Labubu Demand Analysis: Tracking a Character IP Lifecycle with Data

Labubu, designed by Hong Kong artist Kasing Lung and manufactured by Pop Mart, became one of the fastest-growing character IPs in 2024-2025. Using IP Ranking's multi-source data, we trace Labubu's demand lifecycle from viral breakout to global expansion.

The Data: CVS Score 54/100 (as of April 2026). Google Trends coverage across 64 countries — peak interest in Hong Kong (GT 100), strong across Southeast Asia. CVS Breakdown: Social Buzz 23, Search Demand 100, Global Reach 74, Source Coverage 17.

Geographic Demand Distribution: Labubu's strongest markets are in Asia-Pacific. Hong Kong leads with a Google Trends score of 100, followed by Southeast Asian markets including Thailand, Philippines, Indonesia, and Vietnam. European and North American interest is growing but remains secondary. This pattern is consistent with Pop Mart's revenue data — the company reported strong growth with The Monsters (Labubu's product line) as a key contributor.

Search Interest Timeline: In 2024 Q1-Q2, Labubu experienced a viral breakout on TikTok and Instagram, driven by celebrity endorsements including Lisa from BLACKPINK. Q3-Q4 2024 saw peak demand with Pop Mart sales surging and secondary market prices reaching 3-5x retail. Through 2025 H1, demand sustained at high levels with geographic expansion to Europe and the Americas. By 2026 Q1, the IP entered a normalization phase with demand stabilizing at an elevated baseline.

What CVS Tells Us: Labubu's CVS of 54 reflects a character IP in the "mature growth" phase. Search Demand at 100/100 shows extremely high active interest globally. Global Reach at 74/100 demonstrates strong geographic spread across 64 countries. Social Buzz at 23/100 is lower than peak, typical of post-viral normalization. Source Coverage at 17/100 is limited to Google Trends data currently — as more sources are integrated, this dimension will become more precise.

Key Insight for Licensees: Labubu's data suggests the IP has successfully transitioned from "viral trend" to "established brand." The geographic concentration in Asia-Pacific makes it a prime candidate for regional licensing deals in SEA markets. The declining social buzz but sustained search demand indicates consumers are moving from discovery to purchase intent.

This analysis uses IP Ranking's Character Valuation Score (CVS), which combines Search Demand, Social Buzz, Global Reach, and Source Coverage into a composite 0-100 score. Scores are updated weekly from multiple data sources.