How a Quirky Doll Became Asia's Must-Have Collectible

In the ever-evolving landscape of collectible toys, few items have captured the imagination of Southeast Asian consumers quite like the Labubu doll of late, perhaps almost out beating Action City Be@rBrick toys. Created by artist Kasing Lung in 2015, these impish creatures with their distinctive pointy ears, sharp teeth, and mischievous smiles have transformed from niche collectibles into a cultural phenomenon that's reshaping the luxury toy market starting this year.

In this case study, I would like to share some insights around the phenomenal rise to fame of the Labubu toy.

The Power of Celebrity Influence

The Labubu craze reached new heights in early 2024 when BLACKPINK's Lisa shared photos of herself with Labubu plushies on social media. This single action triggered a dramatic chain reaction across Southeast Asia, particularly in Thailand, where the dolls quickly became must-have accessories. The impact was immediate and substantial—prices soared from their original THB 550 (USD 16.3) to an astounding THB 10,000 (USD 296.3) in resale markets.

More Than Just a Toy. It’s a Cultural Statement

What makes Labubu's success particularly fascinating is its evolution from what seems like a simple toy to a multifaceted cultural icon. Today, Labubu dolls serve several distinct purposes:

Fashion Statement

• Commonly seen adorning luxury bags like Birkins and Kellys; lending a somewhat quirky touch
• Used as sophisticated accessories by fashion influencers
• Integrated into personal style statements that consumers consider as being representative of their personality

Status Symbol

• Limited editions create exclusivity, which in turn create demand
• Rare pieces command premium prices similar to luxury bags
• Ownership signals cultural awareness and sophistication of a different level

Investment Asset

• Collectors view certain editions as investment opportunities, perhaps no different from say a Louis Vuitton Vivienne Doll
• Limited releases drive speculative purchasing
• Secondary market values continue to appreciate due to scarcity

Labubu Rise to fame across of SEA

The spread of Labubu fever across Southeast Asia reveals interesting market dynamics:

Thailand

• The first Labubu-themed store in Bangkok generated USD 1.4 million on opening day
• This was backed by strong celebrity and influencer adoption
• Plus clever integration with tourism promotion initiatives?

Singapore

• Successfully localized through special editions (e.g., Merlion Labubu keychain)
• Backed by strong retail presence
• Supported by high engagement among young professionals, where it was reported someone spent as much as $10,000 a month on the dolls!

Malaysia and Indonesia

• Seeing growing market penetration
• Especially rising popularity among 18-35 consumers
• Backed by increasing presence through pop-up stores and online platforms

The Psychology Behind the Phenomenon

The unprecedented success of Labubu can be attributed to several psychological factors:

Emotional Connection

• It bears design elements that trigger protective instincts
• Its features appeal to both childlike wonder and adult sophistication
• All this invoke strong nostalgic elements

Community Building

• Active online collector communities encourage its spread and rise to fame
• Rampant online sharing of experiences and increase in trading platforms
• Driven by active social media engagement

Fear of Missing Out (FOMO) Effect

• Limited releases create sense of urgency
• Blind box format adds to excitement and mystery
• Exclusive collaborations with other brands and artists further drive demand

Business Strategy Insights

The Labubu phenomenon offers valuable lessons in product marketing and brand building:

Successful Elements:

• Strategic use of scarcity
• Effective celebrity partnerships
• Strong social media presence
• Local market adaptation
• Quality control and authentic design

What’s Next Labubu?

As Labubu continues to capture hearts and wallets across Asia, several trends are worth watching:

Market Expansion

• Growing presence in new regional markets outside of SEA
• Potential for global reach
• Diversification of product lines

Cultural Impact

• Integration into local fashion scenes, including luxury fashion
• Influence on collector culture, including more cross-collaborations
• Evolution of luxury toy market

Brand Development

• New collaborations and partnerships with other prominent influencers, designers and artists
• Product line expansions for more Labubu merchandise
• Digital presence enhancement, including Labubu games or metaverse

Key Takeaways

The Labubu phenomenon demonstrates how a well-designed product, combined with strategic marketing and cultural relevance, can transcend its original purpose to become a cultural touchstone, if it addresses a customer’s emotive need or desire. Not just that, when the opportunity strikes, as in the case of the organic endorsement by BLACKPINK's Lisa, the brand cleverly capitalizes on that burst of fame to quickly take the market by storm.

?Its success offers valuable insights for brands looking to create similar impact:

• Authenticity in design matters
• Celebrity endorsements can catalyze growth and often, organic endorsements are becoming even more powerful than paid ones
• Local market adaptation is crucial (e.g. merlion Labubu)
• Community building drives sustained engagement
• Scarcity can create value due to FOMO when managed and timed properly

As the collectible market and social media landscape continues to evolve, Labubu stands as a testament to the power of combining artistic vision with strategic market development, powered by clever use of social. Its journey from a simple toy to a cultural phenomenon provides a fascinating case study in modern brand building and consumer behavior.

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Citations:

[1] https://www.tatlerasia.com/lifestyle/entertainment/the-rise-of-labubu-plush-toy-trend

[2] https://www.thestar.com.my/news/nation/2024/10/21/labubu-doll-craze-drives-enthusiasts-to-spend-thousands

[3] https://says.com/my/lifestyle/what-is-labubu

[4] https://www.prestigeonline.com/th/lifestyle/art-plus-design/what-is-labubu-faq-where-to-buy-origins-price-kasing-lung-lalisa-manobal/

[5] https://cnalifestyle.channelnewsasia.com/trending/things-know-about-labubu-pop-mart-409246

[6] https://www.tatlerasia.com/lifestyle/entertainment/celebrities-labubu-collection

[7] https://www.reddit.com/r/askSingapore/comments/1ftj7mt/whats_with_the_labubu_craze/

[8] https://novelship.com/news/8-fun-facts-about-labubu-the-toy-that-stole-hearts-worldwide/

[9] https://kr-asia.com/southeast-asia-is-the-next-playground-for-trendy-toys-and-brands-are-cashing-in

[10] https://e.vnexpress.net/news/business/companies/vietnamese-spend-big-on-limited-art-toy-labubu-4779257.html