How Labubu is leading the ‘little treat’ economy

If you’ve scrolled through TikTok or Instagram Reels lately and found yourself watching someone open up a box to reveal a tiny, colorful, sharp-toothed gremlin with big eyes on your timeline, congrats, you’ve officially met Labubu. A collectible toy that looks like a cross between a mischievous goblin and a forest spirit from Where The Wild Things Are, Labubu is the unlikely poster child of the “little treat” economy, priced at $27.99. While Labubu has been beloved across Asia for years, especially in China and across Southeast Asia, American collectors are now catching up to the hype and collecting with a fervor that feels very new, but still somehow deeply nostalgic.

Labubu isn’t alone, the creature is part of a wider range of collectible designer toys produced by PopMart, a Chinese company that’s quietly cemented itself as one of the world’s biggest players in the designer toy space (their founder, Wang Ning, just achieved billionaire status this past year thanks to Labubu’s popularity). The Labubu, and many other figures that PopMart sells, come in blind boxes, meaning you won’t know which version you’re getting until you open it, and that mystery is part of the thrill, turning every purchase into a mini dopamine-fueled surprise. And when it comes to collectible blind boxes that have gained global recognition, Labubu is definitely not alone. Think: Smiskis, the glow-in-the-dark little guys who lurk mysteriously behind books on the shelves, and Sonny Angels, the cherubic, naked babies in fruit hats who perch on phone cases that you’ll see in mirror selfies, and you don’t have to go farther than a child’s (or adult’s) bedroom to find a family of Squishmallows living cozily.

These toys share a similar appeal: they’re cute, slightly offbeat, and designed to spark a positive emotional, and almost addictive, reaction with the breadth of collections and varieties available. For many of us of a certain age, they likely tap into a deep sense of nostalgia—Beanie Babies on our bedroom shelves, collectible Pokémon cards we traded at recess, and Tamagotchis we’d covertly check on during class. So while the current wave of collectibles isn’t entirely new, it's been reimagined. It’s nostalgia with sharper packaging, and a culture that allows global phenomena to be built around it.

As this trend continues to grow, it highlights how Asian aesthetics and cultural products are shaping global youth culture in new ways.

For some Asian Americans, the appeal goes even deeper. These toys carry the aesthetics many of us grew up with: Sanrio pencil cases, capsule machines at the grocery store containing small figurines inside, and weird-cute characters from anime and sticker books are all things that were once overlooked or misunderstood. Now, the same aesthetics are celebrated and popular. As this trend continues to grow, it highlights how Asian aesthetics and cultural products are shaping global youth culture in new ways.

Somehow, amidst the blind box mega-craze, Labubu has emerged as the leader. While characters like Sonny Angels and Smiskis (which is also an Asian trinket) have maintained a steady and loyal following, Labubu has broken through the niche and gone fully viral. The character’s unkempt charm has captured the Internet’s attention in a way few designer toys manage to, by just showing up. Unboxing videos receive millions of views, there are entire meme accounts dedicated to the doll, and on resale markets, the “secret” editions go for hundreds, and sometimes thousands, of dollars.

BLACKPINK’s Lisa was among the first celebrities to be seen carrying one, introducing Labubu and PopMart to fans across Asia. But now, the toy’s reach has exploded. NBA players have been spotted with them courtside, A-list celebrities are clipping them to luxury bags, and unboxing videos have become their own  subgenre on TikTok and YouTube. And for a majority of collectors, it’s not just a solo activity. The Labubu craze has created opportunities for in-person community meetups, especially in cities with large Asian diasporic populations like Los Angeles, New York, and Toronto. At these gatherings, collectors come together to trade figures, show off their rare pulls, and bond over their shared obsession with the creature. There might even be a tattooist offering to ink up your Labubu at one of these events. 

Ultimately, Labubu’s rise is about more than just a cute toy or a viral moment. It speaks to a generation seeking small joys amid economic uncertainty and cultural shifts. The “little treat” economy has become characterized by this creature, and its other figurine friends, which at the end of the day is just a fun collectible item that offers us a burst of happiness, even if just for a moment.