🔥 PLUSH RUSH

Over the last few months, Labubu plushies have become the collectible in Bangkok. The character, part of Beijing-based Pop Mart’s ‘The Monsters’ collection first launched in 2015, but interest really took off this year when BLACKPINK’s Lisa shared her Labubu ‘Macrons’ series on Instagram. Demand was so high, the Thai government was forced to issue a public warning about fraudulent dolls (note that the country’s tourism agency was quick to capitalize on Labubu’s popularity). Labubu-mania quickly spread and SEA is now the Pop Mart’s top-performing international region. So, what’s behind SEA’s obsession with this cute collectible? Let’s break it down…

💡 OUR TAKE

In this newsletter we’ve previously discussed the rise of kidults and how consumers are keen to embrace their inner child. Collectibles remain a relatively affordable small ticket item that promise to deliver the thrill of a luxury item without the hefty price tag (although demand for Labubu has seen prices surge from around THB 550 to anything up to THB 10,000 in resale markets).

Pop Mart’s Labubu is 2024’s breakout sensation, but the phenomenon isn’t new… Remember the Hello Kitty chaos at McDonald’s Singapore in 2013? Pokémon Go fever in 2016? Or perhaps you were in Vietnam when Lotso went viral in 2022? One thing to note about Pop Mart’s approach: the brand’s ability to localize. The Crybaby series had previously seen success in Thailand – it was developed with Thai artist Molly. When Pop Mart opened its third store in Thailand, limited-edition Crybaby products were available, and the artist made an appearance. It attracted fans from as far as Malaysia.  Recently, PopMart opened its first store in the Philippines, tapping into the booming ‘anik anik’ (Tagalog for knick-knacks) trend. Labubu dolls range from PHP 900 to PHP 51,000, depending on the size, and influencers and celebrities are showcasing these high-end collectibles as stylish bag accessories.

It would be easy to frame Labubu as just another Gen Z trend (and yes, the TikTok numbers are impressive) but that misses the bigger picture. This cohort commands significant spending power – Euromonitor data shows that, in Indonesia, Malaysia, and Thailand, individuals aged 13–44 make up over 40% of the population in each country – but the appeal of collectibles cuts across generations. Cute collectibles and nostalgic-led consumption have staying power. Look at Hello Kitty, in the midst of celebrating her 50th anniversary with plenty of limited-edition merch, museum exhibits, a theme park spectacle and a national tour (and that’s just in Japan!).

So what’s really driving this enduring appeal? While nostalgia and novelty play their part, there’s something more fundamental at work. In Southeast Asia’s traditionally structured society, these characters offer a subtle form of rebellion – one that’s socially acceptable precisely because it’s wrapped in cuteness. It’s no coincidence that many of these IPs, from Hello Kitty to Pikachu, tap into the kawaii aesthetic that emerged from Japan’s post-war youth culture.

Kawaii has evolved beyond mere cuteness into a powerful form of self-expression. It’s become a way for consumers to push back against social expectations. Labubu, with its blend of mischief and charm, isn’t just riding this wave; it’s proving that the appetite for meaningful whimsy is stronger than ever.

For marketers, the lesson isn’t just about creating the next cute character. It’s about understanding how these collectibles function as vehicles for both personal expression and social connection. Cute sells, but meaning endures.

For those of you born before 1997, ‘fax, no printer‘ is Gen Z speak for ‘undeniable facts I agree with’

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