Core Insights - LABUBU, a unique mint-colored toy, was auctioned for 1.08 million yuan, highlighting its growing popularity and value in the collectible market [1] - The LABUBU series has seen significant demand, with the LABUBU 3.0 series selling out quickly upon release, indicating strong consumer interest [1] - LABUBU's rise to fame is attributed to its innovative design and marketing strategies, appealing to the "Z generation" and leveraging blind box mechanisms and celebrity endorsements [2] Market Performance - The auction featured another LABUBU in brown, which sold for 820,000 yuan, showcasing the high value of limited edition collectibles [1] - LABUBU's popularity initially surged in Southeast Asia before expanding to domestic and global markets, demonstrating effective localization strategies [7] - The ongoing demand for LABUBU indicates a trend of rising consumer interest in Chinese cultural products, suggesting a robust market potential [7] Consumer Behavior - The phenomenon surrounding LABUBU has led to irrational consumer behavior, with some individuals engaging in speculative buying and hoarding, driving prices higher in the secondary market [7] - There is a call for consumers to maintain rational spending habits, as some have resorted to borrowing to purchase LABUBU, which could lead to negative financial consequences [7] - The success of LABUBU reflects the vitality of Chinese cultural products, but sustainable growth will require both corporate efforts and consumer responsibility [7]