In a nation where interest rates are minimal and the battle for depositors’ funds is intense, certain Chinese banks have resorted to an unexpected tactic to entice savers: offering Labubu dolls.
The unique, wide-eyed character designed by Hong Kong artist Kasing Lung, which gained prominence through Pop Mart, a major collector’s toy company, is now one of the most coveted figurines in Asia’s thriving designer toy industry.
Labubu As A Bank Bonus
Starting in early 2024, the Ping An Bank located in Shenzhen introduced an uncommon offer: open a new account, deposit 50,000 yuan (approximately $6,950 or €6,030) within a three-month period, and receive a Labubu toy figure as a bonus.
As a gamer, I couldn’t believe my eyes when the campaign for that coveted figure went viral in no time on RedNote, the go-to platform for Chinese social media enthusiasts like me. It was a dream come true, especially for millennials and Gen Z collectors, who saw it as more than just a chance to grab the elusive figurine, but also a smart way to save some cash.
Some users even reported signing up solely for the toy.
It’s quite remarkable that in a thriving secondary market, unique Labubu figurines can be resold for more than 24 times their initial cost. For instance, some have sold for as much as $3,000 or even higher in Hong Kong and mainland China. One specific limited edition titled “Zimomo x Labubu: I Found You” originally priced at £164 in the UK was later resold for more than £1,000.
The bank had tapped directly into a cultural craze – and it worked.
Regulators Say: No More Labubu
However, the joy didn’t persist for long. Swiftly, China’s National Financial Regulatory Administration stepped in, advising banks to cease providing non-financial incentives such as toys when encouraging deposits. The regulator’s decisive action extended beyond Labubu dolls, prohibiting gifts like rice, home appliances, and online memberships from being offered in future promotions as well.
So Valuable, It’s Worth Smuggling
It turns out that Labubu’s high value has not only caught the attention of collectors, but also illicit traders. In an unusual turn of events, Chinese customs agents at Changsha Huanghua Airport recently seized a questionable cargo – not drugs or firearms, but stuffed animals.
Based on reports, it appears that three individuals were suspected of trying to illegally import a large number of Labubu dolls into the nation. These dolls were found to be hidden in suitcases and undeclared at customs.
The cultural value of Labubu keeps rising.
At the Yongle Spring Auction in 2025, a 131cm tall, vibrant mint-green Labubu sculpture fetched approximately $150,000, which is equivalent to 1.08 million yuan.
Approximately one third of Millennials and Gen Z individuals have contemplated purchasing travel insurance for their valuables while traveling overseas, as per travel insurer PassportCard.
The Bigger Picture: How Did a Toy End Up Here?
To understand the strategy – and the backlash – you have to understand Labubu’s rapid rise.
In early 2024, Labubu toys started gaining popularity after BLACKPINK’s Lisa revealed it as one of her favorite collectibles. Following this, photos emerged of Rihanna carrying a Labubu keychain on her designer handbag, which further spread its influence worldwide in the realm of fashion culture. Since then, these toys have been frequently spotted attached to luxury bags and have consistently sold out.
Labubu’s success isn’t just a coincidence; it’s located where multiple influential cultural movements converge: the surge in popularity of blind-box toys, the economy driven by collectibles, the impact of microtrends boosted by celebrities, and the increasing demand for designs that evoke nostalgia.
Just like the Sylvanian Families from Japan or Kidrobot’s Dunny figures, Labubu appeals to a generation by offering compact, tangible items that hold both emotional and financial significance.
A Toy That’s Bigger Than Banking
Despite the closure of the Ping An promotion, it underscored a broader movement in which popular figures are utilized to stimulate genuine financial actions. In essence, banks hoped that Labubu would resonate with younger demographics in ways that traditional banking concepts such as interest rates and savings plans do not.
Turns out, the plushie market is giving traditional banking a run for its money…
Read More
2025-06-13 00:10