Labubu: The Economic Forces Behind a Global Cultural Phenomenon

Recently, a Nordic forest sprite character named Labubu is sweeping the globe at an astonishing speed, becoming a fashion item and social media sensation for Generation Z, and even an alternative investment tool. The newly launched Labubu third-generation rubber plush series has triggered a buying frenzy as soon as it went online. From selling out in seconds on domestic e-commerce platforms to all-night queues in front of overseas flagship stores, from being the focus of street photography to a phenomenon on social media, Labubu is evolving into a cultural symbol that transcends borders, accelerating its spread globally.

This global trend not only precisely hits the deep-seated needs of young people for personal expression, but also becomes an alternative asset that attracts the attention of the capital market. Not only is the traditional collectibles circle flocking to it, but the cryptocurrency field has also sparked a Labubu craze.

The Labubu Craze in the Cryptocurrency Market

Recently, with the release of the new product series, the cryptocurrency related to Labubu has once again become the focus of the market. Several well-known cryptocurrency opinion leaders have posted tweets featuring the Labubu image, sparking intense discussion within the community.

Data shows that the market capitalization of related cryptocurrencies has skyrocketed from hundreds of thousands to 18 million dollars in the past week, with an increase of several dozen times. In the last 24 hours, its trading volume reached as high as 9.5 million dollars. Since May 14, the number of holding addresses has significantly increased, reflecting a sustained rise in user engagement and market enthusiasm.

This is not the first time this cryptocurrency has sparked a market frenzy. Back in November 2024, during a booming period for the cryptocurrency market, its market value once exceeded $20 million. Although this is not an officially issued token, it still became one of the popular IP projects at the time, particularly performing well in the Thai market.

At that time, Labubu had sparked widespread attention in Thailand, with its image frequently appearing on the streets of Bangkok, becoming a symbol of popular culture. From celebrities to ordinary young people, Labubu's influence was everywhere. This craze even caught the attention of the Tourism Authority of Thailand, which awarded Labubu the title of "Magical Thailand Experience Officer" and held a grand welcome ceremony.

The mid-year financial report of the relevant company for 2024 shows that its overseas revenue reached 1.35 billion yuan, a year-on-year increase of 259.6%. The Southeast Asian market contributed 560 million yuan in revenue, accounting for over 40% of total overseas revenue. Labubu's strong performance in Southeast Asia has greatly boosted investors' confidence in the related cryptocurrencies.

At the same time, another local Thai IP has also gained global popularity and has spawned a cryptocurrency of the same name, with its market value once being speculated to several hundred million dollars, further driving the market's attention to Thai IP-type assets. The recent strong rebound of the cryptocurrency related to this IP may also be one of the important factors contributing to the recovery of the Labubu-related cryptocurrency market.

From Trendy Toys to Social Currency: The Rise of Generation Z's Cultural Economy

Labubu's global influence is rapidly expanding. Google Trends data shows that in the past 30 days, Labubu's search popularity worldwide has far exceeded that of other similar projects, reflecting its brand influence and the rapid rise in market attention.

From American pop singers to fashion bloggers, many celebrities have been spotted carrying Labubu-related products, propelling them from the trendy toy circle into the global mainstream fashion scene.

Recently, the new generation of Labubu products has been launched globally, once again sparking a buying frenzy. Not only are domestic fans enthusiastically pursuing them, but fans are even queuing overnight in front of related stores in places like Chicago, Los Angeles, London, Milan, New Zealand, and Harajuku in Tokyo, just to purchase their desired Labubu products.

Online sales are equally booming. Related apps once topped the US App Store shopping chart and significantly climbed the free chart, demonstrating their immense appeal in the North American market. On second-hand trading platforms, the premium for the new series of Labubu products is astonishing, with ordinary models increasing by 10%-200%, while rare models even see premiums of several times, regarded as the "money-making tool" in the trendy toys sector.

On social media platforms like TikTok and Instagram, Labubu has become a traffic password. Young people are keen on posting short videos such as "blind box unboxing", "trendy outfit matching with Labubu", and "doll wall displays", with some specialized content accounts quickly accumulating millions of followers. This viral spread has not only expanded Labubu's social influence but has also become a core strategy for relevant companies' content and community operations.

It is worth noting that Labubu has become the "universal currency" in the social scenes of young people around the world. At trendy events across various locations, people exchange luxury goods, music festival tickets, and even electronic products using Labubu. This phenomenon of "trendy items as currency" not only reflects the value of Labubu as a form of social capital but also serves as a medium for identity recognition and aesthetic resonance among young people.

Today, Labubu has developed into a comprehensive business IP. In 2024, the Labubu series contributed 3.04 billion in revenue for related companies, a year-on-year growth of 726.6%, accounting for nearly a quarter of the company's total annual revenue. Among them, the PVC plush products became the annual best-seller, with sales revenue reaching 2.83 billion, and the sales proportion jumped from 3.2% to 21.7%, becoming the second largest category after figurines.

In a way, the global popularity path of Labubu is similar to the logic of the rise of cryptocurrency. Both are essentially cultural phenomena driven by emotional value, rapidly breaking through boundaries relying on social media dissemination, community self-organization, and a strong sense of identity. Whether it's queuing overnight to purchase limited edition Labubu or buying a certain cryptocurrency because of a viral internet element, it reflects the contemporary youth's desire for self-expression, a sense of belonging, and discourse power, becoming a typical case of the new generation of cultural economy.