Labubu mania: how a blind-box doll became 2025’s biggest toy craze

Labubu, a quirky monster-shaped plush doll made by Chinese company Pop Mart, has become 2025’s biggest toy phenomenon. In the first half of the year alone, Labubu-related products generated 418 million dollars in global sales, with nearly 40% of that revenue coming from outside mainland China.

What makes Labubu different from a normal toy is the « blind box » format: buyers do not know exactly which character or colour they will get until they open the box. « People buy it, they don’t buy one, they buy 10, and 30. There’s the chase, » explained retail analyst Juli Lennett.

The craze is largely driven by adults, part of a wider « kidult » trend: nearly a third of global toy sales in 2025 now come from grown-ups, many buying collectibles for themselves rather than for children. Genuine Labubu dolls sell out in minutes and can resell for hundreds, sometimes thousands, of dollars on platforms like eBay.

Seeing the opportunity, major toy makers are capitalizing on the trend for the 2025 holiday season. Hasbro, Mattel, Spin Master and several other brands have launched their own blind-box collectibles, and retailer Target has doubled its blind-box assortment for the holidays. « Blind boxes are going to be very big. This Christmas will be a record Christmas for that reason, » said Samir Kulkarni, chief executive of collectibles retailer Showcase.

For many buyers, owning a hard-to-find Labubu has become a genuine status symbol. As one 29-year-old collector put it: « The surprise is cool, it’s a nice little dopamine boost. »

Adapted from BNN Bloomberg, November 2025