Fetching 1.08 Million at Auction: How China’s Designer Toys Conquered the World Through Scarcity, Not Cheapness

On June 10, 2025, at the Yongle Spring Auction in Beijing, a 131-centimeter mint-green first-generation Labubu was hammered down for RMB 1.08 million, ultimately realizing RMB 1.242 million ($171,000) including buyer's premium—cataloged by the auction house as "the sole piece in existence." At the same sale, a 160-centimeter brown Labubu fetched a hammer price of RMB 820,000. All 48 lots in the dedicated session sold out, generating a total hammer turnover of RMB 3.7254 million.

The world's sole mint-green LABUBU makes its debut at the Yongle 2025 Spring Auction in Beijing. (Source: Yongle Auctions official photo)

Yet the iconic character’s creative roots lie in Hong Kong: Labubu was created by Hong Kong artist Kasing Lung as a Nordic forest sprite. Earlier at Sotheby’s Hong Kong, a set of three sculptures titled The Three Wise Men LABUBU Series had already commanded HK$203,200 ($26,000). How did an "ugly-cute" monster drive adults worldwide into a queueing frenzy? The answer lies in the latest chapter of "Chinamaxxing": Chinese IP is capturing global markets not by being cheap, but by leveraging absolute scarcity.

A trio of Labubu figures auctioned at Sotheby's Hong Kong for HK$203,200. (Source: ZTYLEZ photo)

Scarcity Economics: From $14 Blind Boxes to a $170,000 Auction Lot

Labubu’s commercial playbook hinges on calculated unpredictability. Its blind-box format turns every purchase into a game of chance: odds for securing the elusive "chase variants" (secret editions) are extremely low, sending secondary-market prices soaring tenfold or more. A UK store was forced to temporarily suspend retail operations following chaotic crowds, while a rare chase variant commanded up to 2,300 yuan ($320) on the secondary market—a 20-fold markup. Meanwhile, a single TikTok Shop livestream in the Americas generated over $1.5 million in gross merchandise value (GMV).

Labubu goes viral across Europe, drawing massive crowds outside a POP MART flagship store in Barcelona, Spain. (Source: Ta Kung Wen Hui Net photo)

The pivotal tipping point arrived in April 2024: Lisa, the Thai member of K-pop megagroup Blackpink, posted photos featuring Labubu on Instagram. Soon, icons like Madonna, David Beckham and his daughter, and actress Charmaine Sheh were seen displaying the plush toy. Designed as a "bag charm," the plush figure transitioned from a desktop display into a wearable flex and social currency. TikTok topics surrounding Labubu surpassed one billion views, prompting Thai tourism authorities to officially award Labubu the title of "Amazing Thailand Experience Officer."

Blackpink's Lisa spotted posing with her beloved Labubu plush. (Source: Instagram screenshot)

Actress Charmaine Sheh embraces the viral trend with her own Labubu charm. (Source: Instagram screenshot)

The financial returns have been unprecedented. For the full year 2025, POP MART reported annual revenue of RMB 37.12 billion—a massive 184.7% year-on-year surge—with adjusted net profit skyrocketing 284.5% to RMB 13.08 billion. Labubu as a standalone IP contributed RMB 14.16 billion, up 365.7% year-on-year. Overseas revenue reached RMB 16.27 billion (a 291.9% surge), accounting for 43.8% of total revenue, with sales in the Americas exploding by 748.4%. Founder Wang Ning revealed in a People's Daily interview that following September 2025, global sales of Labubu were approaching nearly 10 million units per month.

Beyond the Frenzy: Labubu's Canonization and China's Next-Gen Art Toys

Crossing the threshold of fine art auction houses marks the first step in Labubu’s institutional canonization—when a designer toy trades at Yongle or Sotheby’s under fine-art protocols, it evolves from a fast-moving consumer novelty into an investment-grade collectible.

