Opinion | Global Labubu craze reflects China’s creative and consumption ambitions

In China’s demanding market that’s shifting towards emotionally driven spending, creative brands that succeed can look to conquer the world

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This Labubu figurine, displayed before an auction in Beijing, on June 6, was sold for 1.08 million yuan (US$150,499), setting a record for the most expensive Labubu sold. Photo: Reuters

Published: 5:30am, 1 Jul 2025Updated: 9:06am, 1 Jul 2025

Who could have predicted the meteoric rise of the Labubu doll, which has gained cult status globally after capturing hearts in China? At a recent Beijing auction, a Labubu figurine sold for over 1 million yuan (US$139,350), cementing its place as a pop culture phenomenon.

The global craze may prove fleeting. But the significance of the Labubu phenomenon lies in what it reveals about China’s consumer culture as it evolves to become more expressive, brand-savvy and globally influential. No longer driven solely by price or practicality, Chinese consumers, especially Generation Z, seek something more meaningful: emotional resonance, personal identity and joy.

This shift is reshaping how brands connect and elevating storytelling, design and cultural relevance as key drivers of value.

The last Singles’ Day shopping festival revealed a surge in spending on toys and collectibles, particularly those linked to popular games and animated series. In China, this phenomenon is known as “IP consumption”: where consumers engage emotionally with intellectual property, not just as fans but also as collectors and lifestyle participants. More than a fleeting trend or impulse buying, it signals a deeper cultural and psychological shift – one closely tied to broader economic changes.

For decades, China’s economic growth was powered by a massive investment in manufacturing. As companies raced to cut costs rather than innovate, the result was a marketplace where function and price reigned supreme, with emotional appeal often an afterthought.

But with the investment-led growth model reaching its limits, the authorities increasingly turned to domestic consumption as a more sustainable economic engine, especially in an uncertain global trading environment. Now, boosting consumption and expanding domestic demand are a top priority.

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