In this episode, we dive into the unexpected phenomenon of Labubu plush toys from Pop Mart. Originally thought to be a trivial topic, Labubu has exploded in popularity, driven by social media and celebrity endorsements from stars like Lisa and Rosie of Black Pink, Rihanna, and Dua Lipa. We discuss the frenzy around these toys, including collectors lining up overnight and resale prices skyrocketing up to $4,000. We explore the psychological reasons behind this trend, such as the need for community, nostalgia, and the dopamine rush from collecting.
[00:00:08] I have to say you are quite the trend spotter. Two weeks ago you asked me that you suggested we do a podcast on Labubu and I said it's such a stupid toy, why are we talking about it? Next we will be doing a podcast on Pokemon. And then my god it exploded my timeline. It's really become quite a thing. I know and I'm having FOMO because I don't have a Labubu. Oh please, I will not allow you to get a Labubu. I need a Labubu to dangle off my bag.
[00:00:38] And the tribe signaling that I belong to a community. Of insane people who are spending insane amounts of money to collect these stupid plushies which mean nothing but just show that you're a kid adult. Yeah, adults are buying it more than teenagers in fact. Absolutely and there are people our age and around our age who are buying it standing in queues, getting into queue at 3 o'clock and 4 o'clock in the morning.
[00:01:00] Yeah, in fact you know someone posted about someone queuing up from 12 midnight and they said if you wake up at 4 in the morning because all these H&M, we know H&M and it ties up with big designers. And they open their stores as limited edition so they've tied a Vikenzo, it's a Besaccio and so those kind of things. One can understand that the stores open and people queue up before that or a new iPhone.
[00:01:22] But people are queuing up from the previous night for one stupid toy that should be, which is actually being retailed by Popmart, this Chinese company for about 23 to 30 dollars. But resellers are buying it by the dozens and reselling it for 100, 200, 300, 1200 dollars. Some special ones are even going for up to 4,000 dollars. I really want to understand, okay maybe we should tell our audience what the Labooboo is.
[00:01:52] This is part of the monster collection of toys retailed by Popmart. It was designed by a gentleman whose name you remember and I don't. Kasing Lung, who is a Hong Kong-based comic artist. He designed it. On some Nordic folklore. Which he got inspired from his childhood growing up in the Netherlands. I see. And these are these elves, gremlins, whatever you call them. Yes, they look like gremlins. And the Labooboo's are female, they're feminine, supposedly. Oh yeah, no, no.
[00:02:22] Yeah, so Labooboo has no tail and that's a female. And the one with the tail is some male. That's some other something else. My god, I know more than I should my mind space. I should not be allotting to Labooboo. But I mean it's fascinating the way pop culture just took off with these things dangling from very expensive banks. They started with Lisa of Blackpink. Yeah. Who put it on her Louis Vuitton I think and called it my baby. Then Rosie also from Blackpink. Then we had Rihanna.
[00:02:50] Where Dua Lipa, I don't know who else now. And it's become like the modern Jane Birkin Birkin bag where she put all sorts of things on her Birkin. And used one bag to death. Yeah. Before getting another one. Unlike the current collectors of the Birkin bags. Kiren. This isn't the first time that you know an insignificant object has become a collectible. And it's caught up as a trend because in the 70s I believe there was something called Pet Rock. Yeah, there was Pet Rock.
[00:03:18] And then there was a Cabbage Patch doll which was at least a sizable really cute doll. And parents used to murder each other at toy stores because they had to sort of wrestle for that one doll left on the shelf. So I think it is human tendency to want to belong to a community. And I think it's that signaling that you know we belong together. But the way it has caught on now because of social media clearly.
[00:03:46] And there are more celebrities who have wider platforms. So now it has reached a level of insanity I would say in terms of the kind of business this has done. Can you just... Yeah, the business is incredible and also the collectors craze. There were fist fights breaking out at Pop Mart recently and they had to stop sales and shut down the store. My God. Yeah, that's what's been happening. I'll just tell you about the stats for this. Yeah. Some of them I said... It was introduced in 2019.
[00:04:14] So the stats will include like up until now I would imagine. Yeah, the current stats. Current stats, yeah. Okay. So some of them as I said sell for around $4,000 in the resale market. Over $400 million worth of labubus have been sold. Okay. Pop Mart, the seller, saw its share price rise by 535% in a single year. My God. Okay. And right now it's at $37 billion market. $37 billion market cap.