Yet the flip side of canonization is the relentless churn of consumer trends. In the first half of 2026, POP MART recorded an 11.1% year-on-year dip in overseas revenue—its first contraction since expanding internationally. Labubu’s revenue shrank 7.5% year-on-year, its overall share moderating to 26%. Wang Ning characterized 2026 as a "year of operational adjustment," acknowledging that "overnight queues, chaotic store rushes, and chronic stockouts are not sustainable norms," while conceding that the company would likely miss its 20% growth target.

Yet successor IPs are already stepping into the spotlight. Twinkle Twinkle has emerged as the next viral phenomenon following Labubu, triggering fresh buying frenzies across domestic and global markets. Its "Delicious Moments" blind-box series sold out online instantly upon release, with hundreds of thousands of users adding items to their carts simultaneously. Launched only in 2024, this breakout IP generated RMB 8.79 billion in full-year revenue for 2025. Secondary-market premiums for its secret editions surged up to 16 times original retail price, setting a POP MART record for the fastest new IP to break RMB 100 million in gross sales.

POP MART's breakout "Twinkle Twinkle: Delicious Moments" blind-box series.

In the first half of the year, POP MART saw six distinct IPs each cross the RMB 1 billion revenue milestone, as global registered loyalty members passed 100 million. The company has explicitly shifted focus toward "building timeless, classic IPs." The broader industry is expanding rapidly as well: rival designer toy brands such as 52TOYS, TOP TOY, Heyone, and Sunny are making strides toward public listings, transforming the sector from a single-dominant player into a multi-polar competitive landscape. Labubu hasn't lost its charm; it has simply shared the spotlight—a hallmark of a maturing art-toy market where no single character reigns supreme forever.

The Lightest Vessel for Soft Power

An abstract character with no underlying animation, no feature film, and no narrative origin story—conquering global pop culture purely through design intuition and emotional resonance. Where "Made in China" once exported functional affordability, "Created in China" now exports emotional connection. A small plush monster with nine pointy teeth and a mischievous grin has inspired sprawling queues from London to Los Angeles, while keeping foot traffic flowing constantly into POP MART boutiques in Hong Kong.

Conceived by a Hong Kong artist, listed on the Hong Kong Stock Exchange, and adored by fans across the globe, Labubu’s journey is a masterclass in leveraging scarcity and emotional attachment. It demonstrates that the lightest vessel for soft power often leaves the deepest, most enduring imprint on human hearts.

Chinamaxxing

** 博客文章文責自負,不代表本公司立場 **

On October 19, CNN published an alluring feature article titled: "Saunas and Diving: Visiting China's Unconventional 24-Hour Mega Bathhouses." For decades, public bathing culture has been the undisputed gold standard of Asian leisure tourism—from South Korean jjimjilbangs to Japanese onsens. Today, China's luxury mega-spas are taking center stage, with overseas tourists wheeling their suitcases straight from airport arrivals to bathhouse lobbies.

Data from a UK-based spa booking platform reveals that in 2026, Chinese cities claimed four of the top five global rankings for trending spa destinations, with search volume for Shanghai hot springs skyrocketing 67% year-on-year. On TikTok, videos tagged #24HourSpasInChina routinely generate tens of millions of views. The transformation of American, European, and South Korean bloggers—moving from initial culture shock to total surrender inside plush bathrobes—has become viral gold. Some venues report that their temporary luggage storage rooms are overflowing as travelers head directly to bathhouses upon landing.

Left: A viral TikTok video titled "24 hour Spas in China are life changing" boasts 281,000 likes; Right: Russian vlogger Vladimir reviews a Northeast Chinese bathhouse. (Source: Huaren Headlines screenshot)

"Why Doesn't My Country Have Spas Like This?"

