What started as a fictional character from Hong Kong artist Kasing Lung’s book The Monsters has now grown into a global phenomenon. Labubu, a furry monster with a playful grin, big eyes, and a mischievous face that’s both cute and a little weird, has become a famous icon. Its popularity skyrocketed after celebrities like Blackpink’s Lisa shared her Labubu collection, and Rihanna was photographed with one clipped to her bag.

Behind this craze is Popmart, a Chinese company that has successfully turned “blind boxes” into a worldwide sensation. Thanks to the popularity of Labubu and their other collectible toys, Popmart’s net profit surged nearly 400% in the first half of 2025. This success stems from the excitement of opening a box without knowing which figure is inside, the irresistible “cuteness factor,” and the status that comes with owning trendy collectibles. For some, Labubu dolls serve as fashion accessories or “anik-anik,” while for others, they represent investments in a growing collector’s market.

But is the hype worth the price?

Popmart’s shares have surged by more than 200%, surpassing even industry giants like Mattel and Sanrio in value. Each Labubu typically costs around ₱600 to ₱700 per box, depending on the series. For collectors seeking to avoid duplicates, Popmart also offers sets of blind boxes at a significantly higher price.

Despite the price, collectors—ranging from children to adults—still want to be part of the trend to get their favorite Labubu dolls. In the United States, individuals have reportedly spent an average of $2,000 (₱114,102.95) just to obtain the “secret” variant of Labubu, which has only a 1-in-72 chance of appearing, according to a CNN U.S. analysis. This “limited” stock marketing strategy by the company has greatly contributed to its success, as high demand combined with low supply drives prices even higher.

The blind box phenomenon highlights both the excitement and the risks of consumer culture. While it feels rewarding to join the trend, it also raises concerns about overspending. Because the element of surprise can be addictive, consumers often end up buying multiple boxes in pursuit of rare or “secret” variants, sometimes spending far beyond their means.