[00:04:44] Wow. For these little plushie dolls. This is what I'm saying. And also by the way, I mean on the one hand, there's a recession at our doorstep. Yep. And on the other hand, people are now collecting labubus in large numbers. But the labubu is the lipstick of our recession. It is. It is the lipstick. It is the little thing that gives us joy which doesn't really make our eyes water in terms of paying for it. Yeah. It's like in India, you told me it's selling for $6,000 in India. $3,000 to $6,000.
[00:05:12] And I guess it's probably more easily available here. But the trend has caught on here as well. It is. And you get a lot of fakes also. You get a lafufu. Lafufu, yeah. That's a labubu fake. That's the official fake of a labubu. It's so fascinating. But you know what it is, Kiran, that a lot of times you'll see people during times of strife will start repeat watching a favorite show from their childhood, a comfort show.
[00:05:37] So I think the psychological reason behind a trend like this, and this is the biggest trend we've seen of a collectible which is cute in nature, affordable, in the past three decades. It's the kind of craze and frenzy we've seen now is unprecedented in that sense. And I think that one of those things is that when your present is fragile and the future
[00:06:04] looks very uncertain, then you reach for the past to comfort yourself. You reach for your inner child. And you buy something as a pacifier for your inner child. Other people are doing it too. So in a generation that is increasingly disconnected from each other. You know, it causes a sense, false sense of connection. So it's actually dread wrapped up as dopamine because buying it gives you a dopamine kick.
[00:06:33] You know, you can't choose the color of a labubu. It comes in a pouch. It's a surprise. Yeah. There's no telling. You put it open and you pull it out. And then you're like, oh my God, I got the same color again. So I have to go and buy more. So this sort of reminds me of, you know, the McDonald's Happy Meal and Kinder Joy where, you know, the kids would drive you mad to get one of those and then you got what they didn't want and you'd buy another one. Yeah. To get exactly what they wanted. So it's the same premise for adults now, I guess.
[00:06:58] See, you know, there was no hyper consumerism there when we were buying the Macca's meal for our children. They just preferred that compared to now. At least I don't remember my kids going and saying, I want the next Macca's meal just to collect it or it was happening. So then I have girls. So it's different. Yeah. So it was like. It's almost like we have different species of children. It's like I have a cat, you have a dog. Yeah. So cats were not buying all this, but maybe dogs. The dog was buying. And how.
[00:07:28] So it's basically that. And for some of them, I mean, I have a friend. She's in her early 40s. She goes buying Labu boo simply for the joy of hunting them down. This is a dopamine chase. That's what I'm saying. People are chasing dopamine because see, we're also living. Okay. So when you live in a hyper stimulated world, but you're still lonely and undernourished. Undernourished emotionally. Right. Because we're so busy.
[00:07:56] I don't think we sit and allow ourselves to feel bored even for a minute. There's constant some activity going on. Thanks in no small measure to social media. So when that is happening, your dopamine is dropping. You're thinking, what is the next thing that I can do to reach for it? So one is that. And I think the other is, you know, this whole self-healing. So consumerism has hijacked healing. Okay.
[00:08:23] Because now they're saying, you need the Labu boo to heal your inner child. Or you need this Stanley cup to heal your inner child. Okay. This constantly buy this to heal your inner child. I mean, of course, enough cosmetics and all the glossy air. Those are at least about an outer appearance. But buying a cute thing is what? You're taking care of your inner child. It's your inner child that wants a cute thing. So these bags, which I see them carrying around, where you can't actually see the bags. I know.
[00:08:53] Aided Labu boos on them. They're just drenched with Labu boos. I think then it's also a flex that I have more than you. Which is why I wonder when they're saying that this is the lipstick of this generation in terms of recession being... On us, yeah. If people are buying it in such large numbers and from resellers, then maybe it goes beyond that. It is kid-adulting. It is healing the inner child. It is an inner circle flex.
[00:09:23] It is also consumerism. A tribal, you know, a marker. Yeah. That we all belong to the same tribe because everyone wants to belong. But today no one belongs because they have no time to invest in relationships. You see, family life is frayed because of therapists. Our pet peeve, we come back to this. Yeah, Kiran and I keep sending forwards to each other and articles to each other about
[00:09:49] how therapy is ruining children in this generation and isolating them. And marriages too, by the way. So, yeah. So, the therapists are going to take out little Vodou dolls and stick pins in them. So, then there is this sense of isolation and not belonging because of too much individualism. And then you are doing all those things that you feel will make you connect with people. But the real things that make you connect with people are real face-to-face conversations. Which aren't happening.
