Labubus are causing a collector frenzy, as 1 rare doll sells for $150K. But can the hype hold or will the plushie soon go the way of the Beanie Baby?

Collecting stuffed toys isn’t exactly groundbreaking. But if you’ve noticed a mischievous little elf-monster dangling from someone’s handbag or even a scuffle breaking out in the toy aisle, you’ve probably crossed paths with the Labubu — this season’s unlikeliest It item.

Just ask Manna Wang, a Hong Kong insurance agent who went so far as to hire a college student to hunt them down at any price. In June, that student struck gold: six Labubus priced at HK$99 (about US$12.70) each, then flipped for around HK$600 apiece, roughly US$77.

“That’s the price I’m willing to pay,” Wang told Bloomberg (1). “Every time my clients receive the latest version of a Labubu blind box, I hear some happy, excited screaming from either themselves or their kids. They are so excited — everyone desperately wants one, but they’re out of stock.”

That frenzy isn’t limited to Asia. Online interest in Labubu surged globally in early 2025, driven largely by resale platforms and social media exposure. However, Canadian resale activity tends to be more fragmented and price-sensitive, according to second-hand marketplace data (2). While select Labubu editions have traded at premiums internationally, Canadian buyers typically face thinner resale markets, higher shipping costs, and limited buyer pools — all of which can dampen long-term value once hype fades. Still, the Canadian second-hand economy generates more than C$35 billion, according to the Kijiji annual Second-Hand Economy Index — a sum that can easily be inflated when trending collector items crop up, like Labubu.

For some collectors, A Pop Mart plush has morphed into more than just a toy — it’s an investment. A single ultra-rare Labubu edition reportedly sold for roughly US$150,000 at a Beijing auction (3) — a price driven by scarcity, provenance and a concentrated group of global collectors. Canadian experts caution that such headline-grabbing sales are outliers and should not be used as benchmarks for typical resale values, particularly in smaller domestic markets like Canada.

Still, many investors and collectors are asking: Are Labubus destined to become the next big collectible or just another bubble waiting to burst?

Déjà vu in the toy market

Pop Mart’s dolls owe a lot of their hype to the mystery box packaging, which keeps fans coming back in hopes of landing a rare one. The company also sells exclusives through its own stores, driving collectors into the resale market. That surge has catapulted founder and CEO Wang Ning’s fortune to US$26.2 billion, a 243% jump this year alone, according to the Bloomberg Billionaires Index. Still, Pop Mart’s stock has experienced sharp swings in 2025, reflecting both investor enthusiasm for collectibles and broader volatility in consumer discretionary stocks. Analysts note that publicly traded toy companies often move independently of the resale value of individual products — meaning stock performance is not a reliable proxy for collectible returns.

But this isn’t the first time the world has lost its head over plush toys. At the turn of the millennium, Beanie Babies captured the imaginations and opened the wallets of many. Priced at about US$5 in the 1990s, their limited availability and retired designs sparked a scarcity-driven mania.

In Canada, in the 1980s the trend was Cabbage Patch Kids and in the 1990s it was Pokemon cards. In 2021, Pokeman card sales on eBay Canada surged 574% year-over-year when kids and collectors reignited their Pokeman passion. Past toy crazes offer a cautionary lens. While Pokémon collectibles experienced a sharp resale surge during the pandemic, their staying power is rooted in decades of games, media franchises and competitive ecosystems. Labubu, by contrast, remains a design-driven collectible without a comparable entertainment platform — a key difference when assessing long-term demand.

Another Canadian collectible were Funko Pops, which continue to have a major resale presence in the collector community, as do Canadian Tire NHL hockey cards.

Scoop the Pelican, for example, is considered a holy grail among collectors. Vintage Virtue estimates that a blank-tag version is worth as much as $100,000, while another variation in mint condition with a tag error sold for US$9,000 in February 2022 (4).

The Labubu has drawn inevitable comparisons to the Beanie Babies, and for some experts, the parallels are hard to ignore.

“I think it’s very likely to go the same way as the Beanie Babies, but maybe faster, because of course with the Internet, information flows faster,” Christophe Spaenjers, a finance professor at the University of Colorado Boulder, told Bloomberg (5). “There’s probably going to be a handful that are going to hold some value, but most of them are worthless in terms of market value, resale value.”

