Forget the lipstick effect. This year’s most promising recession-proof trade does not involve beauty purchases that chase away the blues, but elflike plush toys with rabbit ears and a mischievous grin.
Meet the Labubu. Made by Beijing-based toymaker Pop Mart, the pint-sized creature has sparked a collecting frenzy among Gen Z and millennial shoppers across Asia, the US and Europe. Fans line up for hours for new releases. Rihanna, Dua Lipa and Lisa from the K-pop group Blackpink have been spotted dangling Labubu key chains off their designer bags.
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