[Summary]
LABUBU (THE MONSTERS) is currently beginning to be recognized by the market as a financialized IP asset rather than just a character product.
Price formation cannot be explained solely by cost, materials, and function as a toy.
In the current LABUBU market,
- SNS energy
- Desire to participate in the community *Celebrity influence *Limitability
- Liquidity of secondary distribution
- Speculative funds *Meme
influences the price.
In POP MART's 2025 financial results, THE MONSTERS' sales were 14.161 billion yuan, an increase of 365.7% from the previous year, accounting for 38.1% of the company's total sales.
On the other hand, the market from now on is moving away from a total hype market where anything LABUBU goes up, to a selective market in which only individuals with meaning, rarity, provenance, and proof of authenticity remain.
0. Executive Summary
The essence of LABUBU is no longer toy prices.
The current LABUBU market is
Emotional economy
It is working as.
Users appear to be buying "small figures" or "stuffed animals."
But in reality,
*Trend connection rights
- Approval on SNS
- Feeling of participation in exclusive events
- Collector class
- Sense of community belonging
I'm buying.
In other words, LABUBU is
Social currency
It is close to.
This is definitely different from regular toys.
1. What is LABUBU?
LABUBU is a representative character of THE MONSTERS by Hong Kong artist Kasing Lung.
Through POP MART's blind boxes, figures, stuffed animals, MEGA products, etc., we have gained global recognition from 2024 onwards.
The current market structure is more than just art toys.
- Sneaker market
- Supreme *NFT
- Trading cards *KAWS
- BE@RBRICK
- modern art
It's close to.
The essence is
Pricing cultural capital
It is.
The combination of rarity, popularity, owner community, and secondary distribution price means that character products are being treated like assets.
2. Why did it explode?
1. Celebrity-based
LABUBU has been connected to Asia's wealthy culture and fashion context through celebrity exposure, including BLACKPINK's LISA.
The important thing here is not just advertising;
Having something cute became visible as a status
That's it.
2. Blind box structure
POP MART's biggest strength is blind box sales.
This is more than a normal product sale.
Gacha finance
It has a structure similar to.
User psychology is
- I want to win
- I want to complete *I want to get a limited offer
- I want to show the opening results on SNS
It moves in that direction.
This gambling nature increased the number of purchases and attracted funds into the secondary market.
3. SNS spread
LABUBU is
*TikTok
- Xiaohongshu
This is a product that is highly compatible with
The reason is
Key point
Key point
Key point
Key pointThis is because they hold true at the same time.
4. Expansion of overseas markets
According to POP MART's financial results for the first half of 2025, sales in overseas regions such as Asia Pacific, the Americas, and Europe increased significantly.
Especially in Southeast Asia, LABUBU is more than just a toy.
Success symbol for the emerging Asian middle class
There are aspects that functioned as such.
In countries such as Thailand, Vietnam, and Malaysia, the character of status consumption has become stronger.
3. Current market phase
From 2024 to the first half of 2025,
Anything goes with LABUBU
It was a total hype market close to.
However, as of 2026, the market is starting to change.
What is happening is
- Increased supply
- Resale
- Increase in fakes
- Intensifying resale competition
- SNS fatigue
- Increase in the number of high price grabbers
It is.
As a result, premiums for commonly distributed products are likely to collapse.
On the other hand, funds tend to remain on early models, limited edition items, individuals with proven provenance, MEGA, large collaborations, etc.
In other words, the market
From the total hype market to the selective collector asset market
We are transitioning.
4. POP MART structural issues
POP MART in 2025 had a very strong financial result if you just look at the numbers.
Companywide sales were 37.12 billion yuan, an increase of 184.7% from the previous year.
THE MONSTERS earned 14.161 billion yuan, an increase of 365.7% from the previous year.
Profits also increased significantly.
However, investors are looking at a different issue.
That is,
Will it be possible to grow after LABUBU?
It is.
The fact that THE MONSTERS accounts for 38.1% of the company's total sales is both a strength and a concentration risk.
In the IP market, dependence on a single IP is dangerous.
In the past,
- Yokai Watch *Angry Birds
- NFT PFP type
- Some social game IPs
There are examples where the heat value suddenly decreased after a short-term explosion.
POP MART's challenge is to transform LABUBU into an IP portfolio that spans multiple years, rather than ending up as a one-off hit.
5. The biggest risk is “dilution of meaning”
Many people
Increased production = collapse
I think so.
Of course, increased supply is a factor in lowering prices.
But the real danger is
The meaning of having LABUBU will fade
It is.
What IP assets require is cultural enthusiasm.
What you need is
- Community
- World view
- Derivative creation
- Enthusiasm
- Admiration
- Story
It is.
Once this disappears, the price will return to just a used toy price.
This is meme collapse.
6. Can LABUBU be made into Disney?
The biggest theme is here.
Longevity IPs have something in common.
- World view
- Emotional connection
- Generation inheritance *Narrative
- Multimedia development
Disney and Pokémon are not just "cute".
