What's behind the Labubu toy frenzy? | 7.30

Key Concepts:

• Laboo: A soft-bodied, vinyl-faced plush toy monster created by Hong Kong artist King Lang and sold by PopMart.
• PopMart: A Chinese company that sells collectible toys, including Laboos, and has experienced significant growth due to their popularity.
• Blind Box: A packaging method where the specific toy inside is unknown until opened, creating an element of surprise and collectibility.
• Variable Reward: An unpredictable reward system that can lead to addictive behavior due to the release of dopamine in the brain.
• Lefufu: A fake or counterfeit version of the Laboo toy.

The Laboo Craze: A Deep Dive

1. The Phenomenon:

• The video documents the intense demand for Laboos, highlighting scenes of chaotic queues at PopMart stores, resembling "the Hunger Games."
• Lawrence U describes the experience at Doncaster Shopping Center in Melbourne as "pretty bad" and "a little bit violent" due to the rush to buy Laboos.
• The Laboo is described as a "tiny plush toy monster" that sells out online in seconds.
• The demand is compared to trying to buy a Birkin bag, emphasizing its exclusivity and desirability.

2. PopMart's Success:

• Record sales of Laboos have transformed PopMart into a billion-dollar operation.
• PopMart's shares have soared by 500% in the last 12 months.
• Celebrity endorsements, including K-pop star Lisa from Blackpink, have fueled a social media frenzy around Laboos.

3. The Laboo's Appeal and Controversy:

• The video acknowledges the divisive nature of the Laboo's design, with some finding them "really freaking ugly."
• Some critics suggest that adults who collect Laboos may be trying to address "childhood trauma."
• The video posits that people are increasingly shopping "for the rush" rather than out of need or genuine desire.

4. Origins and Production:

• Hong Kong artist King Lang created the Laboo character in his story series "The Monsters" in 2015.
• In 2019, King Lang partnered with PopMart to sell Laboos as collectible toys.
• Since 2019, more than 300 different Laboo dolls have been released.

5. The Collector's Perspective:

• Lawrence U, a 27-year-old collector, has spent approximately 1.6K Australian dollars on Laboos since October of the previous year.
• Globally, PopMart often sells out of Laboos immediately upon restocking.
• Incidents of violence and theft have been associated with the demand for Laboos, including temporary sales suspensions in the UK and a $11,000 theft in the US.

6. The Psychology of Collecting:

• The video explores the addictive potential of collecting Laboos, particularly due to the blind box format.
• The odds of obtaining a "secret toy" are stated as one in 144.
• Dr. Christina Anthony explains that the blind box system creates a "variable reward" that releases dopamine in the brain, similar to gambling.
• This variable reward system can encourage addictive behavior as collectors chase rare collectibles.

7. A Young Collector's Experience:

• 12-year-old Audrey Quan, who discovered Laboos on YouTube, has collected 18 of them.
• Audrey initially found them "a bit ugly" but now considers them "really cute."
• Laboos retail for $32, but rare versions can sell online for over $250.
• The video mentions the existence of "Lefufu," fake Laboo versions.
• Audrey acknowledges the potential for envy among those who don't own a Laboo.
• When asked how long she plans to collect Laboos, Audrey jokingly replies, "Probably until I go broke."

8. Conclusion:

• The Laboo craze exemplifies the power of social media, celebrity endorsements, and the thrill of collecting in driving consumer behavior.
• The blind box format and the variable reward system contribute to the addictive potential of collecting Laboos.
• While collecting can be an enjoyable hobby, the video cautions against the potential for financial strain and addictive tendencies.