[00:10:19] Not hiding behind identities online and, you know, building these false personas for yourself and then talking to each other. So, that is the simplest solution than chasing Labubu, unboxing it, and then, you know, either getting disappointed or delirious with joy and then going into the next one. I first came across Labubu a couple of years ago, actually. It was on Instagram. There is this Indonesian handle called Supagul Ben.
[00:10:48] He pretends to be a millionaire's son. And he was trying to collect Labubus for his girlfriends. And back then, I was like, okay, now what are these? If he is a billionaire, why is it so precious to collect these little things for a girlfriend? Why is it? And since then, I have seen it is not just… The tempo has gone up. Yeah, the tempo has gone up. It is not just somebody who is a billionaire who is giving it. It is ordinary, everyday people who are running around to get it.
[00:11:19] So, it is looking like the Debeer's diamond is a sign of love. Apparently. You know how diamonds are marketed, right? And now, of course, they have gone to the extreme of saying natural, bi-natural. Yeah, because obviously there is… Lagron. Yeah. Nonsense. But their ship is sinking, that is why. But do you think we should test our husband's love by asking them to get us a Labubu? Please don't. I will not buy one of those ugly things. You must hang it on your burpee. Yeah. Kiran, I am also anti-burk-in.
[00:11:48] I hope you know that. No, anything that is a demand-supply game, I am against that. Burk-in is a demand-supply game. I do not even think it is a good-looking bag. It is really heavy. If you want to carry a laptop in it and go to work in it, then I get it completely. But if it is just a lunch bag, I do not know. You know, even my smaller bags, I do not know what to put in them. Sunglasses, one lipstick, one phone. And one credit card. Yeah, and if you are traveling, yeah, okay, fine. It is good to sit on a flight and have your stuff in it.
[00:12:15] But I know of this woman that every time she travels on a plane, a friend of mine has told me that she pulls out the duster bag of her bag. Not just her burkin, but any designer bag. She puts her duster bag, wraps up in it and then puts it in the overhead pen. Mother of Christ. But does she have a labuba hanging on it? I bet she does. I mean, this is the thing. Everyone who is a victim of this great marketing ploy. Also, it talks about the loneliness of people. So, I mean, you know, it is also a sad commentary, frankly.
[00:12:44] It is absolutely a sad commentary because if you are investing so much time, effort and energy chasing these little plushy toys, then A, you either do not have too much to do with your life. Yeah. B, you do not have anything else to invest in emotionally except for these toys. Yeah. No people, no friends. No, people who have friends are also doing it, Kiran. That is what I am saying. It is not the bicharas of the world who are going for labubus. Only. It is the people you think are perfectly well settled also. I think people are just not thinking. It is the same people who bought a Stanley Cup.
[00:13:13] I did not get it, did you? Never. Don't lie. I do not have a Stanley Cup. Why should I have a Stanley Cup? I have water bottles. You know, Kiran, the other day, Rania, a younger one, asked my husband, he was going overseas and she said, can you get me a jelly cat? Now, she loves stuffed toys. She always has. And she hates spending money. So, if you tell her, can I buy you a pair of designer shoes? Or can I buy you this? She will say, no,
[00:13:43] no, it costs too much money. It is so sweet. It is damn sweet. So, she said, can you get me a jelly cat? So, he said, what nonsense is this? You have so many stuffed toys. What do you mean a jelly cat? So, she got really up there. Sheetha, I never asked for anything except for a toy. And it's like a $30 toy. So, he was trying to explain to her that it's not a $30 thing. You already have enough toys. Then I was curious. I said, show me. I'll get it for you. They were such cute toys. These jelly cats. If you look at the website, of course,
[00:14:12] it's again minor child, but I'm not buying it because it's a trend. I haven't bought it, by the way. I'm not getting it because it's a trend. It's not something to flex about. At least at my age, children are getting it. But it actually looks cute. And there are again these 30 pound, it's a British company, I think, 30, 40 pound toy. Rabbits and hedgehogs and all sorts of cushy toys, basically. Nice. But those, it has always been, you know,
[00:14:42] that buying stuff, toys has always been like a child thing and sometimes even an adult thing. Yeah, you do have that. But you know, this whole cult of collectors. The cult of collectors. So, you have people who would collect all these baseball cards. Yeah. But the Pokemon cards. Pokemon cards. When we were young, we would collect stamps and coins. But Kiran, stamps and coins at least added to your understanding and knowledge about geography and history. This adds to your
[00:15:11] understanding of pop culture. This is about just spending, I think anything that requires spending money as a means of collection, at least I don't get that. It's different if you're an art collector or a jewellery collector because you're buying a certain vintage piece. Not those things. And that has just talking about these mindless things. Having said that, look at the sneaker collectors. My son is a sneaker head so I know. And your hobby too. There are pairs that are for wearing and there are pairs for keeping. Yeah.
