrative by emphasizing artistry, design, and quality.

“Pop Mart’s success is contributing to a shift in global perception,” Zhang explains. “These toys are not just products—they’re collectibles with unique stories. That reshapes how companies think about marketing and how consumers view Chinese creativity.”

made in china
  • Competitors, Take Note

The boom has not gone unnoticed. In China, competitors have rushed to launch their own Blind Box lines, making the domestic market increasingly crowded. Internationally, MINISO’s 52Toys has emerged as a potential challenger.

Still, Pop Mart is at the forefront, navigating the delicate balance between creating scarcity to fuel demand and ensuring consumers don’t walk away empty-handed. For now, its edge lies in execution, brand loyalty, and cultural momentum.

  • Beyond the Craze

The story of LABUBU is about more than a single quirky toy. It’s a case study in how culture, design, and data converge to reshape global markets. It reveals a growing shift in consumer values, where experiences, community, and authenticity matter more than ever. And it underscores a broader trend: Chinese brands are no longer just manufacturers—they’re cultural powerhouses.

As Pop Mart continues its meteoric rise, LABUBU’s mischievous grin may come to symbolize something much bigger: a new era for global consumer culture.

Data Meets Culture:

M Science's Role

For Zhang, analyzing Pop Mart’s trajectory is both professional and personal. Born in China and educated in the U.S., he sees himself as a bridge between cultures, data, and investor expectations.

M Science analyzes Chinese mobile receipt data, combined with U.S. consumer transaction data, gives Zhang and his team a dual-lens view of Pop Mart’s sudden global rise. .

“Seeing our models validated in real time, as Pop Mart’s U.S. sales exploded, was incredibly rewarding,” Zhang reflects. “It’s not just about analyzing data; it’s about anticipating cultural shifts and helping investors stay ahead of the curve.”

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M Science publishes data-driven research reports on Alibaba Group Holding Limited (BABA), Fast Retailing (9983.JP), H World Group Ltd. (HTHT), JD.com (JD), Laopu Gold (6181.HK), Luckin Coffee (LKNCY), Miniso (MNSO), NetEase Inc. (NTES), PDD Holdings Inc. (PDD), Pop Mart (9992.HK), SHEIN, Tencent Holdings Ltd. (0700.HK), and Trip.com Group Ltd. (TCOM).

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