Still, the Labubu craze lacks what made franchises like Pokémon endure. Pokémon wasn’t just about the toys. It had TV shows, movies, games and a cast of characters that drew consumers into a larger story. Labubu doesn’t have that kind of built-in narrative or media universe to sustain long-term demand.

And the craze is already showing signs of calming down. Pop Mart became a member of the benchmark Hang Seng Index, as well as the Hang Seng China Enterprises Index, which tracks Chinese companies in Hong Kong. Even though Pop Mart's shares have more than tripled in 2025, they dropped 7% on September 8, 2025 (6).

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Snag one for your shelf, not your portfolio

Labubus might feel like déjà vu, but experts warn it’s unlikely to deliver lasting returns. A handful of ultra-rare dolls or early editions may hold value, but most will eventually fizzle once the hype fades.

That doesn’t mean you shouldn’t pick one up if it makes you smile or adds some personality to your bag. But if you’re thinking of Labubus as an “alternative asset,” it may be time to rethink your strategy (7). Collectibles tend to be more volatile, unpredictable and often driven by hype cycles that collapse faster than they rise.

If you want to protect your money and see it grow, you’re better off sticking with tried-and-true investments. Assets like gold, real estate and even broad-market index funds have decades of data to back them up, compounding steadily over time. They may not come with the thrill of unboxing a mystery plush, but they do offer stability, resilience through downturns and the kind of long-term growth a toy craze simply can’t match.

For instance, TSX 60 index exchange-traded funds (ETFs), like iShares S&P/TSX 60 Index ETF (TSX: XIU), or Canadian real estate trust funds (REITs), such as RioCan (TSX: REI-UN) and Canadian Apartment Properties (TSX: CAR-UN), offer more predictable, steady returns for investors, given that they track or correlate with the TSX, which has returned an average of 6.5% annually over the past 20 years, according to Statistics Canada (8).

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Tax considerations for collectibles

For serious investors, you'll need to consider the tax implications of your collection(s).

In Canada, profits from selling collectibles may be taxed as capital gains or as business income, depending on intent, frequency of transactions and level of organization. The Canada Revenue Agency (CRA) considers factors such as resale planning, advertising activity and repetition of sales when determining tax treatment — a distinction that can materially affect how much tax you owe.

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Where Canadians can buy Labubus

Still interested in buying a Labubu?

Canadians can start their shopping search at these locations:

• Official Pop Mart Canada online store: Pop Mart Canada’s website stocks Labubu items like the Summer Ride Figure (C$58.99), Vinyl Plush Dolls, and accessories, though availability often fluctuates—many items go in and out of stock quickly.
• Tiny Boxes: A Canada-based shop offering a range of Pop Mart merchandise, including Labubu blind boxes like Exciting Macaron, Big into Energy, and more. Pricing starts around C$55 to C$60.
• Showcase: Has a dedicated Labubu collection online. Although product details and stock levels weren’t fully visible in the snippet, Showcase typically offers shipping across Canada.
• TorontoCollective: Offers Labubu items such as Big Into Energy (C$84.99) and Have a Seat (C$69.99). Good option if you're in the Toronto area or don’t mind shipping.

Pro tips before buying

1. Always buy from official or reputable sources. Many counterfeit “Lafufu” figures circulate online. Check for proper Pop Mart branding, QR codes linking to the official Pop Mart site, and authenticity verification stickers.
2. Expect frequent stock-outs. Labubu drops are limited and highly sought-after—being on mailing lists or monitoring restocks can help.
3. For in-person shopping, like at Mindzai in Markham or vending in Richmond, be prepared for long queues and scarce availability.

Bottom line

To buy Labubu figures in Canada, your most reliable bet is online stores shipping within Canada — like Pop Mart’s own site, Tiny Boxes, Showcase, or specialty sellers like TorontoCollective and The Unboxaholic. If you’re near the Vancouver or Greater Toronto areas, you might try checking for vending machines or limited in-store restocks, but availability tends to be unpredictable.

—with files from Romana King

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Bloomberg (1); StockX (2); CNN (3); Vintage Virtue (4); University of Colorado Boulder (5); Investopedia: Is the Labubu Craze Fading (6); Investopedia: Labubu Craze: Just a Toy or Your Next Smart Investment? (7); Statistics Canada (8)