Alina, a Russian livestream strategist living in Beijing, visits thermal bathhouses almost monthly, even during the sweltering heat of summer. "A blogger posted a clip visiting Beijing's No. 9 Hot Spring, and it blew up instantly," she noted, adding that foreign visitors now view Beijing’s bathhouses as the height of cool. Su Yao, a Russian master’s student in Beijing, considers bathhouses her premier choice for hosting visiting friends and family: "Before coming to Beijing, I had no idea Chinese bathhouses were this incredible. Now, whenever friends ask for travel tips, my top recommendation alongside the Great Wall is a Chinese thermal spa!" Her grandmother, who historically disliked traveling, "now insists on visiting China just to experience the baths." Meanwhile, Vladimir, a Russian student at Dalian University of Technology who has visited 25 Chinese cities, remains enchanted by his first visit to a northeastern bathhouse: "Back home, we only have basic saunas. We’ve never seen multi-story leisure complexes of this scale. I was in total awe the entire time."

Screenshot of Russian influencer Alina's social media post titled "SPA IN SHANGHAI I'M SHOCKED." (Source: Huaren Headlines screenshot)

When Anne, an American expat, brought a group of visiting friends to a local spa, their skeptical expressions quickly dissolved into pure relaxation. One friend even purchased a set of signature spa loungewear to take back to the US. Travel vlogger Kif Will summarized the feeling in a quote that went viral: "If I could take one thing back home to America, it would be China’s 24-hour spas... I had the craziest buffet of my life, played PS5, got a massage, and felt like I was living like royalty." Chinese netizens jokingly commented that bathhouses used to feature separate men’s and women’s sections—and now require a dedicated "foreign guests section."

Screenshot of travel vlogger Kif Will's viral social post.

The $41 Disruptive Value Proposition

The driving force behind this craze is an almost unbelievable value proposition. American vlogger Jonathan filmed a 25-minute tour inside a five-story Chengdu wellness complex, marveling throughout: "For $41, you get everything—a library, pool tables, massage suites, sleeping pods, and dedicated quiet zones for overnight stays."

Foreign media outlets did the math: $41 in London barely secures a bunk in a 10-bed hostel dorm; in Manhattan, it covers little more than a coffee and a sandwich. Yet inside a Shanghai mega-spa, that same $41 unlocks thermal baths, traditional body scrubs, unlimited Häagen-Dazs ice cream, and an overnight stay. As one international tourist hilariously summarized in the comments: "The scrub master buffed my skin until I was shining like a brand-new Porsche."

Hongkongers' Favorite "Recharge Spot": The Mega-Complex at Futian Port

China’s modern bathhouse culture did not emerge overnight; public bathing traditions date back to the Han Dynasty and flourished during the Song Dynasty. A major catalyst for the recent viral resurgence is TENZ Spa & Wellness (Tangqis), located right beside Shenzhen’s Futian Port. Renovated and reopened in 2023, this massive 40,000-square-meter, five-story sanctuary features over 300 treatment rooms, free-flowing Häagen-Dazs ice cream, fresh Thai coconuts, Himalayan salt caves, full e-sports arenas, billard lounges, and private movie theaters. Best of all, it sits just a 10-minute walk from the Lok Ma Chau border crossing. With over 30,000 bookings and a 4.5-star rating on Klook, Hongkongers had already made this "futuristic bathhouse" their weekend haven long before global influencers arrived.

Promotional campaign poster for TENZ Spa & Wellness.

A customer photo shared on Klook.

Market demand figures reflect the same momentum. A 2025 McKinsey survey revealed that 94% of Chinese consumers view health and wellness as a top priority. Dr. Iskra, a researcher in healing culture at the Hong Kong Polytechnic University, noted that in contemporary China, spending a day at a wellness spa is widely embraced as "a socially validated form of essential self-care." Data from Meituan’s 2026 Bathing Industry Report indicates the sector is accelerating rapidly: in 2025, national bathhouse service orders grew over 30% year-on-year, while searches for "overnight stays at bathhouses" jumped 61%, with Shenyang, Beijing, and Shanghai topping the nation in venue density.

Foreign tourists are shifting their itineraries from historical monuments like the Forbidden City to the immersive everyday comforts of urban bathhouses—favoring authentic, accessible lifestyle experiences over static landmarks. As Li Mengran, spokesperson for Utour Group, aptly put it: "What is ordinary routine to locals is becoming extraordinary luxury to the world."