How Labubu dolls have fanned the flames of India’s collectible obsession

But what Labubu represents isn’t new. We’ve seen this kind of frenzy before, whether it was Lego and Funko Pops, Cricket Attax cards, Marvel action figures, or even Harry Potter toys tucked into Kinder Joy eggs. For years, Indian youth have found comfort, joy, and identity in collectibles. Labubu just happens to be the latest face of that obsession.

Indian youth have always been crazy for collectibles

Shrey Pacheco has always been into pop culture, toys, and video games. Recalling his first brush with collectibles, he said that his mother had brought back a bunch of toys from the United States in the early 90s. Later, in 2020-21, his partner gifted him a Matchbox Top Gun: Maverick aircraft carrier toy for his 33rd birthday — one he had had his eyes on for years.

Shrey Pacheco, who has always been into pop culture, toys, and video games, traces his passion for collectibles back to childhood, when his mother brought home toys from the United States in the early 90s. Years later, in 2020-21, a gift from his partner – a vintage Matchbox Top Gun: Maverick aircraft carrier – reignited that spark. “Next thing you know, I’m collecting everything from Hot Wheels to Lego, old video game consoles, and even Barbie dolls,” said the collectible enthusiast.

For Pacheco, this isn’t just a hobby. “I want my collection to hold value – resale, in case something happens,” he said. Yet he notes that toy collectors in India are often not taken seriously. “Even among friends and family, I’ve heard it all – ‘waste of time,’ ‘you’re too old for this’ – usually followed by some unsolicited financial advice,” Pacheco said.

However, the market has grown. “I’ve easily spent over Rs 2 lakh, probably more. But a part of me is afraid to do the math,” he told indianexpress.com.

For others, like fashion influencer Ashwini Dixit, collecting is about personal joy. “It started in college – bag charms, sanitiser holders – little things that made everyday items more personal,” she said. “I found myself drawn to unique little pieces with a story or spark, and that’s how I got into collecting things like Labubu. It’s nostalgic and just makes me happy,” said.

What makes Labubu so different?

Toy trends come and go – Troll Dolls, Cabbage Patch Kids, Garbage Pail Kids. Labubu, according to Pacheco, is simply the latest in a long line of cult collectibles. But what sets it apart?

Saurabh Pacheriwal, co-founder and director of Gemius, said, “With mischievous expressions and storybook-inspired aesthetics, Labubu sits at the intersection of designer art toys and emotional storytelling. It’s a character from a larger fantasy world that resonates deeply with individual identity. ” According to him, Labubu’s rise among Gen Z reflects a cultural shift, one where self-expression, nostalgia, and irony play significant roles.

Labubu dolls are not conventionally “cute”. Its wide eyes, mischievous grin, and slightly eerie vibe speak directly to Gen Z’s love for the offbeat. “Over 50 per cent of Gen Z seeks brands to reflect their unique personality,” said Pacheriwal, adding, “Labubu does exactly that – it’s a collectible and a symbol of emotional identity.”

While it’s often called a Gen Z or Gen Alpha trend, Ramya Ramachandran, Founder, CEO, Whoppl believes it’s also very much a millennial moment. “There’s a whole segment of millennials who are now leaning into designer toys as a mix of nostalgia, personality, and luxury. It’s aesthetic meets affordability — and it’s giving collectible culture a whole new dimension,” she said, adding that even Coca-Cola saw the opportunity and dropped a Labubu collaboration. “A soft drink brand partnering with a soft-toy IP — unexpected, but that’s what makes it click. It’s less about product alignment and more about cultural fit,” said the industry expert.

The real question isn’t whether Labubus will last forever, but whether you’re building a collection that actually holds value. (Source: Instagram/@labubu.ae)

Brinda Agrawal, head of product Development and Marketing at Ultra Soft Toys, concurred. “Each version of Labubu feels like a mood, a vibe. It’s nostalgic, visual, and deeply emotional. That’s what makes this wave so powerful,” she said.

For Aparajita Saxena, who picked up a Labubu Crybaby while visiting Singapore, the appeal is psychological. “Their face looks like they’re smiling through a full-blown existential crisis. They say ‘Welcome!’ with their mouth and ‘Send help’ with their eyes,” she said, adding, “It’s perfectly millennial – we’re ‘woke’ and we have better access to mental health stuff but still we know we’re never going to be able to earn enough to buy a house.”

She owns a Labubu pirate and snowman plush doll, along with a Labubu stress buster squeezy toy at her work desk. “I love looking at it. In a weird way, it grounds me almost. It reminds me that life can get bad but you can smile through the bad shit,” she said.

Social currency and collectability

Several factors fuel Labubu’s popularity: the boom in designer toy culture, the rise of niche online communities (especially on platforms like Instagram and TikTok), and the joy of mystery box collectibles. Gen Zs are not satisfied with just any product; they want stories, status, and community.

Pacheriwal said that Labubu offers an immersive narrative: “While collectible trends can be cyclical, the emotional connection Labubu creates with its audience gives it staying power. It taps into the same deep cultural veins as anime fandoms, gaming avatars, and nostalgia-driven fashion.”

According to a spokesperson from InABox, one of India’s leading collectible retailers, Labubu’s early popularity in 2021 was fuelled by its design and emotional resonance. But today, two major trends are driving its appeal:

– A desire to be part of an exclusive, premium collectible culture.

– Its rise as a fashion statement, especially as a bag charm.

“Bag charms are fast becoming essential accessories,” the spokesperson noted. “They’re evolving just like bags did, from utility to personality statements.”

Devansh Jain Nawal, co-founder & CEO of Culture Circle, noticed a pattern. “As someone who’s been in the sneaker game for years, I see the exact same pattern. When Travis Scott dropped his Jordan collab or when celebrities started wearing Yeezys, the demand went crazy overnight.” According to him, Gen Z doesn’t just buy stuff – they buy the feeling of being part of something exclusive that their favourite stars are into.

“I remember when I got my first Jordan back in 2016, it wasn’t just about the shoe, it was about joining this community of people who ‘get it.’ Labubus work the same way now,” he said, attributing their cuteness and limited availability as reasonsfor  giving it celebrity connection and “bragging rights” on social media.

How sustainable is this trend?

Nawal believes Gen Z’s love for collecting exclusive stuff isn’t going anywhere. “Labubus might cool down eventually, but we’ll just move on to the next thing. Smart collectors already know this. They don’t put all their eggs in one basket,” he said.

According to him, the real question isn’t whether Labubus will last forever, but whether you’re building a collection that actually holds value. That’s why authentication matters so much to this generation.

InABox spokesperson said that while Labubu’s moment in the spotlight may eventually fade, giving way to other Pop Mart IPs like Skullpanda, Crybaby, and whatever’s next, the broader trend of collectible bag charms is here to stay. Pop Mart excels at continuously refreshing its offerings with new characters and narratives. “At InABox, we are now seeing a decline in labubu queries and a surge in Crybaby and Skullpanda,” the spokesperson said.

“As for fashion, we believe the ‘bag charm’ as a category is becoming an essential accessory, with greater variety, creativity, and collectability,” they said.