It is connected to life memories, family experiences, gaming experiences, movie experiences, and intergenerational sharing.
On the other hand, LABUBU is currently
Visual hype dependent
is strong.
The key to the future is POP MART's LABUBU,
Cute products
From,
Story assets
The question is whether it can be sublimated.
Through movies, anime, games, themed spaces, events, and collaborations, we will be asked whether we can create experiences that go beyond ownership.
7. The true structure of the secondary market
LABUBU's secondary distribution price is not a simple difference in list price.
The price is
- Rarity
- SNS energy *China's economy
- Southeast Asia wealthy class
- Exchange
- Young consumption
- Resale funds
It is a complex of.
In other words, LABUBU price is
Asia Liquidity Index
There is also.
This is because Asia's young and middle-class people are mirroring what they buy with their surplus funds.
8. Linkage with macro economy
LABUBU is an economically sensitive asset.
Because the purchase source is
Surplus disposable income
That's why.
During the period of monetary easing,
Key point
↓
Key point
↓
Key point
↓
Key pointis likely to occur.
On the other hand, during the period of monetary tightening,
Key point
↓
Key point
↓
Key point
↓
liquidityKey pointis more likely to occur.
LABUBU market is a mini liquidity market.
9. The fake problem
The counterfeit issue cannot be ignored in the LABUBU market.
As fakes increase,
- Authenticity cost increases
- Decline in market confidence
- Transaction speed reduced
- Decrease in liquidity
will happen.
As a result, the funds
provable individual
Concentrate on.
Unopened packaging, original purchase history, receipts, certificates, and reliable sources are important.
10. Individuals that will remain in the future
Strong individual
- Early model
- Contains cereal *Limited quantity
- Large MEGA
- Famous collaboration
- Unopened
- With proof of provenance
- Individuals whose authenticity can be easily confirmed
Weak individual
- Normally mass-produced product *Resalable items
- Depends on SNS buzz *No box
- No tag
- Authenticity opaque
- Individuals with large distribution volume
As the market matures, the price differential will widen further.
11. The future of the resale market
The expected value of short-term resale has decreased considerably.
The reason is
- Increased production
- Resale
- Fee
- fake
- Market collapse speed
- Increase in number of competition participants
Because it's heavy.
To make a profit through short-term resale,
- Immediate sale
- Overseas sales channels
- Authenticity knowledge
- Initial speed battle
- Advantage in purchase price
will be required.
The later a beginner enters the market, the more the expected value tends to deteriorate.
12. Special characteristics of the Japanese market
Japan is a market that tends to be the final destination for overseas trends.
A common flow is
Key point
↓
JapanKey point
↓
Key point
↓
Key point
↓
Key pointIt is.
Especially dangerous is
- Limited edition mass produced product *Limited item for resale
- An individual that became popular only on SNS
- Secondary distribution products whose authenticity is difficult to confirm
It is.
In the Japanese market, while items tend to be bought because they are cute or trendy, there is a risk that there will be fewer buyers once the boom wears off.
13. Evaluation as an investment target
LABUBU is not gold, stocks, or bonds.
The essence is
Cultural assets turned into memes
It is.
The maximum risk is
Loss of liquidity
It is.
When buyers disappear, prices do not fall slowly;
100
↓
70
↓
40
↓
10It may collapse all at once.
This is a phenomenon that has been repeated in the NFT, trading card, and sneaker resale markets.
14. Maximum future branch
Whether LABUBU survives or not
Can it be culturalized?
It depends on
IP that ends in an instant,
- Trendy consumption *Temporary hype
- End of speculation
It ends with
The IP that survives is
- Long-term community
- World view
- Generation inheritance
- Emotional connection
- Story development
has.
LABUBU is now at a crossroads.
15. Practical strategy
Short term
Short-term resale has become quite difficult.
The conditions to aim for are
*Super limited
- Instant liquidization
- China market
- Southeast Asia sales channel
- Initial match
- Authenticity confirmed
It is.
The strategy of buying regular products as a follow-up is risky.
Medium to long term
If you are aiming for the medium to long term,
Irreplaceable individuals
Only.
The conditions are
- Initial
- Serial
- Large *Collaboration
- History
- Unopened *Certificate
It is.
Only individuals who can explain ``why will it still be meaningful in the future'' rather than ``buy it because it's cheap'' will be candidates.
Final conclusion
The LABUBU market is now
Total hype era
Finished,
Maturity and selection phase of financialized IP market
is entering.
From now on,
- Commoditization of general products
- Concentrate funds on ultra-rare specimens
- Decrease in expected resale value
- Increasing importance of authentication
- Selection as a cultural asset
is likely to proceed.
In other words, as a strategy,
Buy anything at LABUBU
rather than
Retain only individuals with meaning, history, and proof.
We are moving into the era.
LABUBU is not over.
However, the hype market where everyone can win is coming to an end.
From here on, the market will focus not on the heat of the IP, but on why it remains as a culture.