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When assistant marketing professor��Ying Zeng clipped a small plush doll—a cute, fox-like character from the Shanghai Disney Resort—to her handbag earlier this year, she didn’t expect it to spark so many conversations. People often mistook it for Labubu, the mischievous, wide-eyed collectible that has been at the center of a global craze. Intrigued by the buzz, Zeng decided to buy a real Labubu.

Ying Zeng

The appeal, she says, is rooted in the collectible’s “blind box” model: Shoppers don’t know which figure they’ll get, and that uncertainty, combined with limited availability, contributes to the excitement.

“It’s fun, it’s uncertain, and it’s social,” Zeng says. “Opening a blind box and sharing the surprise with others brings real joy.”

Zeng spoke with CU Boulder Today about why adults collect toys, why blind boxes are so compelling and what Labubu reveals about shopping psychology.

What motivated you to buy a Labubu?

I want to have a decorative doll hanging on my handbag. I used to carry a LinaBell doll, the signature character of the Shanghai Disney Resort. I find it cute and sweet, and it carries social meaning—it reflects my love for the magical Disney world and expresses my identity as Chinese. When people kept mistaking it for Labubu, I thought, why not just buy one?

What makes the blind-box experience so appealing?

The uncertainty is part of the fun—you never know what you’ll get until you open one. Sharing the experience makes it even better. I often pick blind boxes with my husband, and we compare the dolls we get. When I pull an ugly one, he laughs at me. When his doll turns out uglier than mine, I laugh at him.��

These toys spark conversation and social connection and express identity. I feel young, curious and trendy when I spend $30 on a blind box that so many others, especially those from my in-group, are also following.

What role does scarcity play in shaping consumers’ choices and spending on collectibles like Labubu?

Scarcity makes things feel more valuable, creates a sense of urgency, heightens the feeling of exclusivity among those who obtain them, and often sparks conversations and competition.

In what ways do influencers, celebrities and social media boost interest in collectibles like Labubu?

It wasn’t until the K-pop star Lisa of Blackpink started carrying a Labubu doll at her concerts that I became interested in it, even though I had been aware of blind boxes for a while.

Celebrities not only make products more well-known but also provide cues about the contexts and lifestyles in which those products fit. When Lisa carries a Labubu doll, she signals that it is associated with fashion, trends and a modern, active lifestyle—qualities that reflect her own image. Her outfits, which match the doll she carries, also inspire people with ideas about how the doll can complement their style and the occasion.

What makes Labubu more than just a toy to its buyers?

Consumption is not just about buying what you need; it is also about constructing the lifestyle and personal image you aspire to. Labubu doesn’t serve any practical function for me, but the moment I place an order, I feel a sense of joining a community and a shared celebration—spending money on a tangible product while gaining psychological value.

When collectibles go viral, how long do these crazes usually last?

It’s possible that Labubu and blind boxes may or may not be passing fads. The fact that I, someone who doesn’t spend much time or attention tracking their availability, can easily buy one now suggests that they are no longer as popular as they once were.

A similar pattern can be seen in the declining prices of Labubu dolls on secondhand markets. However, the inherent entertainment and conversational value of blind boxes, combined with their aesthetically appealing designs, suggest that they may not necessarily be short-lived trends.��