[00:15:41] And I don't get that. What is the joy in keeping something and not wearing because it's a limited edition? Why would you do that? So, your husband also collects sneakers? My husband happily wears sneakers which my son buys. Oh, they're the same shoes? Yeah, half a size different. Now, the son bought a pair of Onitsuka Tigers which was a limited edition and it has some fancy tag on it which says it's a limited edition and the husband wore it and got irritated with that tag and he cut it off. Oh, that tag is a part
[00:16:11] of the aesthetic. And my son freaked out. He freaked out. And Khirit was like, what difference does it make? It was so irritating. It was just hanging around there. You ruined it. The whole value of this is good. you know those off-white shoes came with a plastic loop tag that was meant to be a part of the aesthetic of the shoe. But obviously my husband didn't get the aesthetic. he thought tag it was cute. But you know my husband and I have the same shoe size. Lovely. lovely note. So he keeps saying,
[00:16:41] you cut my shoes, you'll stretch them out. Like who says that to a woman? So there's this particular limited edition Nike shoe in which my feet look small compared to the usual platypus kind of look that my feet have. So he has a bunch of those shoes. He's bought them in many colors. He's also buying them from the reseller market since the last five, six years. And so when I was going to Dubai
[00:17:12] with him I realized at the airport that I haven't packed a pair of going out sneakers. Just workout kids. So I said, oh damn, I forgot to pack my sneaker. So he was in Dubai. I'm on the phone with him. So I said, you know, instead of buying another pair I'll just borrow yours. He said, no you can't borrow mine because you're going to stretch them out and you're going to make them dirty. So I said, are you mad? Like in Dubai nothing gets dirty. Nothing gets dirty. So I said, and I'm not going to stretch them out. My feet aren't that big.
[00:17:41] They're the exact same size. You know what he did Kiran? He went and took all his shoes and went and put them away in his office. So I couldn't wear his shoes. I hope you bought a new pair and a limited edition. I mean the thing is ultimately the revenge is on the planet not on him. The planet is dying. I don't want to buy that one more thing. Now he called me from London. He went to the Onitsuka store and there are these really shiny shoes. Shiny blue, shiny gold, shiny silver,
[00:18:11] shiny red. Shiny red and shiny blue which we have already bought. Oh, so I think Krish and Shravan need to hang out because Shravan sent me a picture of those shiny blue shoes from there and I told him no. Like you will get out of a storm. They will spot you if you are lost in the forest. Earth calling. Yeah, totally. So he said that I am getting them. Do you want a pair? So I was about to say we will share and then I said no that is not going to happen. You know but the pink ones are decent. You should have told him
[00:18:40] get the pink ones. There was a bronze one also. So the gold, there was a gold which would have been Cindy Aunty from Dubai. Then there was a bronze one which I thought I liked between midlife crisis. So I was saying the bronze one is also very highly metallic so it does scream sort of, can scream midlife crisis. So I said no. And actually I don't want that one more thing because someone else is getting or won't share with me because again I just feel this is over consumerism.
[00:19:09] But revenge is also sweet. He's not letting you wear his shoes and hiding them in his office. Yeah. He's saying every time you come to Dubai so I told him I'm going to just give you a surprise visit and you will see me walking around in your shoes. Kiran, I've seen people giving labubus facials, spas, massages, doing their makeup. Lovely. Yeah. And I've read of you know an entire industry and Etsy and wherever with labubu outfits to match your Lululemons
[00:19:38] so you can be matching with your labubu. You know whatever. I mean whatever rocks your boat. You know this is like the crybaby trend you know there was a baby trend where you could buy this baby that would cry and you had to feed it every few hours some baby food and it would poop. Okay. So that's an actual doll because there was a tamaguchi which used to do that. You had to keep the tamaguchi alive and feed it and it was a digital toy. And there was a furby. Furby. Furby also.
[00:20:07] But they didn't catch on the way this labubu has caught on. Just our friend Prachi just mentioned something called boobu jaan. Boobu jaan which is so cute. Mikaan ke jode mein boobu jaan. So cute. Can you predict the next trend? See there's labubus there's been Stanley cups there's been what's been in the past. What do you think is coming next? Zeitgeist. Heaven knows. There'll be some ugly piece of jewelry. I think it'll be furry clawed
[00:20:37] toad shoes. Wow. Because people are going mad. They're collecting any rubbish. So I wouldn't put that past them. Okay. Ciaro.