Labubunomics: The Economics of Pop Mart’s Labubu Craze
Pop Mart’s “ugly-cute” elf Labubu has exploded from niche art toy to global craze, driving revenues to nearly $2 billion in 2024. Whether Labubu becomes a lasting cultural icon or a fleeting fad, Pop Mart has built a powerful model of scarcity, spectacle, and surprise that could outlive its star mascot, writes Gad Allon.