“I have the one and only 24 Carat Labubu.” The sound of this viral TikTok echoes through the ears of many. What lies behind Labubu's virality is an intricate network of cultural significance in Blind Box economics across Asia that has taken the world by storm. Blind Boxes as a whole are a widespread cultural phenomenon in Asia, playing on the Gashapon concept originating in Japan. Blind Boxes allow companies to create product variations packaged randomly, giving customers a surprise gift upon unboxing. The phenomenon plays on the adrenaline rush of the product's randomness, leading to the popularity of companies like Pop Mart. Pop Mart has collaborations with many artists and companies, such as Xiong Miao, the creator of Skullpanda and Kasing Lung, the creator of Labubu.
Labubu is the most popular character from Pop Mart and has gained relevance as a symbol of cultural capitalism, which arguably differs from its original creator’s intention for The World of Kasing Lung’s Monsters Trilogy. Labubu’s evolution from caricature to symbol of capitalism demonstrates the impact of the arts on the broader economy, aligning with the United Nations Sustainable Development Goal on Economic Growth and Responsible Consumption and Production.
When analyzing the impact of the Labubu, one must consider its origins and creator before labelling it a symbol of cultural capitalism. Creator Kasing Lung published a series of illustrative picture books, often compiled into one trilogy known as the Monsters Trilogy. Originally published in Taiwan in 2015, the compilation was collated and published as a single serial picture book in 2021, featuring Lung’s most popular characters, which are sold today as Pop Mart Blind Box merchandise. These characters include Labubu from The Story of Puca, as well as Zimomo, Mokoko, Tycoco and Pato from within the Monsters Trilogy. The series was inspired by Nordic Mythology, with Elves and Monsters ever-present in its folklore. Kasing Lung’s creation exploded in popularity due to its association with BlackPink’s Lisa, who has said it's her favourite character from Pop Mart’s blind box lineup in multiple interviews, including one with Vanity Fair.
Kasing Lung’s artwork outside of the characters within The Monsters series is incredible. His illustrations are filled with colourful, fantastical elements that often blend with pop culture and folklore. The book blends unique illustrative works with elements of narrative simplicity, creating a sense of whimsical storytelling reminiscent of children’s storybooks. Labubu’s character lore showcases her as a kindhearted, helpful soul regardless of her appearance. In an interview with Bryan Yambao, Lung says his intention with his creations was to create a modern world that brings joy to many. He initially spent more time developing other characters instead of Labubu, but attributed Labubu’s popularity to her uniqueness in the market. “Labubu was just the first character,” he states, “There’s a reason why I created characters with many teeth, to make them unique in the market.” Lung’s commentary about the character’s marketability was correct, as not only did Labubu’s unique selling point skyrocket her popularity, but also morphed her into Pop Mart’s highest-selling character in their Blind Box lineup.
But how did Labubu become the symbol of capitalism? Has her popularity skyrocketed her too close to the sun?
Like Icarus’s melting wings leading to his fall from grace, Labubu’s commercial success has sparked a cultural phenomenon of overconsumption. From the reported irresponsible Labubu purchasing habits reported in popular shows like Financial Audit, to phenomena like the reported Labubu craze leading to long lines on one end and physical altercations in shopping centres on the other, to a stranger leaving a Labubu on Karl Marx’s grave. To say that Labubu’s have taken the world by storm is an understatement. However, as Labubu's virality has arguably subsided, her reputation as an icon of capitalism has overshadowed her humble beginnings as a representation of her creator’s love for folklore and his desire to bring joy to his audience.
Labubu's economic growth relates to the astronomical global rise of blind box culture. From its humble origins in Asia, the blind box model feeds into the adrenaline rush commonly found in gambling. The Guardian reports that around 70% of consumers buy multiple boxes to get the toy they want. The excitement lies in the adrenaline-fueled mystery of the product, combined with the gamification of the process of obtaining those items from blind boxes. Consumers crave the dopamine hit of finally getting the toy they want —or, better yet, a rare, secret variant with odds of a million to one.
“People aren't just buying a toy; they're participating in a quest that feels meaningful precisely because it's challenging. The hunt has become as important as the prize, transforming a simple retail transaction into something that feels like genuine achievement,” Psychotherapist Daren Banarsë explains.
The blind box model combines this aspect with the scarcity principle, in which product scarcity increases the item’s perceived value, leading to reduced consumer search time and increased purchase quantity due to fear of missing out. Furthermore, limited quantities influence impulse purchases by stimulating a psychological desire to proceed with the purchase. Labubu’s combination of product variant randomness with varying odds and the perceived value of the possibility of gaining a ‘secret’ limited-edition version is arguably the key factor in its rise to her status as a symbol of late-stage capitalism.
Furthermore, people’s obsession with obtaining the rare, desired Labubu has led to high purchase volumes, affecting many of her fans’ economic status. Studies report that China's blind box market is projected to exceed RMB 58 billion, accounting for 65% of the global market share and growing at a compound annual rate of 28%. Given that 70% of the customer base might buy multiples, it’s no wonder the business model has led to the rise of companies like Pop Mart in the toy market segment. Statistics show that in the first half of 2025 alone, Pop Mart’s “The Monsters” series, which includes Labubu, generated RMB 4.81 billion, accounting for a significant portion of the company’s total revenue of RMB 13.88 billion. From her humble beginnings as the subject of an illustrative mythology picture book to her rise as Pop Mart’s best-selling merchandise, Labubu is a case study of how these commercial cultures shape the art merchandise market.
However, not all Labubu consumers participate in the culture of overconsumption. Many simply enjoy her for the whimsical elements of her design. The BBC reports that in post-pandemic China, many seek Labubus as an emotional escape, noting that they are charming but chaotic, representing the opposite of perfectionism. “A Labubu doesn't necessarily signal wealth; it signals being part of an in-group, and that involves a certain aesthetic, knowing certain things,” Psychotherapist Jordan Conrad says. There is no harm in desiring to be part of an in-group, as long as one is not causing themselves mental or physical harm.
It’s clear that Labubus and other blind box characters are here to stay, and they will always be a big part of the merchandise industry. However, the artistry behind these blind-box figures should not be overlooked. Kasing Lung’s “The Monsters” and its related merchandise have taken the world by storm and significantly impacted the global economy. The IP within these works, however, has artistic merit as a symbol of anti-perfectionism and fantastical artistic expression, something that should be considered regardless of Labubu’s status as the apparent ‘Queen of Late Stage Capitalism’.