Li Jiaqi, a prominent Chinese livestreaming influencer, recently advised against paying inflated prices for Labubu collectibles, citing scarcity and expecting eventual price drops. However, this advice hasn't quelled the fervent demand for the figures. This article explores the reasons behind the enduring Labubu frenzy, drawing on the conflicting narratives of affordability and perceived value, and the lingering impact of the 79 RMB eyebrow pencil incident.
The recent Labubu craze, a phenomenon sweeping through China's collectible market, has caught the attention of many, including prominent livestreamer Li Jiaqi. In a recent broadcast, Li Jiaqi expressed skepticism about the current inflated prices, stating that the "normal" versions of these collectibles are now costing as much as 500 RMB each, a significant premium over the original retail price. He urged viewers to wait for the inevitable return to more reasonable pricing. However, this seemingly logical advice has fallen on deaf ears, or at least, ears filled with the alluring siren song of profit and collectible value.
The enduring appeal of Labubu, despite Li Jiaqi's cautionary words, likely stems from a complex interplay of factors. The original response to the product, described by one commenter as "ugly," highlights a potent element of the collectible market: the subjective nature of desirability. While the initial aesthetic may not be universally appealing, the subsequent hype, driven by the allure of scarcity and the potential for financial gain, has transformed Labubu from an unappealing figure into a coveted object.
The anecdotal evidence suggests a powerful psychological game is at play. The story of "day-in, day-out 20,000 RMB earnings" – a direct consequence of Labubu trading – underscores the potent allure of quick profit in the collectible market. The implicit promise of financial gain, however fleeting, fuels the intensity of demand. This phenomenon resonates with the 79 RMB eyebrow pencil incident, a previous market frenzy that demonstrated how a product's perceived value can soar far beyond its intrinsic worth.
The current Labubu frenzy also underscores the importance of speculation and community influence in the collectible market. The emergence of "yellow platform" (闲鱼) resellers, who showcase meticulously curated "buyer's show" images and videos, has played a significant role in amplifying the hype. These images, and the narrative they create, effectively transform the collectible into something more than a simple toy or figurine, imbuing it with a sense of exclusivity and potential investment value.
Ultimately, Li Jiaqi's advice, while grounded in practicality, fails to address the core motivations behind the Labubu craze. The allure of quick profit, the subjective nature of desirability, and the potent influence of online communities are all intertwined to create a market dynamic that transcends simple supply and demand. The Labubu phenomenon serves as a powerful reminder that in the world of collectibles, value is often as much in the eye of the beholder as in the product itself. Whether the market cools down as Li Jiaqi predicts remains to be seen, but the enduring appeal of Labubu suggests that the hype cycle may have only just begun.
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