The secret to Bubble Mart's IP longevity lies in its precise grasp of "emotional value". Labubu's success stems not only from product design but also from serving as a carrier of identity and self-expression for Generation Z. In 2024, the company's collaboration with "Nezha 2" blind boxes sold over 100,000 units, with projected IP licensing revenue expected to further increase in the first half of 2025. Western Securities research report noted that Bubble Mart has built strong brand barriers through IP matrix and category expansion. In 2024, figure model category revenue reached 6.94 billion yuan, a year-on-year growth of 44.7%, remaining the top category; plush category revenue surged 1,289% to 2.83 billion yuan, becoming the year's blockbuster. This diversified layout not only disperses single IP risks but also continuously expands market influence through "offline experience + online reach" dual-drive.
From Trendy Toys to Cultural Economy: Labubu's Dual Narrative
Labubu's success reflects the cultural economic logic shared by trendy toys and MEME coins: both center on emotional value, rapidly breaking through circles via social media viral spread and community identity. On TikTok and Instagram, unboxing videos, outfit matching, and "doll wall" displays under #Labubu topics have attracted millions of fans, with some accounts gathering millions of followers in a short time. Google Trends shows that in May 2025, Labubu's global search popularity far exceeded PEPE, DOGE, and other MEME coin-related IPs, highlighting its status as a global cultural symbol.
Labubu has evolved from a single trendy toy to a "social currency". In 2024, the "High Energy Ahead" blind box series sold globally, instantly selling out on domestic e-commerce platforms, with overnight queues in Chicago, London, Tokyo Harajuku, and other locations. The regular 99 yuan edition was marked up 10% to 200%, while hidden editions reached 2,300 yuan, with over 20 times markup. In Bangkok night markets, players exchanged hidden Labubu for luxury goods; at London's Harrods, collectors traded rare editions for Hermès Kelly bags; at Shanghai's trendy exhibition, players exchanged three iPhone 14 Pros for hidden editions. This "barter" phenomenon not only validates Labubu's collectible value but also elevates it to an "alternative financial tool" status. The $LABUBU MEME coin fever further amplified its cultural influence, and though unofficially issued, it became a highlight of the Solana ecosystem due to its global IP appeal.
Bubble Mart's channel innovation also supports its cultural export. In 2024, the company added 38 new stores in mainland China, totaling 401, with robot stores reaching 2,300; online channels saw TikTok platform revenue growing 112.2%, with even stronger overseas e-commerce performance, with official website revenue increasing 1,246.2% and TikTok platform revenue skyrocketing 5,779.8%. This "offline experience + online reach" model not only enhances consumer stickiness but also propels Labubu into the global young population's view through social media viral spread.
Future Outlook: Opportunities and Challenges Coexist
Labubu's popularity brings unprecedented growth momentum for Bubble Mart, but future challenges cannot be ignored. High base effect might slow subsequent growth, and overseas expansion cost pressures are increasing. MEME coin market regulatory risks are also critical, with the SEC warning against promoting unregistered MEME coins, and future stricter regulations potentially affecting $LABUBU's trading environment. Additionally, maintaining IP popularity after traffic subsides is a crucial issue Bubble Mart must address.
However, opportunities are equally significant. In 2024, the company launched new categories like "Dream Home" game and collection cards, demonstrating category expansion potential. JPMorgan predicts that voice recognition and augmented reality technologies will enhance trendy toy interactivity. Western Securities research report indicates Bubble Mart's 2025 revenue is expected to grow over 50%, with overseas growth exceeding 100%, planning to open 100 new stores and expand into markets like Mexico and Canada. Labubu's success proves the company's core competitiveness in IP operation and global layout, with its universal cultural value providing broad space for global expansion.
Conclusion
From a hundred-billion-yuan Hong Kong stock market value to MEME coin millions, Labubu, like a forest spirit, connects physical and virtual realms, igniting global youth passion. Bubble Mart's 15-year accumulation proves that trendy toys are not just a fleeting trend but a long-term track carrying cultural and emotional value. The simultaneous rise of Hong Kong stocks and MEME coins is not just a capital market carnival but a microcosm of Generation Z's cultural economy. The future will reveal whether Bubble Mart can continue riding the waves and if Labubu can become the next Hello Kitty.
